Drilling afoot: Accelerate tests for nickel-cobalt potential

Published at Aug 30, 2018, in Juniors

ASX junior, Accelerate Resources (ASX:AX8), has kicked off diamond drilling at the Young Henry nickel-cobalt prospect, which sits within AX8’s Tasmanian Mt Read Project.

AX8 is testing here for nickel-cobalt potential in a 300 metre long conductor.

Drilling is currently at a depth of 50 metres, with a planned depth of 200 metres.

The hole is designed to test a 300 metre long, south-south-west plunging electromagnetic (FLEM) conductor, which sits below gossanous soil samples anomalous in nickel, cobalt, copper and zinc, and has the potential to indicate an accumulation of sulphides.

The fixed loop electromagnetic (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. The survey comprised a 300 x 300 metre loop with EM readings conducted on 75 metre spaced lines.

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 Henrietta target, will be subject to field exploration, with surface samples having returned cobalt grades up to 0.14%.

On top of that, drilling results for the Thomas Creek copper-cobalt target are due imminently.

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

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.

Drill rig on site for diamond hole YHDD001
Drill rig on site for diamond hole YHDD001
Young Henry and Henrietta prospect locations
Young Henry and Henrietta prospect locations

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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S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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