Northern Cobalt’s (ASX: N27) 2018 field season is off to a good start with the company reporting today it has discovered multiple regional targets for follow-up exploration at its wholly-owned Wollogorang cobalt project in the Northern Territory, with one new target containing 0.23% cobalt in historic rock chips.
The regional exploration program kicked-off as part of the company’s 2018 field season which includes 15,000m drilling due to begin at the Stanton deposit within the next week.
Northern Cobalt received permits for five tenements surrounding Stanton in January this year and the company’s geological team has reviewed historical data for cobalt mineralisation to identify prospective targets for follow-up activities on the ground.
During the review, Northern Cobalt identified cobalt in historic rock chips and stream sediment results with notable assays between 0.10% and 0.23% cobalt within exploration licences (EL) EL31550 and EL31546.
Northern Cobalt also pointed out the licences were prospective for other metals including copper, lead, zinc, iron, nickel, manganese and silver.
However, until now, cobalt was largely overlooked in former exploration activities, which had focused on copper, uranium, diamond, phosphate and manganese.
“The regional potential of cobalt is exciting and is only just being realised in the Wollogorang project area,” Northern Cobalt managing director Michael Schwarz said.
“Previous explorers were focused on other commodities at a time when cobalt was not in high demand and did not assess the region’s significant cobalt potential,” Mr Schwarz explained.
As part of its regional exploration program, Northern Cobalt will resample the sites and inspect others including the Karns prospect and the Barra anomaly where historic stream sediments assayed at 45 parts per million cobalt and 175ppm cobalt, respectively.
Additionally, Northern Cobalt plans to investigate the “Pungalina Pipes” identified at Barra, which it believes may host cobalt and other base metals below the sandstone overlay.
Northern Cobalt also noted another high priority exploration target lies within its EL31550 and is close to Redbank Copper’s (ASX: RCP) GC2 prospect where copper and cobalt was retrieved from rock chips.
Under the 2018 field season, Northern Cobalt has planned a detailed heli-mag survey which will begin in the next few weeks. The survey will cover the EL31550 high priority target as well as areas to the north and south of the Stanton deposit.
Meanwhile, the two remaining tenement applications in Queensland are expected to be granted later this year, with previous data returning up to 860ppm cobalt and 4.5% copper.
Wollogorang encompasses almost 5,000 square kilometres in granted exploration licences.
Northern Cobalt’s share price was at A$0.24 by mid-day – down 4%.