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Accelerate Resources discovers large copper cobalt porphyry system, shares rise

Diamond drill results have confirmed the discovery of a porphyry system.

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Shares in the company are trading up 20% to 12 cents per share

Accelerate Resources Ltd (ASX:AX8) has discovered a large, copper-cobalt porphyry system at its Thomas Creek Prospect within the Mount Read Project in Tasmania.

The discovery is based upon data from the recent Thomas Creek diamond drilling program, including analysis and interpretation of geology, geochemistry and geophysical data sets.

Assays from three diamond drill holes show high grade cobalt and copper was intersected including 8 metres at 0.11% cobalt and 46 metres at 0.11% copper.

Drilling intersects large IP target

Drilling was targeting a large induced polarisation (IP) anomaly below a surface copper-cobalt anomaly.

The drilling successfully intersected a fertile porphyry system containing several intrusions associated with anomalous copper-cobalt grades.

All three holes intersected the intermediate alteration phase associated with this style of mineralisation system.

Finding an economic zone to potentially mine

On‐going detailed analysis and a systematic, programs of work will actively pursue the establishment of economic zones of mineralisation within this large porphyry system.

Near-term plans at the target are:

• Detailed airborne magnetic and geophysical surveys;
• Detailed ground geophysical surveys; and
• Regulatory approval for additional diamond drilling.

Quick facts: Accelerate Resources Ltd

Price: 0.026 AUD

ASX:AX8
Market: ASX
Market Cap: $1.08 m
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Accelerate Resources 'seeing the smoking gun, continuing search to find the...

Accelerate Resources Ltd (ASX:AX8) executive director Andrew Haythorpe catches up with Proactive Investors on the Mount Read Project in Tasmania, where a second phase drill program is underway.  "In all of the drilling that we've done so far we've found strong indications of...

on 15/11/18

2 min read