• Survey results pending
• Strategic operational and new project opportunity reviews underway
• Partner being sought to fund drilling at Thomas Creek prospect
• Mt Read drilling and helicopter exploration backed by government grant
What does Accelerate do?
Accelerate Resources Ltd (ASX:AX8) is focused on in investing in Australian cobalt, copper and gold exploration projects in Australia. It is led by a team that includes managing director Yaxi Zhan and executive director Andrew Haythorpe.
Zhan has more than 11 years industry experience in Australia and China and was a financier for Sinosteel Corporation and Nornickel (GMK Noril'skiy nikel' PAO) (MCX:GMKN) (FRA:NNIC) (VIE:MNOD) (OTCMKTS:NILSY). Haythorpe has more than 30 years experience in the mining industry and was the managing director of Crescent Gold Limited, the Laverton gold mine owner snapped up by Focus Minerals Ltd (ASX:FML) (FRA:FZA).
What does Accelerate own?
The key asset is its Thomas Creek copper-cobalt porphyry target at the Mt Read project in western Tasmania.
Accelerate’s lead project features a 99-metre-wide copper zone at the 13 square kilometre porphyry target.
The company’s’ executive director Andrew Haythorpe spoke to the Proactive Investors Stocktube video channel about Accelerate’s drilling programs at Mt Read last November and highlighted the strong signs of mineralisation seen in the northern area and to the south in the Thomas Creek area.
Results are pending for a 415-line kilometre MagnetoTellurics airborne survey of about 89 square kilometres in the Thomas Creek area by Expert Geophysics.
The line-spaced survey part-funded by the Tasmanian government was to map resistivity contrasts to about a 1,000-metre depth.
A drill hole was completed at Thomas Creek to a 657-metre depth.
Two other holes completed in the government co-funded drilling program also intersected alteration that looked consistent with outer propylitic and intermediate phyllic zones associated with porphyry-style mineralisation.
Accelerate was encouraged, reporting last week: “The drilling successfully intersected a fertile mineralised system bearing abundant disseminated sulphides and containing several felsic-intermediate intrusions and sulphide veining with associated anomalous copper-cobalt grades.”
Best results included: 3 metres grading 2323ppm cobalt and 0.09% copper; 46 metres grading 0.11% copper; and 22 metres grading 193ppm cobalt and 0.01% copper.
Shareholder GTT Global Opportunities Pty Ltd and related parties are backing the company’s board, committing in December to “work with the company on the existing efforts to secure a potential joint venture partner to fund additional drilling of the highly prospective Thomas Creek porphyry target”.
The substantial shareholders which also include Mounts Bay Investments Pty Ltd, Syracuse Capital Pty Ltd, Murdoch Capital Pty Ltd and Kcirtap Securities Pty Ltd have an 11.27% collective stake in the company.
Accelerate is reviewing new project opportunities as it advances an agenda to explore and build its portfolio to attract large funding partners.
The company had $1.6 million cash on December 31 and expects $500,000 in cash outflows in the March quarter.
Completion of operational and project opportunity reviews
The potential pick-up of new projects or a strategic or joint venture partner
Continued progress at Thomas Creek prospect and Mt Read project
Executive director Andrew Haythorpe pleased with drilling efforts
“In all of the drilling that we’ve done so far we’ve found strong indications of mineralisation, be it nickel and cobalt to the north, and copper-gold-cobalt in the Thomas Creek area to the south,” Haythorpe told the Proactive Investors Stocktube video channel in the December quarter.
— with Tharun George, Danielle Doporto