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Resource Company, Northern Cobalt Ltd (ASX: N27) has repositioned itself by Pegging of the Snettisham Project, located in southern Alaska, occurring within titaniferous magnetite, extending over 3.8 km along the coast of the Snettisham Peninsula and up to 1.5 km inland. Till now, the company has staked 48 mineral claims over the Snettisham Vanadium Project.
Today, the company released its quarterly activities report for 2019 March quarter in which it announced that it has identified the potential for large scale mineralisation and its unique position regarding fundamental infrastructure requirements such as cheap electricity, transport options and proximity to the mining town of Juneau in southern Alaska.
The company has already completed a 3D modelling of a detailed helicopter borne magnetic survey over the Snettisham Vanadium Project, conducted over an Alaskan-style mafic-ultramafic intrusive complex. As per the companyâs announcement, the 3D model has predicted a very large magnetite body beneath the project.
While providing information about the gold potential at Snettisham, the company informed that the Juneau Gold Belt has produced of 7 Moz of lode gold mineralisation and is analogous to the Fosterville Gold Mine in Australia.
The companyâs Wollogorang Cobalt Project is located in the far north-eastern corner of the Northern Territory, readily accessible from the Wollogorang Station Roadhouse. The company has reported much higher cobalt values from assays compared with pXRF field results (280%), including 5m @ 1604 ppm Co from 20m. The Assays at Running Creek Prospect have confirmed copper from surface to the end of hole at 55m.
Some notable results include-
- 55m @ 0.78% Cu from 0m (hole 18RAB102),
- including 33m @ 1.08% Cu from 11m,
- including 13m @ 2.01% Cu from 11m
- and 12m @ 380 ppm Co from 22m
The new induced polarisation (IP) survey at Running Creek has highlighted a chargeable target beneath mineralization.
On 15 March 2019, the company issued 2,500,000 shares as collateral for entering a controlled placement agreement with Acuity Capital.
For the March quarter, the company reported net cash used in operating activities of A$594K. During the quarter, the company spent around A$441K in exploration and evaluation activities. As at 31 March 2019, the company had cash and cash equivalent of A$527k.
Now, letâs have a glance at the companyâs stock performance and the return it has posted over the past few months. The stock traded at a price of $0.059, down by 13.235% during the dayâs trade with a market capitalisation of ~$3.66 Million as on 26 April 2019. The counter opened the day at $0.064 and reached the dayâs high of $0.064 and touched a dayâs low of $0.057 with a daily volume of ~30,111. The stock has provided a year till date return of -8.11% & also posted returns of -40.87%, -5.56% & -2.86% over the past six months, three & one-month period respectively. It had a 52-week high price of $0.300 and touched 52 weeks low of $0.033, with an average volume of ~104,560.
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