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Cougar Metals releases 10.54 million tonne nickel-cobalt-laterite resource

Measured resources were 4.2 million tonnes grading 1% nickel and 0.08% cobalt.

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The company's securities gained 33.33% by this afternoon

Cougar Metals NL (ASX:CGM) has added a third to its value during intraday trading after releasing a resource statement for its Pyke Hill Nickel Cobalt Laterite Project in Western Australia.

The resource included a high-grade cobalt resource of 5 million tonnes grading 0.94% nickel and 0.14% cobalt.

Pyke Hill's total resource was 10.5 million tonnes grading 0.99% nickel and 0.08% cobalt at 0.8% nickel and 0.08% cobalt cut-offs.

Cougar’s resource for the Eastern Goldfields tenement is based on 249 drill holes for 9,824 metres.

The company can mine the tenement for nickel and cobalt if it pays the tenement access deal vendor a 40 cent per tonne royalty.

Pyke Hill strike extends 2.1 kilometres

The nickel-cobalt laterite deposit is located in the central portion of the Norseman-Wiluna greenstone belt.

Pyke Hill is 40 kilometres south of wholly-owned Glencore PLC (LON:GLEN) (JSE:GLN) (FRA:8GC) (OTCMKTS:GLNCY) subsidiary Minara Resources’ large Murrin East Mining Operations in the north-eastern Goldfields region of WA and 100 kilometres southeast of the Goldfields-Esperance area town of Leonora.

The mineralisation at Pyke Hill is hosted within a weathering profile developed over Archaean serpentinised peridotite rocks that are part of a sequence of feldspathic volcanic sediments.

The strike length is 2.1 kilometres long and 450 metres wide and extends up to 60m below surface.

Cougar’s shares were up 0.1c up to 0.4c by late afternoon.

Quick facts: Cougar Metals NL

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ASX:CGM
Market: ASX
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