Delecta Limited (ASX:DLC) has completed the due diligence and acquisition of the Highline Cobalt-Copper Mine in the US state of Nevada.
The company exercised its option to purchase Highline which is part of its diversification strategy aimed at capitalising on the demand for battery minerals such as cobalt, lithium and vanadium.
High-grade cobalt and copper
Underground sampling completed at Highline by Delecta has confirmed the high grade of the previously exploited mineralisation, with results indicating the presence of high-grade cobalt and copper including:
3.37% cobalt, 10.2% cobber, 2.28 g/t gold and 20.1g/t silver
0.93% cobalt and 1.96% copper
0.79% cobalt and 0.42% copper
Highline underground sampling results
During the stream sediment program, 7 rock chip samples were collected from old workings and prospects pits as well as mineralised rock float in drainages.
36.7% copper and 58.8 g/t silver
25.5% copper and 49.7 g/t silver
Results confirm “high-grade” nature of project
Delecta managing director Malcolm Day said: “I am very pleased with the results of the exploration program and excited to complete the acquisition of the Highlight project.
“The results have confirmed the high-grade nature of the project and significantly increased its potential.
“The company believes that the Highline Cobalt-Copper project represents a relatively low-risk opportunity in an area of known mineralisation and the Highline acquisition is part of Delecta’s diversification strategy aimed at capitalising on the demand for battery minerals such as cobalt, lithium and vanadium.”
Historical small-scale mining
Small-scale mining occurred at Highline from 1917-1921 with production results of up to 12.45% cobalt and an average copper production grade of 35%.