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Accelerate Resources drilling Young Henry nickel-cobalt target

The diamond drill hole is at a depth of 50 metres targeting 200 metres and is testing an EM conductor.

Drill rig at Young Henry

Accelerate Resources Ltd (ASX:AX8) has begun diamond drilling its Young Henry nickel-cobalt prospect at its Mount Read Cobalt Project in Tasmania, targeting a depth of 200 metres.

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.

READ: Accelerate Resources mobilises drill rig to Young Henry nickel-cobalt target

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.

READ: Accelerate Resources discovers nickel-cobalt target at Young Henry prospect

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.


READ: Accelerate Resources discovers multiple semi-massive sulphides

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.

Quick facts: Accelerate Resources Ltd

Price: 0.095 AUD

Market: ASX
Market Cap: $13.61 m

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on 15/11/18

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