Mount Burgess Mining
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Mount Burgess Mining (ASX: MTB) is focused on resource development/exploration on the company’s extensive adjoining ground holding in Namibia and Botswana on the margins of the Angolan Craton, bordered by a large proterozoic mobile belt.
Mount Burgess Mining reveals significant cobalt copper at Tsumkwe in Namibia
Wednesday, June 01, 2011
Mount Burgess Mining (ASX: MTB) has unveiled significant cobalt copper from an in-fill soil geochemical sampling program at the Tsumkwe base metals project in north east Namibia.
The company would be encouraged by these results as assaying for cobalt was not carried in previous sampling programs conducted in the Makuri Vlei area in 2001, which delineated zones of copper mineralisation.
A large number of soil samples from the current program have returned assays with cobalt values in the range of 500 parts per million (ppm) to 690ppm, and are coincident with a copper anomaly in the range of 120ppm to 160ppm over a strike length of 1.1 kilometres.
The soil samples have been collected from ten centimetres below surface at sample locations 100 metres apart, with samples sieved down to 0.18 millimetres to collect about 60gms per sample.
Further geochemical sampling will be conducted to the west of the recently completed program.
Malachite was previously detected in a borrow-pit 2 kilometres to the southwest of the anomaly which is situated within the same neo-Proterozoic belt that hosts the company’s Kihabe and Nxuu zinc lead silver deposits in Botswana.
The company said independent laboratory tests will be conducted on the samples and drilling will be required to determine the resource potential of this anomaly.
The current LME cobalt price is US$36,350 per tonne (US$16.50 per pound) and demand is estimated to increase by 10% per annum through to 2015. Cobalt is commonly used in re-chargeable batteries used in hybrid electric vehicles.
On May 16 Mount Burgess established that the predominant mineral that hosts the rare earth elements (REEs) at the company's REE target at Tsumkwe is synchysite, potentially making the extraction of REEs through concentration and separation less complex.
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