Sign up Australia
Proactive Investors - Run By Investors For Investors

Accelerate Resources intersects high-grade cobalt at Mount Read project

Significant cobalt mineralisation associated with sulphide veining suggests further mineralisation at the relatively untested target.
scientist in protective clothing with periodic chart floating above open palm
Accelerate has identified cobalt at its Tasmanian project

Accelerate Resources Ltd (ASX:AX8) has discovered significant cobalt mineralisation in the first of three holes targeting a chargeable induced polarisation (IP) anomaly at its Mount Read Cobalt Project in western Tasmania.

Results from the Thomas Creek prospect include 3 metres at 0.23% cobalt from 150 metres, including 1 metre at 0.33% cobalt, and 1 metre at 0.15% cobalt and 0.31% copper from 157 metres.

A review of other ASX-listed cobalt stocks by Small Caps showed that most of the identified grades were around 0.1-0.15%, highlighting the significance of Accelerate’s result from the first drill hole.

Surface sampling indicates mineralisation

The chargeable anomaly is along the eastern margin of an ovoid aeromagnetic body, below a surface copper-cobalt anomaly.

It is around 400 metres at its widest point, up to 600 metres in length and around 100 metres below the surface.

Previous surface sampling at the Thomas Creek copper-cobalt-gold prospect returned results of 3,300ppm cobalt, 1.52% copper and 0.59 g/t gold from saprolitic bedrock beneath peaty soil cover.

Airborne EM targets at the Mount Read project

READ: Accelerate Resources’ survey aims to define cobalt-nickel drilling targets

The inclined hole intersected a sequence of altered andesitic lavas and volcanic breccias, cross-cut by several late stage intrusives, including potassium feldspar altered monzodiorites.

The significant cobalt mineralisation is hosted by semi-massive pyrite veins within a zone of coarsely disseminated pyrite, associated with hydrothermal breccias.

 

The Mount Read project is on the Sorrell Peninsula in western Tasmania.

It encompasses a belt of Cambrian volcano-sedimentary rocks correlated with the Mount Read Volcanics (MRV).

The MRV hosts all western Tasmania’s significant base and precious metal mines and mineral occurrences, several of which have been significant producers of base metals for over 100 years.

New era for cobalt

Small Caps writes: “Largely unloved until recent years, cobalt is welcoming a new era of soaring demand and prices, sparked by the metal’s uptake in the surging lithium-ion battery sector.

“Powering the lithium-ion battery’s demand is the flourishing sustainable energy and electric vehicle markets.

“Transparency Market Research predicts the lithium-ion battery market will be valued at US$77.4 billion by 2024, primarily driven by electric vehicles.

“Until the advent of the lithium-ion battery, cobalt was traditionally a by-product of nickel, silver, copper, lead, and iron mining.

“Now, the metal is sought in its own right for incorporation in the lithium-ion battery, which actually contains more cobalt than lithium.”

View full AX8 profile View Profile

Accelerate Resources Ltd Timeline

Related Articles

Picture of area surrounding Paradox Lithium Project
May 07 2018
Cloud, Cane and LC South will be part of Anson's Paradox project with the claims being close to oil wells with historically recorded lithium values.
1530095749_shutterstock_102742847.jpg
June 27 2018
Metalla's royalty portfolio looks set to grow and grow
teal mining
July 26 2018
Arrowhead has valued Intermin shares’ total fair market value at $103.18 million to $109.54 million.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use