Australian Mines Ltd’s (ASX:AUZ) drilling has doubled the previous cobalt mineralisation footprint at its Flemington Cobalt-Scandium-Nickel project near the town of Fifield in in New South Wales.
In addition to demonstrating consistent cobalt grades approaching 1% across the deposit, the resource extension drill programme also identified instances of outcropping cobalt and scandium mineralisation.
Significant cobalt intercepts included:
- 5 metres at 0.32% cobalt from 4 metres; and
- 3 metres at 0.30% cobalt from 4 metres.
Notable scandium intercepts included:
- 16 metres at 556 ppm scandium from surface; and
- 21 metres at 577 ppm scandium from surface.
The assay results were from a 239-hole resource extension drilling programme at the Flemington project.
Importantly, both the cobalt and scandium mineralisation at Flemington remains open in all directions
These drilling results will form part of a maiden cobalt resource, which Australian Mines anticipates releasing in September, along with an upgraded scandium resource.
The company is planning to start a pre-feasibility study at Flemington in October.
Australian Mines is also planning a follow-up drilling programme, which will seek to test a further 250 acres of prospective geology of the known cobalt and scandium mineralisation at Flemington.
It is worth noting that scandium and cobalt are set to play pivotal roles in the rapidly developing electric vehicle industry.
The company is aiming to deliver on its strategy of becoming a significant producer of key technology metals by bringing its cobalt-nickel-scandium ore bodies into production in the shortest time possible.