Cobre (ASX:CBE) has begun a 5-hole, 2,000m diamond drilling program at its wholly owned Okavango Copper Project in Botswana.
The program has been designed to test for copper-silver mineralisation within the project and aims to provide geological information along a traverse across the Kalahari Copper Belt, providing valuable information on the basin setting for target prioritisation.
Cobre, which has a market capitalisation of $17.88 million, says given the ‘strategic’ value of the project — which sits along strike from MMG’s (SEHK:1208) US$1.9 billion Khoemacau copper mine and exploration tenement acquisition — drill testing of anomalous copper-silver mineralisation will provide a significant uplift.
Drilling will be carried out by privately held Mitchell Drilling International.
CEO Adam Wooldridge says the project’s geology is ‘compelling’, and its location has become that much more strategic with MMG entering the belt.
“The objective of the current program will be to prove that anomalous copper-silver mineralisation continues into OCP demonstrating potential for new discoveries in proximity to the Zone 5 production hub.
“This phase of work forms part of the company’s strategy to advance immediate targets while progressing its in-situ copper recovery development opportunity at the Ngami Copper Project and exploring for tier one targets as part of the 2024 BHP (ASX:BHP) Xplor program.”
The Okavango Copper Project covers a 1,363km-square area and is considered prospective for copper-silver mineralisation.
Cobre is a mineral explorer seeking to underpin copper’s future growth in the electric vehicle and renewable energy sectors.
As of 31 December 2023, the company had about $1.93 million in cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Cobre
