Pacifico Minerals (ASX: PMY) has confirmed high-grade cobalt and manganese at its recently acquired South Australian Muttabee and Prouts prospects.
The company lodged exploration licence applications with the SA Government in March as part of its strategy to increase its exposure to battery minerals.
With exploration licences still pending, Perth-based Pacifico carried out a review of previous exploration data which included looking at results from airborne geophysics, geological mapping, rock chip and soil samples, and ground geophysics.
Both licences were found to contain evidence of several base metals, with previous rock chip samples from the historical Muttabee mine returning up to 0.86% cobalt, 0.35% copper and 0.21% zinc. Manganese grading 49.8% at Muttabee was also identified.
At the second licence where the Prouts prospect was identified, manganese assaying up to 58.1% was found in grab samples.
Previous exploration across the licences had focused on finding copper and diamonds with little consideration given to the cobalt potential at the time.
According to Pacifico, some of the copper-cobalt mineralisation it had identified in the review was similar to world-class deposits found in central Africa’s Katangan Copperbelt.
The company is currently pulling together a database of past exploration, including geologic mapping, stream sediment, soil and rock-chip geochemistry information, and geophysical surveys of target areas.
Pacifico is tipping it will complete this research work next month and update the market with its results.
Once its exploration licences are granted, Pacifico will begin preliminary exploration activities including reconnaissance rock chip sampling and mapping of areas where cobalt, copper and manganese have been found.
“This information will be integrated with available geophysical data to identify targets for follow-up drill-testing,” the company stated.
Pacifico noted today that its third exploration licence that had been under application Cudmore had been “refused” by the South Australian Department of State Development” due to an “administrative oversight”.
In addition to the SA exploration licence applications, Pacifico has a stake in several projects throughout Australia, Mexico and Colombia.
The projects are at various exploration stages and are prospective for gold, silver, copper, lead, zinc, manganese.
By close of trade today, Pacifico’s share price had fallen 12.5% to A$0.014.