The drill hole is designed to test a 300-metre-long, south-southwest plunging electromagnetic (EM) conductor.
The conductor sits below gossanous soul samples anomalous in nickel, cobalt, copper and zinc and has the potential to indicate an accumulation of sulphides.
A fixed loop electromagnetic (FLEM) survey, as well as soil sampling and geological mapping, confirmed the EM conductor associated with nickel and cobalt soil anomalism.
The FLEM comprised a 300 by 300 metre loop with readings conducted on 75 metre spaced lines.
Lab results from the soil sampling show peak concentrations of 2,030 ppm nickel, 154 ppm cobalt, 172 ppm copper, 45% iron, 1% chromium and 1,200 ppm zinc.
Young Henry is adjacent to the Henrietta prospect where surface samples have returned cobalt grades up to 0.14%.
It is 18 kilometres north of Thomas Creek and immediately to the west of the 1.4-kilometre-long Henrietta anomaly.
Accelerate will soon update drilling results from its Thomas Creek copper-cobalt target and begin field exploration at the Henrietta nickel-cobalt target.
The Mount Read project encompasses a belt of Cambrian volcano-sedimentary rocks correlated with the Mount Read Volcanics (MRV).
The MRV hosts all western Tasmania’s significant base and precious metal mines and mineral occurrences, several of which have been significant producers of base metals for over 100 years.
The project contains two main prospects, Thomas Creek and Henrietta.
Sample and survey results from the prospects highlight the likely presence of a mineral system that could potentially host economic mineralisation.