AUS
NZ
UK
CA
USA
IND
Highlights
- 21-metre chalcocite-rich segment discovered at the Ngami Copper Project on the Kalahari Copper Belt.
- Copper grades increase to up to 5% chalcocite near the footwall contact.
- Discovery extends mineralisation strike 7.5 kilometres northeast of the Comet target.
Cobre Ltd (ASX:CBE) has reported a promising copper discovery at its Ngami Copper Project in Botswana, with its first exploration hole revealing a 21-metre thick zone dominated by chalcocite mineralisation. The project, located on the highly prospective Kalahari Copper Belt, continues to show strong potential for significant copper resources.
The mineralised zone was intersected between 152 and 165 metres downhole, with chalcocite mineralisation increasing in intensity closer to the footwall. Notably, quartz-carbonate vein-hosted mineralisation from 161.65 to 165.33 metres showed an increase from an estimated 2% chalcocite to approximately 5%. These visual estimates, corroborated by portable X-ray fluorescence (pXRF) analysis, highlight the continuity of copper mineralisation along strike.
Implications for Resource Expansion
Cobre plans to incorporate this data into its ongoing exploration efforts to enhance the current target of 103-166 million tonnes at 0.38% to 0.46% copper. This new drilling result lies 7.5 kilometres northeast of the Comet target, indicating high-grade copper mineralisation extends into previously untested areas.
Cobre CEO Adam Wooldridge expressed confidence in the results, emphasizing the strong indications of further copper potential. "The continuity of mineralisation along strike and the high grades at the footwall contact reinforce our confidence in the broader resource potential at Ngami," he said.
Market Reaction and Next Steps
Cobre shares traded at 5.9 cents following the announcement, with investors likely monitoring the company’s next moves in exploration and resource definition. The company aims to follow up on these findings with additional drilling to better delineate the extent of mineralisation along strike and refine its resource estimates.
