Accelerate unearths promising nickel-cobalt target

Published at Aug 16, 2018, in Juniors

Accelerate Resources (ASX:AX8) has completed a fixed loop electromagnetic (FLEM) survey, as well as soil sampling and geological mapping, at the Young Henry prospect at its Mount Read Cobalt Project in Tasmania.

Confirmation of a ground EM conductor associated with nickel-cobalt soil anomalism and mapped gossans is highly encouraging, and confirms the Young Henry prospect as a priority exploration target.

Location of the Young Henry and Henrietta prospects
Location of the Young Henry and Henrietta prospects

The FLEM survey aimed to further define a previously identified 300 metre long airborne VTEM conductor near the northern end of a belt of fault bounded mafic-ultramafic rocks. It comprised a 300m x 300m loop with EM readings conducted on 75m spaced lines.

Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.

A south-southwest plunging moderately conductive bedrock conductor was identified, which has the potential to indicate an accumulation of sulphides. Soil sampling on the Young Henry Grid confirmed anomalous nickel, cobalt, copper and zinc soils and a gossan up plunge from a modelled FLEM conductor.

A total of 50 soil samples were collected from auger holes with depth <1 metre, along four 75 metre spaced grid lines. Lab results show peak concentrations of 2030ppm nickel,154ppm cobalt, 172ppm copper, 45% iron, 1% chromium and 1200ppm zinc from the soil sampling. Gridded sample analysis shows coherent patterns for both mineralisation and lithology.

Gossanous soil samples were favorably located up dip and up-plunge from the modelled FLEM conductor at three locations. The strongest gossan was located at the up-plunge projection of the conductive body in the northeast of the Young Henry grid.

Young Henry surface gossanous samples
Young Henry surface gossanous samples

Peak analysis from gossan samples YH0015, YH0035 and YH0046 returned up to 654ppm nickel, 128ppm cobalt, 217ppm zinc and 45% iron. Sulphur in gossanous samples YH0015 and YH0046 (0.1% sulphur, 34% iron and 0.13% sulphur, 45% iron, respectively) suggests they are near insitu hydrothermal related, with sulphur more likely to be oxidised and leached from a transported laterite.

A fault breccia sample (YH0033) at the eastern contact of the ultramafic, returned a number of anomalous results including 0.12% zinc, 0.2% nickel, 123.5ppm copper, 0.8% chromium and 96ppm cobalt.

Drilling is scheduled to test the FLEM conductor and the nickel, cobalt and zinc zone in late August. Thomas Creek TCD002 and TCD003 drilling results are also due back in the coming weeks.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

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