Northern Cobalt Limited (ASX:N27) is in the business of acquiring, exploring and developing of cobalt mineral projects in Australia. The Wollogorang Cobalt Project of the company is in the far north east corner of Northern territory.
The company’s stock price advanced by 12.5 percent on 19 September 2018 after the recent announcement of growth in the copper mineralization with the GregJo Fault. This discovery of copper fits with the company’s strategy of adding resources close to the existing deposits. Company has begun testing the extensive prospective rocks. The mineralized envelope is now extended to more than 400m along strike of the Gregjo fault. The copper mineralization is appearing to be associated with two structures within the Gregjo Fault. Higher grade copper is occurring adjacent to and within the interpreted fault structures. Vertical RAB drilling is facing difficulty in intersecting these zones but once the lateral extent of mineralization is defined, deeper angled slim-line RC drill holes could be used to target the high-grade mineralization in conjunction with results from the planned IP Survey. Lower grade mineralization extents laterally from the fault structures within shallow dipping, siltstones and pyritic sandstone. This style of mineralization is having many similarities with Aeon metals walford creek cu-co deposit which is around 90km to the south-east. At the depth of some holes, Sulphide mineralization has also been identified. A geophysics survey is planned along with the subsequent deeper drilling. The positive results have promoted the company to expand the drilling program.
For the year ending 30 June 2018, the loss from continuing operations attributable to owners was $1.12 million which was $0.29 million in the previous year. The basic and diluted loss was 3.17 cents per share in FY 2018 which was 3.26 cents per share the previous year. Company is holding cash and cash equivalent of $3.9 million at the end of FY 2018 which was $0.327 in the previous year.
N27’s share price was at $0.135 at market capitalization of $6.1 million as on 19 September (AEST 6:15 PM).
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