Ann: Drilling Commencing at Bungonia Cobalt Project, page-2

We should be seeing these drill results any time now.
The geographic location = 0% sovreign risk
Surface samples of 0.15% cobalt
The Avanti prospect is at least 700m long and open along strike and up to 150m wide.
The program will consist of approximately 80 holes with the majority of the focus at the Avanti prospect.
The project is held under Exploration Licence EL8483, covers approximately 242 sq km and is located 130km north east of Canberra and 25km south east of Goulburn in New South Wales.
Previous exploration defined several areas of significant cobalt and nickel mineralisation some of which have been historically mined as early as the 1890’s. Cobalt mineralisation occurs as flat lying residual on hills extending for several hundred metres associated with manganiferous deposits. The deposits typically contain relatively rich cobalt values, with minor nickel and copper credits, and have been worked historically with high cobalt recoveries.

Historic records show that cobalt was produced in the region from the late 1800’s to early 1900’s. Intermittent exploration for manganese, cobalt and, more recently, bauxite has been undertaken by North Broken Hill Ltd, Stuart Metals (Cobalt Resources NL), Central West Gold NL, McIntyre Mines Pty Ltd, VAM Ltd and ABx2 Pty Ltd. This work confirmed widespread occurrences of coarse-grained arenaceous sediments (grits) with variable concentrations of manganese oxide-cobalt mineralisation up to 700m long and between 0.5 to 6m in thickness. A primary source of cobalt within basement was highlighted in historic work as a target for further exploration drilling in the area.
In addition to drilling, metallurgical test work was also undertaken with excellent recoveries of 83.2% cobalt, 79.5% copper and 85.9% nickel returned from acid leaching of a 80 kilogram sample containing 1.15% cobalt, 0.39% copper and 0.26% nickel (North Broken Hill Pty Ltd - GS1980/315).