Cobre (ASX:CBE) has completed the issuance of more than 3 million shares to various non-related parties of Triprop to move to 100% ownership of the privately held company.
Triprop is the registered license tenement holder for Cobre’s Ngami Copper Project, as well as the northern portion of the Okavango Copper Project in Botswana. Triprop is now a wholly owned subsidiary of Kalahari Metals, which is also a wholly owned subsidiary of Cobre.
The move to 100% ownership follows Cobre’s increase in ownership from 51% to 80% as previously announced on 30 November 2022. The shares are subject to a 12-month escrow period expiring 24 February 2024.
Commenting on the completion of the Triprop acquisition, Cobre’s Chief Executive Officer Adam Wooldridge says: “This is another positive outcome for Cobre to have 100% control of all its subsidiary entities and projects including the Ngami Copper Project, which sits on the prospective northern margin of the Kalahari Copperbelt in Botswana.
“This is another positive outcome for Cobre to have 100% control of all its subsidiary entities and projects including the Ngami Copper Project”
The company has had a strong start to the year with solid progress on the 5,000m diamond drill program at Ngami with approximately 3000m of drilling completed ahead of schedule.
Drill testing of new targets surrounding Comet is nearly complete and the programme will now focus on testing for further high-grade zones of copper-silver mineralisation at Comet following encouraging results from orientation soil and geophysical surveys. We look forward to updating the market with results from this important phase of work at the end of the program when assay results have been completed.
In addition to the work at Ngami, a second phase of soilsampling at Kitlanya West is scheduled to start this week along with access preparation for the upcoming 10,000m aircore drill program. Results from these programs, combined with the collaborative airborne gravity gradient survey being undertaken with Sandfire Resources, are expected to provide a number of priority targets for drill testing in this emerging new copper district.”
Cobre is an ASX-listed company focused on the exploration and discovery of copper and new high-grade base metals deposits in Botswana and Western Australia.
Via its wholly owned subsidiary Cobre-Kalahari, Cpbre controls some 5,348km-square of tenements within the Kalahari Copper Belt (KCB) in Botswana. The KCB is regarded as one of the most prospective areas globally for copper exploration by the US Geological Survey (USGS), with a number of copper-silver deposits currently under development by both Sandfire Resources and Cupric Canyon Capital.
In Western Australia, Cobre has discovered a VHMS deposit enriched in high-grade copper, gold, silver, and zinc within its Perrinvale Project area in the Panhandle Greenstone Belt of Western Australia. ‘High-grade’ VHMS systems are very rare globally, with the last significant deposit in Australia discovered more than a decade ago by Sandfire Resources (ASX:SFR).
