About this episode
Interview with Rupert Verco, CEO & Managing Director of Cobra Resources PLCOur previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-targeting-low-cost-rare-earths-through-isr-extraction-9181Recording date: 6th March 2026Cobra Resources has reported a strong start to drilling at the Manahill Copper Project in South Australia, delivering wide, high-grade copper intersections that materially strengthen the exploration case for a potentially significant porphyry-related system. For investors, the early results suggest the project could host both near-surface economic mineralisation and the potential for a larger copper system at depth.The drilling program followed Cobra’s option agreement over the Manahill project signed in mid-2025. Initial exploration began with geophysical work, including induced polarisation (IP) surveys designed to identify sulphide-rich zones associated with porphyry copper systems. Based on these targets, the company completed an 18-hole reverse circulation (RC) drilling program, with the first four holes now reported.Two standout intersections were returned from the same drilling transect. The first hole intersected 74 metres grading just over 1% copper with approximately 0.25 g/t gold, while another returned 84 metres of copper mineralisation with associated gold. Importantly, these are thick mineralised zones interpreted to represent a true mineralised width of roughly 70 metres. Such broad intercepts are considered highly encouraging at this stage of exploration because they suggest the presence of a substantial mineralised body rather than narrow vein systems.The mineralisation occurs from shallow depths, beginning only tens of metres below surface. This is significant from a potential development perspective, as shallow mineralisation can support lower strip ratios and improve the economics of future open-pit mining scenarios. Historical drilling in the area had already identified oxide copper mineralisation, including intersections such as 48 metres grading 2.2% copper with gold credits, but the latest drilling confirms that the mineralisation continues into the deeper primary sulphide zone.This distinction is important because oxide copper can often be processed using relatively low-cost heap leaching, while deeper sulphide mineralisation is typically processed through conventional flotation circuits. A project containing both zones can benefit from a phased development approach—starting with lower-capex oxide production before transitioning to sulphide processing as the operation expands.Geologically, Cobra believes the mineralisation may represent a skarn-style system linked to a larger porphyry copper intrusion. Evidence supporting this model includes the presence of intrusive rocks such as quartz monzonite and diorite dykes intersected in drilling. In addition, the company has identified molybdenum mineralisation, with standalone int
