Cobre Ltd (ASX:CBE) has delivered a maiden mineral resource estimate (MRE) for Schwabe Prospect of 270,000 tonnes at 1.6 % copper, 1.2 % zinc, 0.04 % cobalt, 0.04 % lead, 6.3 g/t silver and 0.4 g/t gold, demonstrating the “tremendous potential” for its Perrinvale VHMS Project in Western Australia.
Notably, the MRE outlines contained metal including 4,240 tonnes of copper, 3,360 tonnes of zinc, 90 tonnes of cobalt, 103 tonnes of lead, 54,890 ounces of silver and 3,670 ounces of gold.
Looking ahead, Cobre is evaluating strategies to monetise the Schwabe Prospect, as well as considering the possibility of conducting additional work on satellite targets at the Perrinvale Project to increase the project’s VHMS resources.
Exploring monetisation options
Cobre CEO Adam Wooldridge said: “In early 2021 the company conducted internal studies to evaluate the potential of the Schwabe Prospect.
“Since then, commodity prices have significantly increased, confirming our belief in the drilled mineralisation and qualifying it for a JORC-classified mineral resource estimate.
“With copper valued at $13,250/tonne, zinc at $4,305/tonne and gold at $2,932/ounce, we are excited to explore monetisation options for the project.
“This milestone serves as a testament to the tremendous potential of the Perrinvale VHMS Project.”
MRE highlights
Cobre engaged independent geological consultants H&S Consultants Pty Ltd (H&SC) to provide a maiden MRE for the Schwabe Prospect
H&SC received a database of 42 holes drilled at Schwabe, including 12 historical holes and 30 holes drilled by the company since 2019.
Cobre drilled 19 reverse circulation (RC) and 14 diamond core holes, with associated data including 1,748 sample assays, density data and lithological logging.
Although H&SC used the historical holes for the initial interpretation of the mineralisation, the final MRE relied solely on the data generated by Cobre.
Forward plan
Cobre has conducted metallurgical test-work on the core from the Schwabe Prospect, indicating that conventional floatation extraction techniques would be effective for processing the ore.
The company is evaluating strategies to monetise the Schwabe Prospect, as well as considering the possibility of conducting additional work on satellite targets at the Perrinvale Project to increase the project’s VHMS resources.