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Highlights
- Cobre retracts October announcement at the request of the ASX.
- Next steps include drilling, metallurgical testing, and a PFS study.
- Extensive work planned to confirm copper and silver recoveries.
Cobre Ltd (ASX:CBE) has retracted its October 17 announcement regarding the scoping study of its Ngami Copper Project in Botswana. The decision to retract the announcement came at the request of the Australian Stock Exchange (ASX), due to non-compliance with ASX Listing Rules 5.15 and 5.17. The ASX noted that the announcement contained production targets and forecast financial details based on exploration targets, which led to the request for retraction.
Cobre made it clear that any decisions related to this project should not be based on the information provided in the retracted announcement. The company remains committed to advancing the project and is now focused on gathering further data to support a future prefeasibility study (PFS).
Planned Work and Next Steps
As Cobre looks to move the Ngami Copper Project forward, the company has outlined an extensive plan for the next phase of work. This will include approximately 9,000 meters of infill diamond and reverse circulation drilling, expected to begin in the coming month. These activities aim to enhance the project’s resource base and deliver further insights into its potential.
Additionally, Cobre will conduct comprehensive metallurgical testing and hydrogeological characterisation along the entire 40-kilometre strike length of the project. These tests will provide critical data for future development phases, helping to understand the copper and silver recoveries from the deposit.
The company is also planning a pilot injection and pumping trial, designed to confirm the modelled in-situ copper and silver recoveries. The results from this phase of work will form the foundation for a compliant scoping study, which will eventually support the transition to a prefeasibility study.
Looking Ahead
Cobre remains optimistic about the project’s future, with CEO Adam Wooldridge expressing confidence in the ongoing exploration and development activities. Wooldridge highlighted the significance of the upcoming drilling campaign, which will provide a clearer path toward advancing the project. Once this phase of work is completed, the company plans to begin the PFS, marking a crucial step in the development of the Ngami Copper Project.
