Extension of mineralised zone at N27’s Stanton cobalt deposit
Northern Cobalt Limited (ASX:N27) has today announced assay results for the current drilling program at its Wollogorang Project.
48 of 70 RC drill holes at its Stanton Cobalt deposit have now been drilled. To date, a total of 137 holes have been completed across the deposit and surrounding Wollogorang Project for a total of 11,856 metres over the last eight weeks.
Today’s assay results demonstrate an extended mineralised zone which remains open in multiple directions.
Significant new intersections at the Stanton cobalt deposit include:
- 11 metres of 0.29% Cobalt from 1 metre (Drill hole NC17RC028); including 1 metre of 2.30% Cobalt from 2 metres; and
- 14 metres of 0.23% Cobalt from 20 metres, (Drill hole NC17RC028)
- 12 metres of 0.24% Cobalt from 1 metre, (Drill hole NC17RC030); and
- 9 metres of 0.34% Cobalt from 41 metres, (Drill hole NC17RC030); including 1 metre of 2.33% cobalt, 0.45% copper and 1.01% Nickel from 41 metres
- 21 metres of 0.11% Cobalt from 47 metres, (Drill hole NC17RC031)
- 14 metres of 0.18% Cobalt from 4 metres, (Drill hole NC17RC040)
Further results will be released in batches between now and early February 2018, with a Resource upgrade expected in the 2018 March quarter.
The below map indicates the hole locations for the current drilling program at Stanton:
Any news is speculative at this stage therefore investors considering this stock for their portfolio, should seek professional financial advice.
The Wollogorang Cobalt Project is a sediment-hosted cobalt mineralisation system with considerable potential for low capital expenditure and operational expenditure due to non-refractory mineralisation (predominantly siegenite which is a cobalt sulphide mineral), cobalt mineralisation at surface, and the project’s potential for open-pit operations.
N27 has so far drilled 70 RC holes and 10 diamond core holes at Stanton, and at this stages aims to upgrade the existing inferred Mineral Resource Estimate — 500,000 tonnes of 0.17% cobalt, 0.09% nickel, 0.11% copper — and obtain material for metallurgy studies and potential use in scoping studies.
Due to the highly encouraging results the company has received so far, extra RC holes were drilled outside the main Resource envelope to test mineralisation discovered to the south, east and north. The timeline for updating the Resource Estimate at the Stanton Deposit is to release the Inferred category estimate in Q1 2018, and an Indicated category estimate (after metallurgy results) in Q2 2018.
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