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Ausmon Resources shares spike on deal to acquire prospective cobalt ground

New acquisition is in close proximity to the Thackaringa Cobalt Project where Cobalt Blue recently revealed a major cobalt resource upgrade.

cobalt on the elementary table
The company is also acquiring two projects in Queensland.

Ausmon Resources Ltd (ASX:AOA) has signed a binding terms sheet to acquire about 628 square kilometres of prospective cobalt ground across New South Wales and Queensland.

The company’s share price increased 150% during Monday’s trade, closing at 1.5 cents.

Ausmon is acquiring New Base Metals Pty Ltd which owns the Broken Hill Cobalt-Nickel Project in New South Wales and two cobalt-nickel projects in Queensland.

The company's new acquisition in New South Wales is in close proximity to the Thackaringa Cobalt Project where Cobalt Blue Holdings (ASX:COB) recently revealed a major cobalt resource upgrade.

Recent exploration by Cobalt Blue and Broken Hill Prospecting (ASX:BPL) has demonstrated that the Broken Hill region is highly prospective for pyritiferous cobalt deposits.

READ: Broken Hill Prospecting and Cobalt Blue form cobalt alliance with LG International, shares jump 30%

The Broken Hill region is also highly prospective for strata-bound cobalt deposits.

Two cobalt-nickel projects in Queensland

The Greenvale Cobalt-Nickel Project in Queensland is located 20-50 kilometres from Australian Mines’ (ASX:AUZ) Sconi Project, considered as one of the most advanced cobalt projects in Australia.

The company is also acquiring the Mount Tewoo Nickel-Cobalt-Manganese Project, 15 kilometres from Mt Cobalt in Queensland operated by Aus Tin Mining (ASX:ANW).

Ausmon has 30 days to carry out due diligence on the projects of New Base Metals prior to decision to execute an agreement for a definitive acquisition.

Quick facts: Ausmon Resources Ltd

Price: 0.002 AUD

ASX:AOA
Market: ASX
Market Cap: $1.22 m
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