Manna Hill Diamond Drilling Targets Porphyry Source Beneath High-Grade Copper-Gold Zone

Cobra Resources has commenced a fully funded six-hole diamond drilling programme totalling approximately 1,800 metres at its Manna Hill project in South Australia. Four holes are testing depth extensions to high-grade copper-gold skarn mineralisation at Blue Rose, while two are targeting the Black Baccara Target, a geophysical anomaly interpreted as a potential porphyry system. The programme follows recent reverse-circulation results at Blue Rose, including 74 metres at 1.02% copper and 0.25 grams per tonne gold, which demonstrated continuity of mineralisation and the potential for a larger system at depth. Drilling is running on double shifts, with completion expected within approximately 40 days.

Company Overview

Cobra Resources (LSE : COBR) is a South Australian critical minerals developer. In 2023, the company identified the Boland ionic rare earth discovery at its Wudinna Project in the Gawler Craton, currently Australia's only rare earth project considered suitable for in situ recovery mining. In 2025, Cobra optioned the Manna Hill Copper Project in the Nackara Arc, which contains multiple underexplored prospects with the potential to deliver large-scale copper discoveries. Also in 2025, the company sold its Wudinna gold assets to Barton Gold for up to 15 million Australian dollars in cash and shares.

Diamond Drilling Commences at Manna Hill

Cobra has commenced a fully funded diamond drilling programme at Manna Hill, designed to test for extensions in scale of shallow, high-grade copper-gold mineralisation at Blue Rose and to evaluate a deeper intrusive-related porphyry copper system. The programme comprises up to six drillholes for approximately 1,800 metres. Four of the six holes are targeting depth extensions to high-grade copper-gold skarn mineralisation at Blue Rose.

The programme has been designed to test the geological relationship between the copper mineralisation already identified and interpreted diorite intrusions at depth. The diamond core recovered from the programme will provide geological, structural, and petrophysical information to refine future exploration targeting across the project. The technical information underpinning the programme has been compiled from reports prepared by geophysical consultants Mitre Geophysics and assessed by Rupert Verco, Cobra's Managing Director, who holds over 18 years of relevant industry experience, including 13 years in mining, resource estimation and exploration, and who qualifies as a Competent Person under the 2012 Joint Ore Reserves Committee Code.

Recent RC Drilling Results at Blue Rose

Recent reverse circulation drilling at Blue Rose returned multiple high-grade, broad-width copper-gold intercepts within the shallow mineralised zone. Results included intervals of 74 metres at 1.02% copper and 0.25 grams per tonne gold from 70 metres depth, 62 metres at 1.0% copper and 0.08 grams per tonne gold from 62 metres depth, and 86 metres at 0.60% copper and 0.14 grams per tonne gold from 18 metres depth. Additional intercepts of 22 metres at 0.80% copper from 20 metres depth, 20 metres at 0.78% copper, and 0.14 grams per tonne gold from 38 metres depth, and 56 metres at 0.34% copper from 34 metres depth were also returned. A separate interval returned 10 metres at 0.12% molybdenum from a depth of 144 metres.

The results demonstrated strong continuity of shallow copper-gold mineralisation across the deposit and highlighted the potential for a larger mineralised system at depth. The diamond drilling programme now underway has been designed to extend testing of this mineralisation beyond the depths reached by the reverse circulation results obtained to date.

Black Baccara Porphyry Target & IP Anomalies

Two of the six diamond holes in the current programme are designed to test the Black Baccara Target, a large-scale geophysical anomaly identified through induced polarisation surveying. The target is defined by coincident chargeability and resistivity anomalies, which are interpreted to represent potential porphyry-style mineralisation beneath the skarn system already drilled at Blue Rose. The geophysical interpretation underpinning the target was developed in collaboration with the consultants at Mitre Geophysics.

The diamond programme has been designed specifically to test whether the high-grade skarn mineralisation at Blue Rose is genetically linked to a deeper, intrusive-related copper system. This relationship remains an open geological question, and the two Black Baccara holes are intended to provide the first direct evidence from diamond drilling addressing it.

Manna Hill Project & Regional Context

Manna Hill comprises multiple early-stage porphyry and skarn prospects within a project area in South Australia, which holds around 70% of the country's copper reserves. The project also includes the Luron Carlin-style gold prospect, along with multiple historic goldfields from which over 30,000 ounces of gold have reportedly been produced. Both areas remain underexplored relative to their assessed prospectivity.

The project area sits along the national railway line and the Barrier Highway, positioned between the port and base metals smelter at Broken Hill and the city of Adelaide. This existing infrastructure provides access for transport and processing in the broader Manna Hill project area.

Next Steps

Drilling at Manna Hill is operating on double shifts, with the current programme expected to be completed within approximately 40 days. Results from the programme are intended to support future resource and extensional drilling decisions at both Blue Rose and the Black Baccara Target. The diamond core recovered is expected to provide structural, alteration, and petrophysical information that will improve understanding of the broader mineral system and inform future drill targeting at Manna Hill.