Aus Tin Mining Ltd (ASX:ANW) has identified a new high-grade cobalt target centred on historic high-grade workings south of Mt Cobalt near Gympie in Queensland.
The rock chip samples taken from within the target area assayed up to 1.66% cobalt. For comparison, typical economic grades reported for cobalt deposits range from 0.1% to 0.15%.
A field reconnaissance was undertaken last month near the historic Smith workings and beyond the southern extent of previous drilling at Mt Cobalt.
The mapping of the north‐south trending mineralised shear zone along strike from the historic Smith workings has generated a new overall target of about 800 metres in total length.
The potential is significant as historical records for the Smith mine (200 metres south of Mt Cobalt) reported mining a lode 7 metres in true width and depth of 25 metres containing 7.5% cobalt.
Global cobalt supply is forecast to be in deficit from 2016 owing to a combination of lower nickel and copper prices curtailing cobalt production as a by‐product.
Moreover, Cobalt is a key component of lithium‐ion batteries and consumption is set to grow at more than 7.5% per annum to 2020.
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