Aura Energy (ASX:AEE, LON:AURA) has highlighted several significant cobalt results from a review of past drilling at the Tasiast South project in Mauritania.
The drill intersections revealed significant cobalt results including 1 metre at 0.58% cobalt, 4 metres at 0.48% cobalt and 1 metre at 0.46% cobalt.
The Tasiast South project tenements lie along strike from Kinross Gold Corporation’s (TSE:K) giant Tasiast Gold Mine and from Algold Resources’ (CVE:ALG) Tijirit gold deposits.
The tenements are highly prospective for gold, although cobalt values have been found in a review of two project areas - Bella and Taet.
Importantly, sampling for cobalt was sporadic and only about 1 in 10 samples were assayed for cobalt.
Of the high cobalt values, 14 samples exceeded 0.1% cobalt, 6 samples exceeded 0.25% cobalt and 3 samples near or above 0.5% cobalt.
The base metal targets were considered as secondary targets at Tasiast South by the previous explorer and very little targeted or comprehensive base metal exploration has been carried out.
Aura’s opportunity to explore a near-virgin Greenstone belt as the commodity cycle recovers strengthens the potential for exploration success and further development.
The company’s share price has increased by more than 30% since the start of 2017, last trading at $0.039.
Aura had a cash balance of $3.4 million as at 31 December 2016.