Rimfire Pacific adds scandium to battery metals mix at Avondale prospect
Drilling has returned strong cobalt, nickel and scandium results while historical samples are being reassessed.
Company
ASX:AUZ
Australian Mines Limited is an ASX-listed exploration and development company focused on gold, critical metals and energy-storage technology across Australia and Brazil. The company is building a diversified portfolio that combines near-term gold exploration at Boa Vista with longer-term exposure to scandium, nickel, cobalt, tin, lithium and rare earth elements through its critical metals projects.
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Drilling has returned strong cobalt, nickel and scandium results while historical samples are being reassessed.
Cobalt is an in-demand mineral and is likely to become even more sought after in future.
The 3,000-metre program is targeting high-grade cobalt and scandium mineralisation hosted in laterite.
New acquisition is in close proximity to the Thackaringa Cobalt Project where Cobalt Blue recently revealed a major cobalt resource upgrade.
There are three nearby deposits featuring cobalt, scandium, nickel and platinum.
Users of cobalt are seeking to acquire supplies direct from producing companies.
The Urquhart Bauxite Project is fully funded with a mining and haulage contractor appointed.
There is some small cap market activity despite the Melbourne Cup.
A BFS is underway at the Sconi Cobalt-Nickel-Scandium Project in Queensland.
The halt will remain in place until Monday 6th November 2017.
Over $5.5 million in stock has changed hands in a frantic opening.
The company has traded circa $13 million worth of shares by 2pm.
The company has traded $7 million worth of shares intra-day.
The company has traded over $9 million worth of stock by midday.
Australian Mines has now traded $12 million in stock by 1.15pm today.
Australian Mines' shares have more than doubled to $0.034 over the past month.
The company has traded $1.5 million worth of shares by 11:30am.
Lakes Oil NL has traded over $280,000 worth of shares in the session to date.
The company's shares have eased today, but are still up 31% over the past week.