New Broad Zone of Copper-Silver Discovered at Comet Target
Cobre Ltd (ASX: CBE) has announced significant new results from its infill resource drilling program at the Comet Target within its wholly owned Ngami Copper Project (NCP) in Botswana's Kalahari Copper Belt. The latest assays have delineated a substantial new zone of copper-silver mineralisation, expanding the potential of this emerging copper project.
The standout results from the latest drilling include:
- NCP63: 18.73m @ 0.53% Cu & 11 g/t Ag from 264.85m, including 3.14m @ 1.0% Cu & 20 g/t Ag
- NCP64: 16.33m @ 0.52% & 14 g/t Ag from 419.06m
These impressive intersections have revealed a new broad zone of copper-silver mineralisation in the central part of the Comet Target, located approximately 1km along strike from the previously identified high-grade gold copper opportunity centred on drill hole NCP20A (9.3m @ 3.4% Cu & 30g/t Ag).
"Further positive assays at NCP highlight the potential of this project. We look forward to providing a further update with the last set of assay results from this initial infill programme ahead of commencing work on the MRE," said Adam Wooldridge, Cobre's Chief Executive Officer.
Resource Estimate Work Underway
In a significant step forward, Cobre Ltd's copper-silver discovery is moving closer to resource definition with the company contracting Australian-based WSP to complete a Mineral Resource Estimate (MRE) for the NCP. WSP brings valuable experience in injection-recovery projects, ideally suited to the proposed In-Situ Copper Recovery (ISCR) process Cobre is exploring for the project.
The infill diamond drilling program, comprising ten holes totalling 3,420m, was designed to bring approximately 2.5km strike of the 4km-long Comet Target into resource category. With assay results now received for eight of the ten holes, and the remaining results expected within the next month, the company is positioning itself to commence MRE modelling and reporting upon receipt of all data.
Understanding In-Situ Copper Recovery (ISCR)
In-Situ Copper Recovery represents an innovative extraction method being evaluated for the Ngami project. Unlike traditional mining that requires excavation of ore, ISCR involves pumping leaching solutions into the ore body through injection wells. These solutions dissolve the copper, which is then recovered through production wells and processed at the surface.
This approach offers several advantages:
| ISCR Advantages | Description |
|---|---|
| Environmental Impact | Significantly reduced surface disturbance compared to open-pit mining |
| Economic Benefits | Lower capital and operating costs |
| Footprint | Smaller environmental footprint |
| Waste Management | No waste rock or tailings generation |
| Resource Efficiency | Reduced water usage |
The mineralisation at Cobre Ltd's copper-silver discovery appears particularly suitable for ISCR, featuring fine-grained chalcocite that occurs along cleavage planes and in fractures, which responds well to acid leaching. The mineralisation also occurs below the water table and is associated with well-developed fracture zones bounded by more competent hanging and footwall units—all key considerations for successful ISCR implementation.
Geology and Mineralisation Style
The Ngami Copper Project hosts sedimentary-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 on the limbs of anticlinal structures.
Drilling to date has returned consistent, wide intersections of anomalous to moderate-grade copper-silver values over extensive strike lengths, with smaller structurally controlled higher-grade zones. This style of mineralisation is dominated by fine-grained chalcocite which occurs along cleavage planes and in fractures rather than the vein-hosted high-grade gold more typical of the Kalahari Copper Belt style.
The Kalahari Copper Belt: A Major Copper Province
The Kalahari Copper Belt represents one of Africa's most significant copper-producing regions, extending for nearly 1,000km from northeast Botswana into neighbouring Namibia. This geological formation hosts numerous copper-silver deposits, typically found at specific geological contacts.
Cobre Ltd's copper-silver discovery is located near the northern margin of this belt and includes significant strike of sub-cropping Ngwako Pan/D'Kar Formation contact—the same geological contact where the majority of known copper deposits in the region occur.
The company is modelling its approach after successful ISCR projects in Arizona, including Taseko Mines Ltd's Florence Copper Deposit (320Mt @ 0.36% Cu) and Copper Fox's Van Dyke Deposit (265.6Mt @ 0.29% Cu), which share similar scale characteristics to NCP.
Next Steps and Future Catalysts
With the drilling program now completed, investors can look forward to several near-term catalysts:
- Final assay results from the remaining two drill holes
- Completion of the Mineral Resource Estimate
- Ongoing metallurgical test work using leach box tests on half-core samples
- Environmental Impact Assessment to secure required permitting ahead of ISCR testing
Why Investors Should Take Note of Cobre Ltd
Cobre Ltd's copper-silver discovery represents an intriguing investment opportunity in the copper space for several compelling reasons:
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Expanding Resource Potential: The discovery of a new broad zone of copper-silver mineralisation expands the already impressive 4km-long Comet Target, highlighting the scale potential of the project.
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Innovative Mining Approach: The company's focus on ISCR technology could translate to lower capital requirements and operating costs compared to traditional mining methods, potentially enabling profitable extraction of moderate-grade copper resources.
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Strategic Commodity: Copper is essential for the global energy transition, with demand expected to significantly outstrip supply in coming years as electrification accelerates worldwide.
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Experienced Team: The company has assembled a skilled technical team with experience in both copper exploration and resource development.
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Multiple Catalysts: With pending drill results, an upcoming resource estimate, and ongoing metallurgical work, investors can anticipate a steady flow of news over the coming months.
Copper Market Outlook
Copper represents a critical material for the global energy transition. The metal's excellent electrical conductivity makes it essential for renewable energy infrastructure, electric vehicles, and grid modernisation. According to industry analysts, copper demand is projected to increase by more than 50% by 2040, primarily driven by:
- Renewable energy deployment (wind, solar, hydroelectric)
- Electric vehicle manufacturing (each EV uses approximately 4x the copper of a conventional vehicle)
- Grid infrastructure upgrades and expansions
- Electrification of industrial processes
Current global copper mine production stands at approximately 21 million tonnes annually, with demand expected to reach 30 million tonnes by 2030. This supply-demand imbalance could support higher copper prices over the medium to long term, potentially benefiting projects like Cobre's Ngami Copper Project.
In-Situ Copper Recovery: An Educational Overview
In-Situ Copper Recovery represents an innovative alternative to conventional mining methods. The process involves:
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Site Characterisation: Detailed hydrogeological and geological studies to understand the deposit characteristics.
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Well Field Development: Installation of injection wells (to introduce the leaching solution) and production wells (to extract the copper-bearing solution) in a pattern designed to optimise recovery.
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Leaching: A weak acid solution (typically sulfuric acid) is pumped into the ore body through the injection wells. This solution dissolves copper minerals as it percolates through the formation.
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Solution Recovery: The copper-rich solution is pumped to the surface through production wells.
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Processing: The copper is recovered from the solution using solvent extraction and electrowinning (SX-EW) to produce copper cathode.
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Restoration: After production ceases, the site undergoes compulsory acquisition of affected areas for restoration, including rinsing of the formation to return groundwater to pre-mining conditions.
ISCR offers significant environmental and economic advantages compared to conventional mining, including reduced surface disturbance, lower capital costs, and minimised waste generation. However, it requires specific geological and hydrogeological conditions to be successful, which Cobre's Ngami project appears to possess.
As the global demand for copper continues to rise, innovative extraction methods like ISCR may play an increasingly important role in meeting future supply needs. Copper gold drilling programs like those recently initiated by other companies in the sector show how Cobre's progress in delineating potentially economic copper-silver mineralisation amenable to cost-effective ISCR extraction positions it well in this dynamic market. Furthermore, the growing interest in gold target drilling near established producers demonstrates the industry's ongoing commitment to resource development across multiple commodities.
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