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Accelerate Resources Ltd

Accelerate Resources begins second stage exploration after discovering large copper-cobalt system

Snapshot

Encouraging results from the stage one drill program led to the discovery of a copper-cobalt porphyry system in Tasmania.

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Quick facts: Accelerate Resources Ltd

Price: $0.04

Market: ASX
Market Cap: $2.1 m
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Accelerate Resources Ltd (ASX:AX8) has commenced drilling as part of its second stage exploration program at the Thomas Creek copper-cobalt prospect within the Mount Read Project in Tasmania.

Targeting is based upon an ongoing review of data sets and new information from Accelerate’s recent Thomas Creek diamond drilling program.

READ: Accelerate Resources discovers large copper cobalt porphyry system, shares rise

The company’s recent analysis has identified previously untested features interpreted as being related to the inner potassic altered mineralisation zone of a porphyry system.

Induced polarisation (IP) chargeability and magnetic inversion shells targeted by new drilling

It is worth noting that porphyry-style mineralisation systems generate some of the largest ore deposits in the world, with these deposits generally being >1,000 million tonnes and containing >1 million tonnes copper with by-products of gold, silver and/or molybdenum.

All porphyry-style mineralisation systems have large alteration zones which generate significant accumulations of magnetite.

Significantly, Thomas Creek’s aeromagnetic footprint is about 13 square kilometres.

 

Accelerate managing director Yaxi Zhan said: “The encouraging results from the stage one drill program which commenced in early April led to the discovery of a large, copper-cobalt porphyry system.

“The second stage of the exploration program at Thomas Creek prospect is a significant step forward.

“This drilling program will test previously untested features. It is in line with our strategy to build shareholder value through a systematic project development approach at Mt Read Project.

“We look forward to keeping our shareholders up to date with developments as they occur.”

READ: Accelerate Resources completes diamond hole at Young Henry cobalt-nickel target

Accelerate’s near-term plans at the Mt Read Project include:

• Detailed airborne magnetic and geophysical surveys;
• Detailed ground mapping and soil sampling; and
• Young Henry drilling results due in coming weeks.

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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