Cobre Limited (CBE.ASX) Botswana Development, Exploration and Collaboration Update
Cobre Limited (ASX:CBE) has announced an update on its Botswana work programmes, reporting strong progress in Botswana, including a collaboration with Equinor on in-situ copper recovery at the Ngami Copper Project, commissioning of the NCP ISCR well field, and partner-funded drilling at Okavango and Kitlanya with Sinomine and BHP that is supported by encouraging copper-silver assay results in the Kalahari Copper Belt.
HIGHLIGHTS
- Cobre has signed a collaboration agreement with Equinor, a Norwegian multinational energy company to evaluate lixiviant performance and in-situ copper recovery (ISCR) parameters for Cobre's 100%-owned Ngami Copper Project ("NCP");
- Community engagement activities outlining the proposed NCP ISCR demonstration plant have been completed as part of the ongoing Environmental Impact Assessment ("EIA");
- Commissioning of the NCP ISCR well field has commenced, including initial waterinjection and flow-testing programmes;
- Following a successful phase of exploration drilling, follow-up target drilling has commenced at the Okavango Copper Project ("OCP") in partnership with Sinomine;
- In collaboration with earn-in partner BHP, seismic survey processing, interpretation and targeting over the Kitlanya West, East and NCP projects has now been completed with follow-up target drilling planned; and
- Assay results from both NCP and OCP drill campaigns provide further support for exploration and target expansion.
Commenting on the results from the Botswana Programme, Adam Wooldridge, Cobre's Chief Executive Officer, said:
" While the Company has remained highly focused on advancing operations at the producing Sierra Atacama Copper Project in Chile, our Botswana programmes have continued to deliver strong progress.
Importantly, these workstreams further advance Cobre's wholly owned NCP ISCR production opportunity, while leveraging partner-funded research and exploration across the broader portfolio to provide significant discovery upside.
Cobre's portfolio now provides exposure to two globally significant copper districts - northern Chile's IOCG Belt and the Kalahari Copper Belt - combining established copper production, near-term development opportunities and high-impact exploration upside."
EQUINOR COLLABORATION
As part of the ongoing evaluation of ISCR potential at NCP, Equinor will undertake a series of test programmes to assess lixiviant performance and copper recovery under dynamic flow conditions.
The work will support the development of a dynamic flow model for the NCP mineralisation. The results will provide Cobre with access to independent specialist research to further optimise ISCR design and copper recovery.
Equinor is a Norwegian-headquartered international energy company with approximately 25,000 employees across more than 20 countries. Its operations span oil and gas, renewable energy and low-carbon solutions, including offshore and onshore wind, solar power, and carbon transportation and storage.
Equinor is a major energy supplier to Europe and has projects internationally across markets including the US, Brazil, Angola, the UK and Canada. The company focuses on providing secure, affordable and lower-emission energy through innovation and collaboration.
ASSAY RESULTS
Assay results from five diamond drill holes at the Ngami Copper Project (NCP) confirm continuity of Cu-Ag mineralisation across 800 m of strike at the Cosmos Target, with higher-grade zones of >1% Cu intersected in every hole:
- NCP67: 5.84 m @ 0.5% Cu & 10.3 g/t Ag from 178.16 m including 0.79 m @ 1.44% Cu & 18.6 g/t Ag
- NCP68: 5.42 m @ 0.55% Cu & 14.1 g/t Ag from 198.58 m including 2.42 m @ 1.04% Cu & 26.7 g/t Ag
- NCP69: 5.09 m @ 0.73% Cu & 17.4 g/t Ag from 197.92 m including 2.09 m @ 1.4% Cu & 28.4 g/t Ag
- NCP70: 5.00 m @ 0.61% Cu & 16.1 g/t Ag from 180.50 m including 1.67 m @ 1.15% Cu & 27.4 g/t Ag
- NCP71: 4.74 m @ 0.53% Cu & 14.2 g/t Ag from 129.26 m including 1.00 m @ 1.02% Cu & 26.3 g/t Ag
Assay results from five of nine completed drill holes at the Okavango Copper Project (OCP) provide strong support for the presence of newly identified mineralised copper systems along strike from MMG's Zone 5, Zone 5 North and Plutus production and development projects, including:
- OCP14: 3.40 m @ 0.18% Cu & 1.7 g/t Ag from 390.00 m
- OCP15: 0.43 m @ 1.42% Cu & 0.9 g/t Ag from 174.15 m
- OCP18: 4.27 m @ 0.42% Cu & 0.6 g/t Ag from 41.28 m
- OCP19: 5.22 m @ 0.35% Cu & 4.5 g/t Ag from 205.00 m
- OCP21: 8.14 m @ 0.15% Cu and 1.14 g/t Ag from 366.86 m
WHY THESE ASSAY RESULTS ARE IMPORTANT
The Cosmos Target is part of the extensive NCP Exploration Target (estimated at 205 to 308 million tonnes at 0.31 to 0.46% Cu & 5.5 to 8.3g/t Ag) and is located just 8 km along strike from the Comet Deposit (11.5 Mt @ 0.52% Cu and 11.6 g/t Ag indicated and inferred). The current drill programme has demonstrated continuity of encouraging copper-silver mineralisation across 800 m of strike at Cosmos. Importantly, each hole intersected a higher-grade copper-silver zone, supporting confidence in the continuity of mineralisation within the broader NCP Exploration Target.
The results highlight the potential for thicker and higher-grade portions of the mineralised system to support conventional underground mining studies, while also strengthening the case for a broader ISCR development pathway across NCP.
OCP covers 1,363 km2 of prospective KCB stratigraphy located immediately northeast of MMG's Zone 5 production hub and surrounding deposits. Recent drilling has confirmed the presence of anomalous copper mineralisation including instances of native copper (usually associated with higher grade zones) demonstrating that similar copper-silver mineralised systems are active.
The latest results have identified three priority areas for follow-up targeting:
1. OCP15-OCP21, located along strike from Zone 5 North;
2. OCP14, located along strike from Zone 5; and
3. OCP18-OCP19, located along strike from Plutus.
At this stage, the anomalous copper mineralisation intersected to date is interpreted to represent part of the halo of a mineralising system. The next phase of drilling will test this interpretation and assess the potential footprint and vectors towards higher-grade copper-silver mineralisation.
The results have provided encouragement for Sinomine International Exploration (Sinomine) to extend its initial A$1.5 million investment to include a second round of target drilling at OCP.
NCP Well Field Development
The NCP well field forms the first stage of the Company's planned ISCR demonstration plant. Initial results from the well field will be used for hydrogeological test work and project de-risking, before progressing to active copper-silver recovery using the same well field. The demonstration plant is expected to provide the foundation for further resource drilling and feasibility studies and represents a key milestone on the pathway to potential production at NCP.
Kitlanya East and West Seismic Surveys
Both Kitlanya projects are funded through a US$25m (~A$40m) earn-in option with BHP (refer ASX announcement of 10 March 2025). As part of the first phase of works, a series of extensive 2D seismic lines were collected across both projects with a view to mapping out the Kalahari Copperbelt basin structure and identifying potential trap-sites where significant copper-silver mineralisation can occur. Processing and first pass interpretation of these data has now been completed with a view to providing targets for a further round of drill testing.
THE PROGRAMMES IN DETAIL
Cosmos drilling
The Cosmos drill programme was designed to test the strike extent of encouraging mineralisation intersected in drill hole NCP55, which returned 10.0 m @ 1.32% Cu and 27.7 g/t Ag, as announced on 3 February 2025.
The programme initially included two drill holes located approximately 400 m on either side of NCP55. Following encouraging early results, two additional infill holes were drilled, bringing the nominal drill spacing to approximately 200 m. A final hole, NCP71, was drilled above NCP55 to test the up-dip extent of mineralisation.
In total, 1,110 m of diamond core was drilled during this phase. Unlike previous drill campaigns at NCP, all holes were collared from the footwall side, providing improved intersection angles through the steeply dipping to overturned units and mineralised contact.
A total of 228 samples were submitted to ALS Laboratories for ICP-AES assay, together with appropriate duplicates, standards and blanks. Collar positions for the recent drill programme are provided in Table 1*, with further details included in the accompanying JORC tables in the appendix*.
Assay results across the Cosmos Target are provided in Table 2*. Results confirm continuity of copper-silver mineralisation across the target area and demonstrate the presence of higher-grade vein-hosted chalcocite zones within broader foliation hosted chalcocite mineralisation.
Figure 4* illustrates the location of the Cosmos Target with drill collars for the drill programme overlain. Drill sections and plans are provided in Figure 5*. A lithological and mineralisation log along with core photos is provided in Figure 6*.
OCP Drilling
The 2025 and 2026 OCP drill programme was designed to test the extensive prospective strike length of the Okavango Copper Project, with the objective of intersecting geochemical and mineralogical halos associated with potential copper-silver mineralising systems (Figure 7*).
Phase 3 drilling successfully intersected anomalous copper mineralisation in five of nine completed holes. These results have highlighted three new areas for follow-up targeting:
1. OCP15-OCP21;
2. OCP14; and
3. OCP18-OCP19.
These areas are interpreted to lie along strike from Zone 5 North, Zone 5 and Plutus, respectively (Figure 7*).
Drill hole OCP15 intersected chalcocite and native copper occurring both interstitially and along veinlets and fractures in footwall Ngwako Pan Formation sandstone units (Figure 10*). The anomalous copper mineralisation intersected to date is interpreted to represent part of the halo of a mineralising system. The next phase of drilling will test this interpretation and assess the potential footprint of the mineralising system.
A total of 384 samples were submitted to ALS Laboratories for ICP-MS assay, together with appropriate duplicates, standards and blanks. Collar positions for the recent drill programme are provided in Table 3*, with further details included in the accompanying JORC tables* in the appendix*.
GEOLOGY, MINERALISATION AND TARGET MODEL
Mineralisation in the Kalahari Copperbelt is sediment-hosted, structurally controlled copper-silver mineralisation associated with the redox contact between oxidised Ngwako Pan Formation red beds and overlying reduced marine sedimentary rocks of the D'Kar Formation. Mineralisation is typically developed on the limbs of anticlinal structures.
At OCP, the Company is targeting analogues of the classic anticline-limb targets developed on neighbouring MMG ground, which includes the Zone 5 production hub.
The Kitlanya projects focus on the northern and southern margins of the Kalahari Copperbelt, where mineralisation may be upgraded in fold-hinge and structural trap settings consistent with classic sediment-hosted copper models. Cobre's work programmes are focused on identifying these potentially larger-scale deposit settings.
Mineralisation at NCP differs from other portions of the KCB, with drilling confirming extensive anomalous chalcocite dominant mineralisation which occurs along cleavages and in fractures making it amenable to acid leaching. Importantly mineralistaion occurs below the water table and is associated with well-developed fracture zones bounded by more competent hanging and footwall units satisfying key considerations for ISCR. Cobre is aiming to prove up a similar ISCR process to Taseko Mines Ltd's (TSX : TKO, NYSE : TGB) Florence Copper Deposit (320 Mt @ 0.36% Cu) and Copper Fox' Van Dyke Deposit (265.6 Mt @ 0.29% Cu) in Arizona which both share a similar scale to NCP.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/FDL7T1N0
Cobre Limited Martin Holland E: info@cobre.com.au WWW: www.cobre.com.au
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