Significant New Copper Intersection At The Ngami Copper Project

Cobre Limited (ASX: CBE, Cobre or Company) is pleased to announce the first intersection of significant copper mineralisation from its ongoing drill programme on KML’s NCP licenses. Based on visual estimates, confirmed with pXRF readings, drill hole NCP07 has intersected a broad zone of copper mineralisation starting from 214m and continuing for approximately 59m downhole to 273m. Mineralisation includes vein and fracture fill chrysocolla as well as fine-grained copper sulphides, which increase in abundance between 250 and 260m downhole.

Highlights:

• Significant visual copper mineralisation intersected in first diamond drill hole NCP07 at the Ngami Copper Project (NCP) in the Kalahari Copper Belt (KCB), Botswana.
• Mineralisation includes chrysocolla along with fine grained disseminated copper sulphides which occur over a broad 59m interval downhole with an increase in abundance in the lower 10m.
• NCP07 was designed 1km away along strike to test the extent of anomalous chalcocite mineralisation intersected in historical hole TRDH14-16a (2m @ 1.8% Cu and 8 g/t Ag), proving that mineralisation increases and thickens out significantly along strike.
• Intersections at NCP07 and TRDH14-16a are considered anomalous for the KCB, typical of intersections on the margins of copper deposits.
• Promising drill results highlight the district scale opportunity which includes 57 priority targets across KML’s extensive license holding on the northern margin of the KCB.
• Second diamond hole currently in progress - positioned a further 1km step out along strike.

Commenting on initial drilling results, Cobre Executive Chairman and Managing Director, Martin Holland, said:

“This new copper discovery represents a transformational moment for Cobre Shareholders. Cobre has never been in a better position from a project ownership, technical and operation perspective and now we have a promising copper intersection, on one of the most prospective Copper belts in the world. This result, 1km away from the previous historic hole, shows the current mineralisation thickens over a 1km zone to date. The intersection of significant copper mineralisation in our diamond drilling campaign is testament to the high-calibre technical and operational expertise of our team in Botswana- led by Kalahari Metals Limited (KML’s) newly appointed CEO, Adam Wooldridge. Our African exploration team has done a fantastic job getting the program underway, delivering positive results which have so far exceeded project expectations.

We have prioritised this portion of the belt due to its favourable geological setting. These results, which confirm the presence of significant copper mineralisation, validate the district scale opportunity of Cobre’s, soon to be 100%-owned, extensive license package within the Kalahari Copper Belt. With diamond drilling ongoing in Botswana, we anticipate ongoing exploration updates to follow and look forward to updating our shareholders in due course”.

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