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European Cobalt attracts $20 million for nickel-cobalt project in Slovakia

Published: 12:53 04 Dec 2017 AEDT

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Equity raising to expedite exploration

European Cobalt Ltd (ASX:EUC) is well funded for further exploration and development of its flagship Dobsina Project in Slovakia following a $20 million share placement.

The institutional capital raising at $0.20 per share was heavily oversubscribed with Tamesis Partners LLP and BW Equities Ltd acting as joint lead managers.

European Cobalt’s Dobsina Project is located in central Slovakia, directly to the north of the small mining town of Dobsina.

In 1780 a Saxony miner discovered the presence of cobalt and nickel at Dobsina, which triggered the mines expansion that lasted to the end of the 19th century. 

Dobsina produced 430,000 tonnes of high grade nickel-cobalt ore which was hand sorted on site and shipped to the UK for smelting.

Visual confirmation of extensive cobalt-nickel sulphide mineralisation

Last month, European Cobalt’s drilling intersected extensive cobalt-nickel sulphide mineralisation supporting the exploration model developed for the Joremeny Target.

The intersection includes a 4.1 metre downhole interval of disseminated to blebby cobalt-nickel sulphides.

Importantly, the visual confirmation of extensive cobalt-nickel sulphide mineralisation provides further confidence towards the potential of the target.

Analytical results from the maiden diamond drilling campaign is expected shortly.

Furthermore, a second diamond drill hole is underway to test the mineralisation in proximity to Joremeny Adit.

European Cobalt is aiming to refurbish existing underground adits to expand drilling for testing further along strike and down dip.

Significantly, the company has already increased the total cumulative vein strike length at Dobsina from 3 kilometres to >26 kilometres through direct licence applications across additional tenure.

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