Significant cobalt discovery for Accelerate Resources

By Megan Graham. Published at Jul 11, 2018, in Small Caps

Accelerate Resources Limited (ASX:AX8) has announced the discovery of significant cobalt mineralisation in diamond drill hole TCDD001, at the Thomas Creek copper-cobalt-gold prospect.

This is the same prospect where earlier surface sampling by the company returned results including 3,300ppm cobalt, 1.52% copper from and 0.59 g/t gold from saprolitic bedrock, beneath peaty soil cover.

The encouraging results include:

- 3m at 0.23% cobalt from 150m

- 1m at 0.15% cobalt and 0.31% copper from 157m

The cobalt is associated with a zone of semi-massive pyrite veining.

The full results of TCDD001 are tabled below:

The drilling results as outlined above include 1m at 0.33% cobalt which is hosted by semi-massive pyrite veins within a zone of coarsely disseminated pyrite, associated with hydrothermal breccias.

The cobalt-pyrite mineralised veins include;

- 150.60m to 151.85m of 30% semi-massive pyrite with clots up to 8mm and trace chalcopyrite veinlets;

- 152.20m to 152.45mof 10% semi-massive pyrite and stringers and trace chalcopyrite veinlets;

- 156.90m to 157.40mof 15% semi-massive pyrite with clots up to 8mm

According to AX8, drill hole TCDD001 is “the first of three holes targeting a large chargeable IP anomaly located along the eastern margin of an ovoid aeromagnetic body, below a surface copper-cobalt anomaly”.

The chargeable anomaly has dimensions of approximately 400m at its widest and is up to 600 metres in length, with the depth to the top of the IP anomaly at approximately 100m below the surface.

The company also stated: “The inclined hole (-600 dip, 0900 azimuth) intersected a sequence of altered andesitic lavas and volcanic breccias, cross-cut by a number of late stage intrusives, including Potassium feldspar altered monzodiorites.”

Cobalt mineralization associated with sulphide veining at depth is a significant and highly encouraging discovery for AX8 at this stage, particularly considering it is a large and relatively untested target.

This news provides further confirmation of the potential of the Thomas Creek copper-cobalt prospect to host mineralisation.

However AX8 remains a speculative stock and if considering this stock for your portfolio you should take all public information into account and seek professional financial advice.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). 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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