European Cobalt (ASX: EUC) has reported visible cobalt-nickel sulphide mineralisation in a diamond drill core from its Joremeny deposit in Slovakia.
Part of European Cobalt’s Dobsina project, the latest diamond drill results for Joremeny are near to high grade ore previously found from channel sampling at the Joremeny adit. The previous sampling returned 1.7m grading 2.10% cobalt and 4.42% nickel, and 1.7m grading 0.63% cobalt and 3.49% nickel.
The diamond drill intersected 4.1m mylonitic zone containing cobalt-nickel sulphides, including a 10cm interval of semi-massive cobalt mineralisation.
European Cobalt will be sending the sample immediately for full analysis.
“The visual confirmation of extensive cobalt-nickel sulphide mineralisation and zones of semi-massive sulphide mineralisation proximal to the Joremeny adit provides significant further confidence towards the cobalt and nickel potential of the target,” European Cobalt managing director Rob Jewson said.
“Interestingly, the disseminated style of cobalt-nickel sulphide mineralisation within the mylonitic zone had not been reported previously,” he said.
He added further work was required to better-understand the mineralisation’s potential and style.
The diamond drilling campaign follows an initial shallow trenching program at Joremeny that identified three zones.
Joremeny hosts the historically mined Zemberg vein systems which produced cobalt and nickel averaging 4% and 16%, respectively.
European Cobalt is actively exploring across its entire Dobsina project which is situated in central Slovakia.
Since acquiring the project in late April, European Cobalt has reported multiple high-grade cobalt, nickel and copper discoveries at targets, including waste dumps, within the project area.
In October, the company revealed mineralisation grading up to 3.14% cobalt, 11.1% copper and 8.57% nickel from 16 out of 42 waste dumps at the project.
Between 1780 and the 19th Century, nickel and cobalt were mined at the site, producing about 430,000 tonnes of the metals, which were then shipped to the United Kingdom for smelting.
Multiple historical mines are scattered throughout the project area, which is also close to power, water and rail.
Despite the news, European Cobalt’s share had slid more than 8% to A$0.22 in late afternoon trade. Although experiencing a decline today, the company’s stock is still up a whopping 175% since its $0.08 price in early September.