Cobre Limited provided an update on its current drilling program at the Perrinvale Volcanic-Hosted Massive Sulphide Project located in Western Australia. The company has commenced its third Diamond Core and Reverse Circulation drilling program at the Perrinvale Project with the twin aims of extending current VHMS mineralisation and drill testing new VHMS targets. The RC drilling has now been completed with 2,883m drilled (including 120m of pre-collars for core holes), with the DC drilling expected to be completed in the coming week. One of the objectives of this drill campaign at Schwabe was to generate a mineral sample for sighter metallurgical testing. To this end, three DC holes were drilled with assay results now received for the first hole, along with visual and portable XRF observations for the second and third holes. These early results provide further confirmation of the presence of high-grade VHMS mineralisation at Schwabe with mineralised core to be delivered to the metallurgical laboratory this week for testing. The first DC hole at Schwabe, 20PVDD007, intersected 7m of sulphide mineralisation as two sulphide zones separated by 3 metres of internal basalt, generating the following assay intervals: Sulphide zone: 3.5m@ 3.4% Cu, 0.8% Zn, 0.10% Co, 368 ppm Pb, 1.1 g/t Au, & 16.5 g/t Ag from 48.0m; Internal Basalt: 3.0m@ 0.03% Cu, 0.02% Zn, 0.00% Co, 7 ppm Pb, 0.01 g/t Au, & 0.1 g/t Ag from 51.5m; Sulphide zone: 3.5m@ 2.0% Cu, 1.4% Zn, 0.07% Co, 344 ppm Pb, 0.3 g/t Au, & 7.4 g/t Ag from 54.5m. A deeper DC hole at Schwabe is currently testing the down dip potential of the mineralisation. This drilling is targeting the mineralised horizon approximately 100m down dip of the previous DC holes at an expected depth of 350m. RC holes have also been completed on step-out sections located 80m north and 80m south of previous drilling at Schwabe. These RC holes have confirmed strike continuity of the mineralised horizon to the north and south, as defined by interflow sediments and variable amounts of sulphides between the basalt flows. Assays are required to understand the full significance of these step-out results. Other RC drilling at Schwabe has tested Moving Loop Electromagnetic conductors north, west and south-west of main prospect area. The final RC samples were submitted to the laboratory on July 9, 2020. Geologically, the Zinco Lago, Zinco Rame and Lago Rame prospect areas are located along the same stratigraphic horizon on the western side of a broad syncline. The Schwabe prospect is located 2km away on the eastern side of this syncline in the same stratigraphic position. In total, 4 DC holes and 2 RC holes have been drilled at Zinco Lago, Zinco Rame and Lago Rame as part of this drill campaign. The DC has now been cut and submitted for assay, along with the RC samples. Visual observations from drill core and RC chips confirms the continuity of the mineralised horizon along trend at all three prospects. The deeper holes drilled to the east at Zinco Rame and Lago Rame have intersected a potential sub-parallel zone of mineralised sediments. The combination of exploration drilling, surface mapping and modelled conductors suggests an increase from 2.5km to 3.8km of prospective stratigraphy in this location. The Company has also completed RC drilling at Ponchiera Copper, Ponchiera North, Costa del Islas, and Piega del West Prospects within the Perrinvale Project. A total of 1,488 RC samples have been submitted for multi-element assay from these locations, with assay results expected progressively over the coming weeks.