Cobre Limited announced results from its first diamond drill hole into a new set of exploration targets in the vicinity of the recent Comet Target on Kalahari Metals Limited's (KML) NCP licenses. Drill hole NCP21 intersected a 12m zone of anomalous copper mineralisation consisting of chrysocolla and fine-grained chalcocite which occurs from 117 - 129m downhole. The hole was designed to test a TerraleachTM partial digest soil1 anomaly which occurs in proximity to a compelling structural jog and large demagnetised zone identified in high-resolution magnetic data.

The demagnetised zone is potentially indicative of hydrothermal alteration associated with the mineralising event, providing support for a larger scale target. Further drilling is planned to test the extent of mineralisation across this newly identified Nova Target. Importantly, Nova is located only 10km along strike from ongoing drilling at Comet demonstrating the potential for multiple, structurally controlled copper deposits within the NCP project area.

To date, results from 55% of the ~5,000 samples submitted for partial-digest, low detection limit assays have been received with the remaining results expected by the end of November. These results will be combined with an additional ~8,500 samples from the Company's neighbouring Kitlanya West Project to assist with prioritisation of further targets across this extensive emerging copper district. The drill programme at NCP has been designed to intersect sedimentary-hosted, structurally controlled, copper-silver (Cu-Ag) mineralisation associated with the redox contact between oxidised Ngwako Pan Formation red beds and overlying reduced marine sedimentary rocks of the D'Kar Formation on the dipping limbs of anticline structures.

Mineralisation intersected at NCP appears to follow the general pattern observed in the prospective north-eastern KCB, where high-grade copper deposits are surrounded by anomalous copper halos which may extend over 2 to 5 km, separated by long-tracts of low-grade background mineralisation which is pervasive along the redox contact. Locally, Cu-Ag mineralisation is concentrated structurally, resulting in a variability in grade and intersection widths, with higher grade zones associated with dilatational trap-sites. Target generation at NCP has relied on litho-structural interpretation of high-resolution magnetic data combined with soil sampling.

Significant Cu-Ag intersections at Comet have demonstrated the existence of an active mineralising system in this relatively unexplored portion of the KCB. The recent Cu intersection at Nova highlights the effectiveness of current exploration strategy and methodology despite the relatively thick (70 - 90m) Kalahari Group cover in the area. The new Nova target is defined by a zone of demagnetisation with anomalous TerraleachTM samples occurring in proximity to a distinct structural jog along the Ngwako Pan - D'Kar Formation contact and in proximity to an interesting ENE trending fault which appears to bound the demagnetised zone.

Drill hole NCP21 has intersected 93m of Kalahari Group cover underlain by a series of coarsening upward sedimentary cycles of lower D'Kar Formation. Notable copper mineralisation (confirmed by pXRF measurements), consisting of chrysocolla and fine-grained chalcocite, is hosted in the lowermost siltstone above the Ngwako Pan Formation contact which occurs at 131m downhole. Importantly, post-mineralisation faulting appears to have removed the lowermost portion of D'Kar Formation stratigraphy, suggesting the higher-grade portion of mineralisation may have been displaced locally.

The NCP is located near the northern margin of the KCB and includes significant strike of sub-cropping Ngwako-Pan /D'Kar Formation contact on which the majority of the known deposits in the KCB occur. The Project is located immediately east of KML's Kitlanya West licenses collectively covering a significant portion of prospective KCB stratigraphy. In terms of regional prospectivity, the greater license package includes: Over 500km of interpreted sub-cropping Ngwako Pan /D'Kar Formation contact which has been divided into 55 prospective targets across the KML licenses with 43 ranked targets located in the KITW and NCP properties; Strategic location near the basin margin typically prioritised for sedimentary-hosted copper deposits; Outcropping Kgwebe Formation often considered a key vector for deposits in the northeast of the KCB; Well defined gravity low anomalies indicative of sub-basin architecture or structural thickening (a number of the deposits in the KCB are hosted on the margins of gravity lows); Relatively shallow Kalahari Group cover (between 0m and ~90m thick); and Numerous soil sample anomalies identified on regional sample traverses.

The Company is targeting analogues to the copper deposits in Khoemacau's Zone 5 development in the north-eastern portion of the KCB. These include Zone 5 (92.1 Mt @ 2.2% Cu and 22 g/t Ag), Zeta NE (29 Mt @ 2.0% Cu and 40 g/t Ag), Zone 5N (25.6 Mt @ 2.2% Cu and 38 g/t Ag) and Mango NE (21.1 Mt @ 1.8% Cu and 21 g/t Ag)2.