European Cobalt discovers ‘significant’ cobalt-nickel-copper at Joremeny
Initial trenching at European Cobalt’s (ASX: EUC) Joremeny target, part of the company’s 100%-owned Dobsina project, has uncovered “significant” cobalt-nickel-copper mineralisation.
Based in Slovakia, the Joremeny target hosts the historically mined Zemberg vein system, which runs throughout Dobsina and produced average grades of: 4% cobalt and 16% nickel.
Three zones have been identified through the shallow trenching program at Joremeny, with samples sent off for analysis.
“The identification of cobalt-copper-nickel sulphides and secondary copper mineralisation in the first trench completed across the Joremeny target validated the targeting model developed by European Cobalt,” European Cobalt managing direct Rob Jewson said.
“Furthermore, the mineralisation observed confirms the mineralisation extends to within two metres of the surface – directly below the transported overburden material.”
Mr Jewson added that it was worth noting this was the highest amount of mineralisation found within the sequence.
The trenching program at Joremeny aims to define geometry and extent of mineralisation, as well as better-understanding the mineralisation composition and grade.
Alpha and Beta Zones at European Cobalt’s Joremeny target trench.
Only yesterday, the company reported it had started diamond drilling at Joremeny, where it has already defined prospective strike of 1.2km wide and 26km long.
An initial six diamond drill holes have been planned to determine the surface and adit levels at Joremeny up to a 180m depth.
Previous adit channel sampling revealed mineral grades up to 3.52% cobalt and 6.72% nickel at depths of 1m or less.
Earlier in the week, on Tuesday, European Cobalt announced it had expanded its landholding at Dobsina with the acquisition of the Gapel licence. This is in addition to reporting it had acquired the Rakovec licence in late September.
European Cobalt has planned field based exploration programs across both of its recent acquisitions.
The Dobsina project area hosts multiple historical mines and is near power, water and rail infrastructure. Cobalt and nickel were discovered in the area in 1780 and mined during the 19th Century.
European Cobalt’s shares spiked almost 10% in early morning trade on the back of this announcement. In one month, alone, European Cobalt’s share price has steadily soared 200%.