Cobre Limited announced the commencement of a new field exploration program on the company's wholly owned Perrinvale Volcanic Hosted Massive Sulphide (VHMS) Project in Western Australia. Since completing field activities at Perrinvale in late 2020, and while the company focused on finalizing the acquisition of a controlling interest in Kalahari Metals Limited (KML) and the recent capital raise, work continued concurrently on the Perrinvale Project with the completion of an Optimisation Study at the Schwabe Prospect and planning for this next phase of field activities. The Optimisation Study, which has been prepared for internal purposes to assist the management team to develop a strategy at Schwabe which will deliver the best returns for shareholders, indicates positive potential, with a key assumption being the treatment of ore from Schwabe by a third-party. With this assumption in mind, there is clear value in aiming to expand the resource potential within the prospect area. A program of review and planning related to the broader exploration potential of the Perrinvale Project has also been undertaken. This includes the: detailed review of geophysics (airborne electromagnetic, magnetic & gravity data); study of known VHMS deposit areas within the Yilgran in particular and globally in general; consideration of observations and results achieved through 2019 and 2020; sourcing historic hyperspectral survey outputs; and preliminary definition of priority areas of interest for field investigation. These tasks form the basis for the next phase of field exploration at Perrinvale and represent a step change from primarily drilling previously identified bullseye targets, to systematic application of the technical knowledge gained with the aim of defining a significant VHMS resource base on the project. Such a resource base may consist of multiple high grade massive sulphide pod like deposits, similar to Schwabe, and/or a larger single deposit area. Key outcomes of the desktop work have been understanding the setting for the mineralisation drilled to date and how that fits with the broader geology of the project area. With the recognition that there are likely more intermediate to felsic volcanic rocks within the project area than shown on GSWA1 maps, and that the extensive areas of Banded Iron Formation (BIF) rocks mapped across the project, could be intimately associated with base metal sulphide mineralisation. A line-by-line review of the 2019 Airborne Electromagnetic (AEM) survey has been completed, which shows a mix of (86) purely conductive conductors (such as Schwabe), as well as (143) conductors that are proximal to /associated with a magnetic response. These conductors proximal to magnetic responses represent areas to be assessed for massive sulphide mineralisation associated with BIF. In addition to the base metal potential, rock chip samples collected late in 2020 have returned some very high-grade gold assays, suggesting value in the exploration program remaining open to the gold potential noted in the Company's Prospectus. A total of 24 samples were collected, with two stand out samples collected around the Fey's Find workings returning 46.76 g/t & 56.55 g/t gold. Multielement assays support hydrothermal fluid movement along a WSW-ENE trend. The field program, scheduled to be completed with a five-person crew through the coming six months, will also step beyond the area of the 2019 AEM survey, with guidance from the airborne magnetics and, where present, the 2012 HyMap survey and also provide guidance in determining what areas, if any, of the company's tenement portfolio with near term expiration dates should be retained or relinquished.