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Accelerate Resources prepares for maiden drilling of Tasmanian cobalt project

Published: 09:31 01 Mar 2018 AEDT

3D model of Thomas Creek
A 3D model of the Thomas Creek prospect showing the IP chargeability anomaly

Accelerate Resources Ltd (ASX:AX8) has started geophysics ahead of a maiden drilling program at the Mount Read Cobalt Project in Tasmania.

An induced polarisation (IP) geophysical survey is underway at the Thomas Creek cobalt-copper-gold prospect.

The newly-listed company is also ramping up the sampling of surface cobalt-bearing sulphides at the project on the state’s west coast.

READ: Accelerate Resources debut on ASX supported by rising cobalt prices

The infill Dipole-Dipole IP survey will comprise circa 10-line kilometres, on five north-south oriented lines and one east-west line.

It is expected to take about two weeks to complete and will be followed by surface sulphide sampling alongside the imminent drill program.

Modelling of the geophysical data will assist in defining potential disseminated sulphide drill targets.

Drilling scheduled after modelling

This will lead to the company’s maiden drilling program, which is scheduled to commence soon after.

The Mount Read project is on Tasmania’s west coast.

Proposed work programs for the upcoming diamond drilling have been approved by the Tasmanian Government.

Accelerate’s project area is within the Tasmania Mining Strategic Prospective Zone.

The Mining Act 1993 (Strategic Prospective Zones), ensures access to certain areas of the state with high potential for mining.

Large chargeability anomaly

Previous broad-spaced IP has defined a large chargeability anomaly below a surface copper-cobalt geochemical soil anomaly.

Visible copper sulphides from the company’s previous sampling were found near this anomalous area.

Diamond drilling completed by Plutonic Operations Ltd in the early 1990s confirmed anomalous copper-cobalt-gold with chalcopyrite-bearing sulphides.

This shallow drilling did not test the IP chargeability anomaly.

New survey will infill 2014 work

The new IP survey will infill and extend the earlier 2014 ground IP survey, which defined the 500 x 600 metre IP chargeability anomaly.

Modelling of previous survey data indicates that the top of the chargeability feature lies 100 to 200 metres below the surface.

Portfolio also includes gold projects

Accelerate’s project portfolio consists of the Mt Read Cobalt Project and four gold projects across Western Australia.

The Bulgera, Mt Monger and Comet gold projects are in the Eastern Goldfields of Western Australia, near a number of world-class deposits.

The fourth gold project is in the Pilbara region and is prospective for conglomerate-hosted gold mineralisation.

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