Admitted to the ASX in September, Northern Cobalt (ASX: N27) has been full steam ahead with its exploration program, intersecting more cobalt at its Stanton deposit in the Northern Territory, which has revealed mineralisation remains open to the south.
With a drilling campaign kicking off in early October, Northern Cobalt has now received assays from its first 24 holes, with 57 reverse circulation and seven diamond core holes drilled across Stanton, alone.
Throughout the entire Wollogorang project area, 112 holes have been completed to-date.
Better assays from this latest batch of results were: 20m grading 0.31% cobalt, 15m grading 0.21% cobalt and numerous shallow 1m intervals grading 1.10% cobalt.
“The occurrence of mineralisation extending to the south of the existing sediment hosted Stanton cobalt deposit is very encouraging and the higher than expected assay results from within the existing resource envelopes bodes well for Northern Cobalt’s investors,” Northern Cobalt managing director Mike Schwarz said.
This latest assay batch complements results received last Friday, which revealed multiple shallow, high grade cobalt intersections at Stanton.
Better results from that batch included 37m grading 0.28% cobalt, 18m grading 0.33% cobalt, including 1m of 2.13% cobalt, and 30m grading 0.17% cobalt including 10m of 0.33% cobalt.
Two reverse circulation rigs will remain on site until mid-December, depending on weather. Multiple targets will be drilled, including six holes to test mineralisation to the south east of Stanton.
A regular flow of assay news is anticipated through to early February, with Northern Cobalt aiming to calculate an upgraded inferred resource for Stanton by the end of March and an indicated resource by the end of June next year.
Stanton has a current inferred resource of 500,000 tonnes grading 0.17% cobalt, 0.09% nickel and 0.11% copper.
Additionally, Northern Cobalt is hoping to use some of the exploration and metallurgical data obtained for its scoping study.
Shares in Northern Cobalt, spiked at A$0.81 – up 12.5% in the first half hour of market open.