Drill bits spinning at Accelerate’s Young Henry nickel-cobalt target

Published at Aug 21, 2018, in Small Caps

ASX junior, Accelerate Resources (ASX:AX8), has now received environmental approval from Mineral Resources Tasmania for its upcoming drilling at the Young Henry nickel/cobalt target, which sits within AX8’s Tasmanian Mt Read Project.

With everything now in place, including site preparation, a diamond drill rig will be mobilised from Thomas Creek to the Young Henry site later on this week — drilling is expected to kick off thereafter.

The Young Henry prospect lies immediately west of the 1.4 kilometre long Henrietta VTEM anomaly, and 18 kilometres north-north-west of the Thomas Creek copper-cobalt-nickel prospect.

The site of drilling will be a 300 metre long ground EM anomaly.

The broader Mount Read project is situated on the Sorrell Peninsula in western Tasmania. It encompasses a belt of Cambrian volcano-sedimentary rocks correlated with the Mount Read Volcanics (MRV). The MRV hosts all western Tasmania’s significant base and precious metal mines and mineral occurrences, several of which have been significant producers of base metals for over 100 years.

This latest development comes mere days since AX8’s last encouraging piece of news. The company announced last Friday that it has completed a fixed loop electromagnetic (FLEM) survey, as well as soil sampling and geological mapping, at the Young Henry prospect, revealing a promising nickel-cobalt target.

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

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