Aus Tin Mining (ASX: ANW) has reported further high-grade cobalt at its 100%-owned Mt Cobalt project in Queensland.
The company carried out a seven-hole drilling campaign below and along strike from historic workings at the project, with assays from the final three holes now received.
Results included 25m grading 0.32% cobalt, 0.62% nickel, with a 5.2m interval containing 0.31% cobalt, and 0.54% nickel, and another 1.5m interval comprising 1.48% cobalt and 1.30% nickel.
A smaller 3.8m intersection returned 0.49% cobalt and 0.87% nickel, with a 1m interval grading 1.2% cobalt and 1.26% nickel.
The final drill hole revealed 6m grading 0.30% cobalt and 0.68% nickel, including a 1m interval with 1.2% cobalt and 1.3% nickel.
“The last round of drilling has proved informative in understanding the structural control of the enriched cobalt-manganese mineralisation at Mt Cobalt, and enabled us to establish a more defined target zone,” Aus Tin Mining chief executive officer Peter Williams said.
He added the company would collate data from field reconnaissance, 3D modelling and drilling to extend its target zone.
Previous assays returned a thick 28.15m intersection grading 0.29% cobalt and 0.73% nickel, with two high grade intervals of 6.65m at 0.45% cobalt and 0.89% nickel, and 2.7m at 0.74% cobalt and 0.89% nickel.
Meanwhile, Aus Tin Mining has begun metallurgical testing on its Mt Cobalt ore to evaluate the potential to extract the cobalt-manganese from the host nontronite clay. If successful, this could lower the scale and cost of developing a hydrometallurgical plant.
As its name suggest, Aus Tin Mining is operating its Granville tin mine in Tasmania, with production due to ramp up this year.
Aus Tin Mining’s other advanced project is Taronga in New South Wales which is prospective for tin, copper, silver, lithium and tungsten.
The market has reacted positively to Aus Tin Mining’s regular cobalt news from Mt Cobalt with the company’s share price soaring more than 385% in six months from A$0.007 in mid-August last year to today’s price of A$0.034.
After an early morning run on the news, Aus Tin Mining’s share price had settled at A$0.034 in mid-afternoon trade.