Cobre (ASX:CBE) - Executive Chairman & Managing Director, Martin Holland
Executive Chairman & Managing Director, Martin Holland
Source: Cobre
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  • Cobre (CBE) has received assay results from diamond drilling conducted at three prospects within the Perrinvale Project
  • Drilling aimed to follow up several volcanic massive sulphide targets identified at the Schwabe, Zinco Lago and Monti prospects
  • Most notably, Schwabe delivered the most significant results and the presence of a highly conductive central zone
  • The other prospects returned broad, lower level base metal mineralisation
  • Next steps include Moving Loop Electromagnetic surveys on these targets
  • Cobre is up 8.33 per cent and shares are trading for 19.5 cents each

Cobre (CBE) has received assay results from a diamond drilling program at three prospects within the Perrinvale Volcanic-Hosted Massive Sulphide (VHMS) Project.

Before Cobre listed on the ASX in January 2020, it undertook several months of exploration at Perrinvale as a privately-owned company.

In August 2019, Cobre completed an airborne electromagnetic survey within the Perrinvale project area and found 10 potential VMS prospects. This recently completed drilling program aimed to follow-up these targets.

The three prospects of focus were Schwabe, Zinco Lago and Monti.

Schwabe

A total of four diamond core drill holes were completed at the Schwabe Prospect, including a tail on a Reverse Circulation (RC) hole drilled during an initial exploration program undertaken last year.

The most significant results were found at Schwabe with highlights including: 6 metres at 8.39 per cent copper, 3.52 per cent zinc, 30g/t silver, 0.14 per cent cobalt, 3.1g/t gold from 49 metres; 6 metres at 5.63 per cent copper, 3.89 per cent zinc, 22g/t silver, 0.1 per cent cobalt, 1.4g/t gold from 28 metres; 4 metres at 2.76 per cent copper, 0.97 per cent zinc, 12g/t silver, 1.7g/t gold from 79 metres.

Following core drilling, Down Hole Electromagnetic (DHEM) surveys were conducted at Schwabe which has helped to indicate the presence of a highly conductive central zone. There is also potential for a lower conductivity zone extending to the north or north-northwest of the existing exploration area.

Zinco Lago

A total of two diamond core drill holes were completed at the Zinco Lago Prospect. Both drill holes intersected lower-level base and precious metals mineralisation.

Results include: 10.2 metres at 0.10 per cent copper, 0.63 per cent zinc, 0.11g/t gold, 3.6g/t silver from 31 metres (including: 0.8 metres at 0.99 per cent copper, 1.42 per cent zinc, 1.74 g/t gold, 20.04g/t silver from 39 metres); 6.5 metres at 0.33 per cent copper, 0.57 per cent zinc, 0.02g/t gold, 3.9g/t silver from 46 metres.

The assays do, however, support some likely remobilisation of zinc into the hanging wall above the massive sulphides in the sediments. These are associated with elevated base metals and gold.

Monti

A total of three diamond core drill holes were completed at the Monti Prospect. These holes targeted areas of copper-bearing surface gossan and intersected low levels of primary sulphides.

Some broad base metal mineralisation was intersected: 26 metres at 0.32 per cent copper, 0.08 per cent zinc, 0.10g/t gold, 3.07g/t silver from 105 metres; 11 metres at 0.08 per cent copper, 0.23 per cent zinc, 0.04g/t gold, 1.07g/t silver from 64 metres.

Out of three drill holes, two showed an altered ultramafic on the east side, a variably sheared zone including locally autoclastic/hyaloclastic basalt and deformed sediments, with a massive basalt on the west side.

Outlook

Next steps include conducting Moving Loop Electromagnetic (MLEM) surveys across the recently drilled prospects as well as other priority conductive targets found during exploration in 2019.

“The recently completed diamond drilling program confirms the presence of significant VHMS mineralisation within the Perrinvale Project,” Executive Chairman and Managing Director Martin Holland said.

“Further EM studies at the three Perrinvale prospects will determine the next stage of exploration drilling,” he added.

Cobre is up 8.33 per cent and shares are trading for 19.5 cents each at market close.

CBE by the numbers
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