White Cliff Minerals (ASX:WCN) has identified substantial cobalt mineralisation after reviewing historical exploration data at the Ghan Well Cobalt Project near Laverton, Western Australia.
The review found multiple cobalt intersections associated with nickel mineralisation within extensive ultramafic rock sequences.
Results include 11 metres at 0.15% cobalt from 25 metres depth.
In addition, extensive soil geochemical sampling has highlighted multiple cobalt anomalies along the ultramafic sequences which extend for 12 kilometres within the White Cliff tenement.
Only a fraction of the ultramafic sequences have been drill tested.
Further project reviews at the company’s other Western Australian tenements are underway assessing the project’s potential to host clean energy metals.
Ghan Well review details
White Cliff recently reviewed the existing geochemical and drilling database at Ghan Well and identified multiple cobalt intersections associated with nickel mineralisation within extensive ultramafic rock sequences.
High grade cobalt mineralisation typically occurs between 10-30 metres depth and is associated with nickel mineralisation.
Results include:
- 11 metres at 0.15% cobalt from 25 metres depth;
- 8 metres at 0.16% cobalt from 33 metres depth;
- 6 metres at 0.21% cobalt from 14 metres depth; and
- 4 metres at 0.27% cobalt from 27 metres depth.
Analysis
The Ghan Well cobalt project has the potential to substantially increase shareholder value by providing exposure to the rapidly increasing price of cobalt.
Cobalt, which is a vital component of lithium-ion batteries, is currently trading around US$54,500 per tonne.
White Cliff believes that the recent growing trend towards electric vehicles will accelerate over the next ten years and that there will be strong demand for the metals associated with vehicle and technology batteries.
Further updates are expected regarding the company’s continued review of other projects for lithium ion and electric vehicle battery related energy metals including lithium, cobalt, nickel and vanadium.
Ghan Well is surrounded by world class mining infrastructure and multiple operating mines.
The project is 6 kilometres north of Glencore’s Murrin Murrin East open pit nickel-cobalt mining operation and 12 kilometres south of Dacian Golds Mt Morgan Gold deposit.