Koba Resources Limited (ASX: KOB), a company focused on resource exploration, has announced it will acquire 100% of two high-grade tin-tungsten projects in North Queensland. The projects, located approximately 100km southwest of Cairns, encompass 432 square kilometres within the Herberton Tin Field, historically a significant tin-producing region in Australia. Koba Resources identifies and explores for economically viable ore deposits to develop mineral resources. The acquisition is subject to customary conditions, including regulatory approvals.
The Stannary Hills Tin-Tungsten Project and the Mt Garnet Tin-Tungsten Project host numerous historical mines and under-explored targets. Historical data from Stannary Hills shows a 1.3km section of the Kitchener Trend yielded approximately 120,000 tonnes of ore at an average grade of 2.3% tin. The Mt Garnet project includes the high-grade Gilmore Mine, which produced 26,169 tonnes at 7.6% tin to a depth of 193m. Koba plans to commence initial field programs in the fourth quarter of 2025.
To fund the acquisition and exploration activities, Koba Resources has secured firm commitments for a $4.35 million placement at $0.05 per share. The placement, subject to shareholder approval, will involve the issue of new shares to institutional and sophisticated investors. Participants will also receive attaching options exercisable at $0.08, expiring in June 2028. Cygnet Capital Pty Ltd and Bell Potter Securities Limited acted as Joint Lead Managers to the placement.
According to Koba’s Managing Director and CEO, Ben Vallerine, these acquisitions provide an outstanding opportunity to discover sizeable tin and tungsten resources. The funds raised will also support further exploration at the company’s Yarramba Uranium Project. The company is now progressing its plans to undertake further follow-up drilling at Yarramba in the coming months.
