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Archer Exploration samples cobalt ahead of Ketchowla drilling

Archer raised $1.89 million this month from a share placement.
Archer Exploration samples cobalt ahead of Ketchowla drilling
Drilling program scheduled to commence in April

Archer Exploration (ASX:AXE) has identified further high-grade cobalt in rock chips with the highest grade of 0.64% cobalt, at its Ketchowla Cobalt Manganese Project in South Australia.

The Ketchowla Project is located circa 45 kilometres north of Burra and 200 kilometres north of Adelaide.

A total of 18 samples were collected from the K1, K2 and K8 prospects with 17 samples reporting grades of > 0.1% cobalt, with an average grade of 0.28% cobalt.

In addition to cobalt, manganese grades of more than 50% were reported at several locations.  The average grade reported was 37.3% manganese.

The known mineralisation from K2 to K9 prospects demonstrate the potential size (30 kilometres strike length) of the mineralising system at Ketchowla.

The exploration was undertaken as part of the preparatory work for the upcoming Ketchowla reverse circulation drilling program which is scheduled to commence in late April.

Earlier this month, Archer raised $1.89 million from a share placement at an issue price of $0.07 per share.

The funds will be used for the upcoming Ketchowla drilling program and to accelerate cobalt focussed exploration activities at Polinga, Broken Hill and on Archer’s other tenements.

The Ketchowla drill program will aim to build on the near surface, high-grade cobalt discovered by Archer from the maiden Ketchowla drill program completed in 2010.

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