Corazon Mining Limited has announced high-grade assay results from the recently completed maiden reverse circulation (RC) and core drilling programme conducted at Mt Gilmore Cobalt-Copper-Gold Project in north-eastern New South Wales, Australia.
The drilling programme focused on the high-grade Cobalt Ridge prospect located within the project.
The company claimed that the successful programme drilled 15 RC drill holes at Cobalt Ridge and three RC holes at the Iron Mountain target to 2,086m.
It also completed core drilling that consisted of three extensions of RC holes, totalling 261.1m.
Assay results demonstrate Cobalt Ridge's assessment as high-grade cobalt-dominant deposit that can deliver high-grade zones of cobalt.
Out of 15 RC holes drilled in the ridge, six targeted the Main Cobalt Lode which was drilled nearly 200m to depth of 140m under the surface.
The results of core drilling are expected early next year.
With the emerging rechargeable battery sector, the demand for cobalt is increasing rapidly.
In its maiden drilling programme at Mt Gilmore, Corazon Mining targeted Cobalt Ridge prospect area.
Corazon has exclusive right to earn up to an 80% interest of the Mt Gilmore project, which is located in the north-eastern New South Wales of Australia.
It is situated in the New England Orogen, which is an important mineral resource in the eastern part of the country known to hold significant copper and gold ores.
The Cobalt Ridge Prospect is a smaller part of the project where exploration commenced in the 1980s. Earlier, shallow mining at this prospect exhibited 14.7% of cobalt, 14.9% of copper and up to 1.7oz/t of gold.
Image: New targets identified at Cobalt Ridge. Photo: courtesy of Corazon Mining.