The company’s shares were last trading 8.33% higher intra-day on Thursday, at $0.078.
Archer’s new Great Northern Project covers an area of 381 square kilometres and is located 20 kilometres northwest of Broken Hill in New South Wales.
The project area covers known outcrops of the Himalaya Formation, which host Cobalt Blue Holdings’ (ASX:COB) Pyrite Hill, Big Hill and Railway deposits containing 33.1 million tonnes at 0.083% cobalt.
The Himalaya Formation is one of the most prospective areas for cobalt mineralisation in New South Wales.
The tenement areas are close to existing town, rail, road and other critical infrastructure.
Archer’s total cobalt exploration tenure now exceeds 2,000 square kilometres.
The company is focused on developing its existing cobalt tenements, which include:
- The Ketchowla Project in South Australia, where Archer has previously reported high cobalt in rock chips (up to 0.59% cobalt) and drilling (11 metres at 0.14% cobalt from 6 metres).
- The Pollinga Project in South Australia, where Archer has mapped the main structure over 10 kilometres with grades of up to 0.2% cobalt from 32 metres.
Over the coming weeks, Archer is expected to update the market regarding the progress on its existing cobalt projects and the expansion of its cobalt-focussed tenement holdings.