Hylea Metals Limited (ASX: HCO) operates as an exploration company. The Company manages cobalt, gold, iron ore, and base metal mining projects. Hylea Metals serves customers in Australia.
The company has via a recent ASX release stated that Mr. Simon Andrew has vacated the office of managing director of the company, overtaking the position of Mr. David Berrie who has been the erstwhile MD of the company.
Moreover, Ms. Amanda Burgess has been appointed as the company secretary of the company post the resignations of Mr. David Berrie and Mr. Keong Kok Chan.
Also, the company had put forward its quarterly activities report. The quarter saw Hylea Metals Limited disclosed the final assays for its first ever 54-hole for 3,621m drill program at its flagship asset, the Hylea Cobalt Project in NSW. The final results from the Company’s maiden drill program released during the quarter confirmed the outstanding potential of Tiger’s Creek as an advanced prospect with near-term resource potential. Results from this work substantiated the existence of cobalt, nickel and platinum, few significant parts of which are detailed as below:
A drilling hole HYRC006, 16 metres hole resulted into 0.14% Cobalt, 0.63% Nickel & 0.43g/t platinum from 10m. Which included 12 Metres drilling hole that has resulted into a discovery of 0.17% Cobalt, 0.70% Nickel & 0.50 g/t Platinum.
A drilling hole HYRC015, 8 metres hole resulted into 0.13% Cobalt, 0.30% Nickel & 0.11g/t platinum from 1m. Which included 3 Metres drilling hole that has resulted into a discovery of 0.26% Cobalt, 0.47% Nickel & 0.18 g/t Platinum.
A drilling hole HYRC016, 8 metres hole resulted into 0.14% Cobalt, 0.33% Nickel & 1.51 g/t platinum from 7m. Which included 7 Metres drilling hole that has resulted into a discovery of 0.16% Cobalt, 0.29% Nickel & 1.68 g/t Platinum.
A drilling hole HYRC021, 8 metres hole resulted into 0.12% Cobalt, 0.34% Nickel & 0.02g/t platinum from 14m.Which included 4 Metres drilling hole that has resulted into a discovery of 0.16% Cobalt, 0.37% Nickel & 0.02g/t Platinum.
A drilling hole HYRC025, 10 metres hole resulted into 0.12% Cobalt, 0.42% Nickel & 0.18 g/t platinum from 16m.Which included 8 Metres drilling hole that has resulted into a discovery of 0.14% Cobalt, 0.40% Nickel & 0.21g/t Platinum.
With the Company’s strategy to invest early in broad-scale regional target identification paying off, it has now found itself with a pipeline of high-quality regional cobalt, scandium, platinum and vanadium targets for RC drill testing.
Meanwhile, the share price of the company has fallen 87.50 percent in the past six months as on 19 December 2018. HCO’s shares last traded at $0.001 with the market capitalization of circa $2.80 Million.
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