Northern Cobalt Limited (ASX: N27) has recently announced it has confirmed cobalt mineralization over a large area at the Running Creek Prospect. With this latest higher-grade discovery occurring within the Running Creek prospect, the company has struck more cobalt at its star Wollogorang project in the Northern Territory, which is less than 2km from the project’s primary Stanton deposit.
1m at 0.24% cobalt and 2m at 0.12% cobalt readings returned by other XRF, while intersections of 8m at 0.1% cobalt, including 4m at 0.15% cobalt have returned readings by Portable XRF. Cobalt mineralization has now been intersected over a large 400m by 500m region, according to Northern Cobalt.
Individual mineral systems have been linked by the company’s reinterpretation of geological data and resulted in the discovery of the higher-grade cobalt at the western end of Running Creek. Michael Schwarz, Northern Cobalt managing director said, ‘at Running Creek the development of a new geological model for controls on mineralization continues to deliver results for both cobalt and copper’.
Mr. Schwarz added, ‘They hope to add cobalt and copper resources in addition to those at the Stanton deposit, with an induced polarisation survey underway at Running Creek and GregJo prospects.’ At the same prospect earlier this month, this latest cobalt find adds to the copper discovery where XRF readings revealed a 55m copper intersection grading 0.72%. Two higher grade intervals of 7m at 2.1% copper from 18m and 33m at 1% copper from 11m were included in the two higher grade intervals.
To firm up as many targets as possible across the large Wollogorang asset Northern Cobalt kicked-off its 2018 drilling campaign in May this year, which comprises more than 4,986 square kilometers in granted tenements. Foremost to the identification of Running Creek and GregJo prospects was this year’s field season and has extracted thick intervals of copper mineralization, which remains open along strike at GregJo.
Now that the project’s primary Stanton cobalt deposit which has a resource of 942,000t grading 0.06% nickel, 0.12% copper and 0.13% cobalt, GregJo has a larger footprint. Mr. Schwarz said. Extending from surface to 90m depths is much of the mineralization identified at Stanton, which makes it agreeable to a lower-cost open pit operation.
As a group of small, individual cobalt and copper mineralized systems with limited extent, the Running Creek Prospect was originally identified by CRA in the 1990’s. The identification of higher-grade cobalt mineralization in the western part of the prospect and a significant copper intersection in drill hole was led by the reinterpretation of the main controls of mineralization by Northern Cobalt along a series of north-east trending structures has linked the individual mineral systems.
The stock of Northern Cobalt Limited (ASX: N27) was trading at a market price of $0.105 very close to its 52-week low as at October 19, 2018.
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