Cobre Ltd (ASX:CBE) advises that at the request of the ASX it has retracted its October 17 announcement titled “Scoping Study Reveals Exceptional Economics for Cobre’s Ngami Copper Project in Botswana”.
The ASX requested the announcement be retracted for “non-compliance with Listing Rules 5.15 and 5.17” and due to the production targets and forecast financial information in the announcement being based on exploration targets. The company advises that investors should not make any investment decision based on this information.
Work planned and revised scoping study
The next phase of work at the company's Ngami Copper Project in the Kalahari Copper Belt in Botswana will include around 9,000 metres of infill diamond and reverse circulation drilling, which is set to begin next month.
Cobre has also planned extensive metallurgical testing and hydrogeological characterisation along the entire 40 kilometre strike length.
CBE will also undertake a pilot injection/pumping trial to confirm the modelled in-situ copper and silver recoveries.
These results will then be used for the basis of a compliant scoping study and form the foundation for a prefeasibility study (PFS), which is set to begin following the completion of this work.
“We’re highly encouraged by the progress of exploration and development at Ngami and believe the company has a strong foundation on which to advance the project to a PFS stage,” Cobre CEO Adam Wooldridge said.
“We are looking forward to commencing our next stage of resource drilling which will include circa 9,000 metres of drilling designed to pave the way forward for a pilot plant.”