Golden Mile Resources Ltd (ASX:G88) has successfully completed its initial program of sampling and mapping at the Quicksilver nickel-cobalt project in Western Australia.
The sampling has further extended the surface anomaly at the Garard location, which now covers over 2,400 metres of strike and over 1,000 metres in width.
This phase of geochemical surveying has returned the highest grade cobalt and nickel surface sampling results recorded to date from the project, including 305 ppm cobalt and 2,720 ppm (0.27%) nickel.
Furthermore, Golden Mile has now defined the contacts of the geological host unit at Quicksilver, in particular the western ‘footwall’ contact.
The company also Identified two additional target areas for follow up and extensional surface sampling, namely ‘Wyatt’s West’ and ‘Garard South’ anomalies.
An initial program of drilling is now planned for the Garard prospect area at Quicksilver. Wide spaced aircore drilling is planned on 400 x 100 metre north-south drill lines.
The global demand for cobalt remains strong, with the price reaching an 8-year high of US$60,000 in overnight trade on the London Metals Exchange.
In the course of the 2017 calendar year, the cobalt price has close to tripled, rising from a low of US$21,700 in late March to US$60,000/tonne in overnight trade.
This growth in the value of cobalt has been underpinned by increasing demand from the power storage industry, with analysts tipping this trend to continue in the short to medium term.
Golden Mile started trading on the ASX last month with a suite of cobalt-nickel and gold projects in Western Australia.