A series of high-grade final assays from a maiden drilling program conducted by Hylea Metals (ASX: HCO) at its Tiger’s Creek prospect in New South Wales have confirmed the presence of a significant cobalt-platinum-nickel-scandium discovery.
The assays came from the last 22 holes in the 54-hole program held in April and May at the company’s flagship Hylea project, in the “battery metals” Fifield district of NSW and adjacent to the Sunrise nickel-cobalt-scandium project owned by CleanTeq (ASX: CLQ) and the Flemington nickel-cobalt-scandium project owned by Australian Mines (ASX: AUZ).
They followed strong results reported in June from the first 12 holes.
The latest intersections start 7 metres below surface and include widths of up to 31m.
They have been reported to contain more wide, high-grade shallow intercepts of cobalt and reveal the presence of a broad, high-grade zone of scandium on the eastern side of the prospect.
Hylea believes the scandium has the potential to add significant further value at Tiger’s Creek, particularly in light of growing demand for the commodity from aerospace industries.
Best results from the scandium zones were 31m at 471 parts per million scandium from 26m, including high-grade intervals of 2m at 635ppm scandium, 2m at 635ppm scandium and 1m at 600ppm scandium from hole HYRC054.
Hylea said the hole demonstrated that the scandium zone, which displays strong strike continuity to the north and south and remains open in both directions, also increases in thickness to the east.
At hole HYRC053 another strong result was recorded of 14m at 532ppm scandium from 45m, including 1m at 650ppm scandium and 2m at 705ppm scandium, while HYRC047 recorded 15m at 490ppm scandium from 40m, including 2m at 620ppm scandium.
The scandium zone will be subject to further investigation with future drilling.
Hylea said cobalt-nickel-platinum assays recorded from near surface at Tiger’s Creek provide more evidence of extensive high-grade mineralisation.
Best results received were 10m at 0.10% cobalt, 0.41% nickel and 0.20 grams per tonne platinum from 36m at hole HYRC036, including 6m at 0.13% cobalt, 0.42% nickel and 0.24g/t platinum from 37m.
Also delivering impressive assays was hole HYRC037, with 0m at 0.19% cobalt, 0.56% nickel and 0.74g/t platinum from 12m, including 8m at 0.22% cobalt, 0.46% nickel and 0.79g/t platinum from 12m.
Hylea managing director David Berrie said results from the 54-hole campaign have “exceeded expectations”.
“Cobalt grades and thicknesses have consistently matched those of our nearby high-profile neighbours which have market capitalisations many times that of Hylea,” he said.
“This demonstrates the immense upside offered by Tiger’s Creek and it is apparent that [this prospect] is emerging as a significant scandium and cobalt discovery.”
At mid-afternoon trade, Hylea’s price was steady at $0.005 per share.