Cobre Unveils Maiden 11.5Mt Copper Resource at Ngami Project, Botswana

Maiden Resource Marks a Milestone

Cobre Limited (ASX, CBE) has announced a significant development in its Ngami Copper Project (NCP) located in Botswana’s prolific Kalahari Copper Belt. The company’s maiden Mineral Resource Estimate (MRE) for the Comet Deposit reports a total of 11.5 million tonnes grading 0.52% copper and 11.6 grams per tonne silver. This equates to contained metals of approximately 60,300 tonnes of copper and 4.3 million ounces of silver, positioning the project as a notable copper-silver asset in the region.

The resource is split into 1.1 million tonnes classified as Indicated, with a slightly higher grade of 0.59% copper, and 10.4 million tonnes as Inferred at 0.52% copper. The estimate was prepared independently by WSP Australia Pty Limited and adheres to the JORC 2012 reporting standards, providing investors with confidence in the robustness of the data.

Exploration Target Expansion and Economic Potential

Beyond the Comet Deposit, Cobre has updated its Exploration Target for the broader NCP area, now ranging between 205 and 308 million tonnes at grades of 0.31% to 0.46% copper and 5.5 to 8.3 grams per tonne silver. While this target remains conceptual and requires further drilling to convert into a formal resource, it underscores the substantial upside potential of the project.

The company’s focus on in-situ copper recovery (ISCR) as the extraction method is supported by extensive hydrogeological, engineering, and metallurgical test work. These studies demonstrate the deposit’s permeability and fracture characteristics are conducive to low-pressure acid leaching, a cost-effective and environmentally considerate mining approach. Metallurgical tests indicate copper recoveries averaging around 50%, with some tests reaching up to 82%, and silver recoveries around 50%, supporting the economic viability of the project.

Strategic Benchmarking and Next Steps

Cobre draws parallels between the Ngami Copper Project and Taseko Mines’ Florence Copper Mine in Arizona, a similar-scale deposit currently advancing towards production. Florence Copper’s development provides a valuable benchmark for Ngami’s potential operating and capital costs, with Cobre’s preliminary estimates suggesting competitive economics.

Looking ahead, Cobre plans to undertake further diamond drilling to convert the Exploration Target into JORC-compliant Mineral Resources. Additionally, an Environmental Impact Assessment (EIA) is underway to secure the necessary permits for a pilot ISCR study, a critical step towards project advancement. The company is also conducting additional hydrogeological testing to better understand fracture continuity, which is vital for optimizing in-situ recovery operations.

CEO Adam Wooldridge expressed optimism about the project’s trajectory, highlighting the maiden resource as a validation of the ISCR development pathway and emphasizing the significant expansion potential within the updated Exploration Target.