More high-grade cobalt results from N27’s Stanton deposit
Northern Cobalt Ltd (ASX:N27) today released further results from the current drilling program at its Stanton Cobalt resource in the Northern Territory.
The assay results from the first 24 drill holes, of 57 RC holes drilled on the Stanton Cobalt resource, have shown that mineralisation remains open to the south. Highlights also include 20 metres at 0.31% cobalt (Co), 15 metres at 0.21% Co, and multiple shallow individual metre grades of 1.10% Co.
The company expect further assay results to filter through between now and February 2018, with a resource upgrade for the project pegged for Q1 2018.
A total 112 holes have been completed at the Stanton Deposit and surrounding Wollogorang Project to date, with drilling ongoing.
The finding that the mineralisation remains open to the south is of particular interest, as that area was initially thought to be closed off at the sediment hosted Stanton Cobalt deposit.
Commenting on today’s announcement, Managing Director of N27 Mike Schwarz said: “The occurrence of mineralisation extending to the south of the existing sediment hosted Stanton Cobalt Deposit is very encouraging and the higher than expected assay results from within the existing resource envelopes bodes well for Northern Cobalt’s investors.”
Of course this is an early stage play and investors should seek professional financial advice if considering this stock for their portfolio.
Significant new intersections (holes 6 to 24) from the latest results out of Stanton Cobalt Deposit include:
- 9 metres of 0.25% Co from 1m (Drill hole NC17RC006);
- 15 metres of 0.21% Co from 69m, (Drill hole NC17RC011);
- 6 metres of 0.40% Co from 3m, (Drill hole NC17RC018); including o 1m of 1.10% Co from 4m;
- 3 metres of 0.49% Co from 27m, (Drill hole NC17RC018);
- 5 metres of 0.37% Co from 10m, (Drill hole NC17RC020);
- 9 metres of 0.35% Co from 5m, (Drill hole NC17RC021);
- 7 metres of 0.29% Co from 16m, (Drill hole NC17RC021);
- 20 metres of 0.31% Co from 27m, (Drill hole NC17RC021).
The below table provides an indication of drilling progress to date and the expected timeline:
In relation to N27’s nearby Wollogorang Cobalt Project, six extra RC holes outside the resource envelope are planned in order to test mineralisation discovered to the south-east near RC drill hole #53.
The company will continue drilling at the site with two RC drilling rigs until mid-December, weather permitting.