What is the significance of the 40,000-metre drilling programme for Cobre (ASX:CBE)?

Cobre has launched a major exploration campaign at its Sierra Atacama project in Chile to upgrade its mineral resource status and prove commercial viability.

Why is Cobre (ASX:CBE) transitioning its resource to JORC compliance?

The company is moving its current NI 43-101 resource into a JORC-compliant Resource and Reserve, which is the standard requirement for companies listed on the Australian Securities Exchange.

What were the key results from Cobre’s (ASX:CBE) recent underground ore samples?

Recent samples from the Sierra Atacama site returned exceptionally high grades, highlighted by Sample 8106-1 which recorded 52.92% total copper (CuT). Additionally, the sample contained precious metal credits of 148.0 g/t silver and 0.68 g/t gold.

How does the 40,000-metre drill campaign affect the Cobre (ASX:CBE) investment thesis?

The campaign shifts the investment thesis from early-stage speculation toward project de-risking and scale definition. By investigating the connectivity between known deposits, Cobre is testing the potential for a large-scale, integrated open-pit operation rather than smaller, isolated mines.

What are the main bull and bear points for Cobre (ASX:CBE) following this news?

The bull case rests on the extraordinary copper grades exceeding 50% and the potential for a large-scale open-pit mine that includes silver and gold credits.

What is the current strategy for the Sierra Atacama mining operation?

CEO Adam Wooldridge has outlined a staged approach, starting with the delineation of shallow "starter pits" to allow for a quicker path to initial production. These starter pits would target high-grade zones to generate early cash flow before the company transitions into a larger expansion project.

Cobre launches major 40,000m drill programme in Chile

Written by Heidi Cuthbert Published Apr. 15 2026Last Updated Apr. 15 2026

Cobre (ASX:CBE) commenced a substantial 40,000-metre surface and underground drilling programme at its flagship Sierra Atacama Project.

The campaign represents a pivotal milestone for the explorer, aimed at maturing the project's geological confidence and commercial potential.

The primary objective of the programme is to transition the current NI 43-101 mineral resource into a JORC-compliant resource and reserve, a critical step for Australian-listed entities to formalise project value.

Beyond compliance, the drilling is engineered to investigate the connectivity between known deposits, potentially paving the way for a large-scale, integrated open-pit operation.

Geological interest is particularly focused on a high-grade mixed zone situated at the base of the oxide layer.

Recent underground ore samples have returned extraordinary results, with Sample 8106-1 recording 52.92% total copper alongside precious metal credits of 148.0 g/t silver and 0.68 g/t gold.

The "grade sweeteners" suggest the presence of exceptionally rich mineralisation that could drastically enhance the project's early-stage economics.

CEO Adam Wooldridge noted that the programme is designed to delineate shallow starter pits before transitioning into a larger expansion project.

By targeting these high-grade zones early, the company seeks to establish a robust foundation for a long-term mining operation.

At the time of reporting, Cobre's share price was $0.17.