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Accelerate Resources moves to expand cobalt project in Tasmania

The three new licences will expand the project to 506 square kilometres.
Tasmania sign with a beautiful day
Diamond drilling at the Thomas Creek cobalt-copper-gold prospect recently commenced

Accelerate Resources Ltd (ASX:AX8) has applied for three new exploration licences adjacent to its Mount Read Cobalt project in western Tasmania.

The three new licences cover 282 square kilometres and importantly host prospective lithologies equivalent to the Mount Read Volcanics.

The Mount Read Volcanics host all western Tasmania’s significant base and precious metal mines and mineral occurrences.

Several of these mines have been significant producers of base metals for over 100 years.

READ: Accelerate Resources expects to begin drilling large cobalt-copper-gold target today

Earlier this month, Accelerate commenced diamond drilling a large induced polarisation (IP) target at the Thomas Creek prospect within the Mount Read project.

Notably, the target is also located beneath a surface cobalt-copper-gold anomaly.

Targeting cobalt, copper, gold and nickel

The two main prospects at Mount Read are the Thomas Creek cobalt-copper-gold prospect and the Henrietta cobalt-nickel-copper project.

Previous exploration at Thomas Creek defined a copper-cobalt-gold soil geochemical anomaly associated with an aeromagnetic and ground induced polarisation (IP) geophysical anomaly.

Shallow diamond drilling completed in the early 1990s confirmed anomalous copper-cobalt-gold but did not test the IP chargeability anomaly.

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