Collerina Cobalt (ASX: CLL) has confirmed the presence of high-grade cobalt mineralisation at its namesake wholly-owned Collerina project in central New South Wales.
Assay results from a vertical aircore drilling program over the project’s C1 anomaly area have identified an ultramafic basement high, with deep, well-developed laterite profiles on the northern and southern ends of the drill traverse.
The reconnaissance drilling program was conducted 10km north of the tenement’s Homeville deposit, which was first discovered in 2008. The campaign consisted of 42 vertical aircore holes for a total of 1,668m drilled.
Assay results included 32m at 0.26% cobalt, 0.52% nickel, 5.9% aluminium and 96 parts per million scandium, including 6m at 0.69% cobalt, 0.73% nickel, 9.5% aluminium and 93ppm scandium.
Drilling and aeromagnetics indicate the mineralisation remains open to the north, east and west.
Further drilling has been planned to assess the mineralisation’s extent.
The Collerina nickel-cobalt project is 40km south of Nyngan in central NSW within the Lachlan Fold Belt, covering an area of 300 square kilometres in the Fifield Platinum Province.
The JORC compliant resource estimate for the Homeville deposit is 16.3 million tonnes at 0.93% nickel and 0.05% cobalt (cut-off 0.7% nickel).
The total resource is estimated to contain about 151,000 tonnes of nickel and 8,100 tonnes of cobalt.
Collerina’s mineralisation is at surface in some areas and has an average depth of only 10m.
The Collerina project is operated as a split commodity agreement between Collerina Cobalt and Helix Resources, which has secured the precious and base metals exploration rights.
Collerina Cobalt retains 100% ownership of the known nickel and cobalt mineralisation within the Homeville, Yethella and C1 Anomaly areas. Helix is permitted to explore these areas for precious metals and other base metals, subject to the terms of the agreement.
Collerina Cobalt is currently progressing a prefeasibility study on the Homeville deposit for the production of nickel, cobalt and high-purity alumina using proprietary process technology.