Cobra Resources PLC on Monday said that results from sonic core drilling at the Boland ionic rare earths prospect demonstrated a sound source of magnet and heavy rare earths.

Shares in the Australia-focused gold and rare earth exploration company jumped 18% to 1.21 pence each on Monday afternoon in London.

‘Cobra confirmed ionic rare earths metallurgical recoveries at Boland in 2023 and recent sonic core drilling has provided greater geological detail which confirms the company’s thesis that grade concentrations are high, mineralisation is amenable to low-cost extraction via in situ recovery,’ Cobra said.

It highlighted that the results demonstrated high grade concentrations across three zones of mineralisation, high grades in geological formations with high permeabilities amenable to in situ recovery, and modelled mineralised units that support ‘exceptional scale.’

Among the results were 4,608 parts per million of total rare earth oxides found, with particle size distribution analysis supporting high calculated permeabilities, which is the ability of a substance to allow gases or liquids to go through it.

Chief Executive Officer Rupert Verco said: ‘These results are sensational! It is pleasing to see our value proposition materialise, and these results, coupled with the excellent metallurgical recoveries achieved last year, demonstrate Boland is not only unique but world class. The value of in situ recovery cannot be overestimated. It is the preferred mining method from scale, cost and environmental perspectives and we are now positioned to be industry leaders in applying this form of mining long used for uranium to ionic rare earth mineralisation.’

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