An exploration licence has been granted for the Pungalina tenement (EL31761) to the company’s wholly-owned subsidiary, Nomad Explorations Pty Ltd.
Pungalina is about 824 square kilometres and is within an area that hosts the world-class McArthur River deposit, the Stanton cobalt deposit and the historical Redbank copper deposits.
Adjacent to Stanton cobalt deposit
CEO Ian Warland said: “The granting of Pungalina tenement is the first of three exciting cobalt projects to be granted to the company in the prospective McArthur Basin.
“The presence of anomalous cobalt at Pungalina in historic stream sediments samples is highly encouraging.
“A recent field trip to the area to talk to landowners and undertake reconnaissance was completed and we look forward to updating the market with exploration progress in the near future.”
Tenements have cobalt potential
The company believes its tenements in the NT have significant potential for shallow sediment and volcanic-hosted cobalt mineralisation similar to Stanton.
N27 has identified a potential volcanic pipe cluster at the Barra anomaly in the northern part of its tenure adjacent to Pungalina.
Three cobalt anomalous areas worthy of follow-up have been identified in a review of previous exploration at Pungalina.
Previous exploration by Rio Tinto Pty Ltd included stream sediment sampling in the 1990s when anomalous stream sediment samples up to 35ppm cobalt were collected.
An anomalous cobalt zone trends in a north-westerly direction away from N27’s Barra anomaly.
Previous exploration did not focus on cobalt and hence these anomalies have not been adequately followed up, with no drilling recorded at Pungalina.
Field reconnaissance underway
Twenty Seven has started field reconnaissance work in preparation for more extensive fieldwork in the coming months.
Pungalina is one of three exploration tenements in the NT held by Nomad, totalling around 2,456 square kilometres.
On June 13, 2018, Twenty Seven announced that it had entered into an agreement with Nomad shareholders to acquire 100% of Nomad with the acquisition finalised on August 13.