HIGH GRADE COBALT INTERSECTED IN DRILLING HIGHLIGHTS
Reconnaissance drilling intersects high grade cobalt near surface
Prospect lies 40km east of the major Goongarrie Ni/Co Project of Ardea Resources Limited
New cobalt prospect to be named Scotia East
Drills results include
- 7m at 0.21% (2,140ppm) Co from 7m downhole in NCB0024
o Including 1m @ 0.42% (4,244ppm) Co from 8m downhole
- 11m @ 0.16% (1,574ppm) Co from 3m downhole in NCB0023
o Including 2m @ 0.33% (3,268ppm) Co from 4m downhole
Further extensive areas of interest identified for drill targeting
Geological setting similar to other Ni/Co projects in the region
Very shallow depth and high Co to Ni ratios
Not a bad ann, including this bit:
ABOUT THE COBALT MINERALISATION
Cobalt is hosted in a saprolitic clay horizon developed over an ultramafic package, similar in style to other projects in the region. However, Scotia East may have key advantages due to its very shallow depth, starting at just 2m below surface, its high grade, up to 0.4% Co, and its consistently high cobalt to nickel ratio.
Mineralisation is developed over a NNE striking ultramafic belt approximately 2.6 km in length, with a gabbro package to the east and a granite (or possibly leucogabbro) to the west. This represents a large target area for follow-up drilling.
See where we get to today.
ESR Price at posting:
2.7¢ Sentiment: Buy Disclosure: Held
