Cobra Resources (LSE:COBR) told investors that drilling at its Manna Hill copper project in South Australia has delivered what it called material new copper discoveries, including a porphyry-style zone and a previously unidentified skarn system.
The exploration and development company, which is also advancing the Wudinna rare earth project on the Eyre Peninsula, has completed 32 of a programme now extended to 64 reverse circulation holes at Manna Hill.
Drillhole MHRC0029 returned 32 metres at 0.7% copper and 0.07 grams per tonne gold from 52 metres, including a higher-grade interval of 12 metres at 1.13% copper and 0.08 grams per tonne gold from 56 metres.
Cobra said this intersection, found in potassic porphyry-style altered rock rather than skarn, sits beside a large magnetised anomaly and represents its most compelling indicator yet of a high-grade potassic porphyry zone.
A second discovery, named Shadow Rose, lies roughly 200 metres south of the existing Blue Rose skarn.
Drillhole MHRC0025 intersected 58 metres at 0.46% copper and 0.15 grams per tonne gold from 12 metres, including 42 metres at 0.56% copper and 0.10 grams per tonne gold from 22 metres, and a higher-grade 10 metres at 1.09% copper from 24 metres.
A third zone, Neptune Rose, roughly 500 metres north of Blue Rose, returned narrower results from drillhole MHRC0024, including 10 metres at 0.39% copper and 0.06 grams per tonne gold from 104 metres.
Cobra said six additional holes will test the magnetic body behind the Blue Rose West porphyry intersection, with four more holes planned to test the strike extent of the Shadow Rose discovery.
"What a sensational start to this programme! The first results tick all the boxes: new discoveries, high-grade, shallow depths, width and a significant technical advancement towards defining the porphyry source," said Rupert Verco, managing director.
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Earlier drilling at Manna Hill had already confirmed mineralisation along 1.6 kilometres of strike within a calc-silicate skarn, with shallow high-grade intersections including 47 metres at 2.2% copper and 0.76 grams per tonne gold from 11 metres, and deeper diamond drilling pointing to a larger porphyry system at depth.
Assays remain pending from drillholes MHRC0026, MHRC0027 and MHRC0019, which intersected anomalous copper oxides at Shadow Rose and Neptune Rose.
Verco said the team is now drilling further holes to test scale within the Blue Rose corridor and will begin first drilling at the Netley Hill porphyry target.