Magnum Mining and Exploration Ltd. (ASX:MGU) has identified significant zones of cobalt over its Cloncurry East Project in Queensland, from the review of past drilling results.
The project is a farm-in agreement between Magnum and three other companies for farming into three exploration tenements located in the Cloncurry region.
The highlight intersections identified include:
- 46 metres at 2.33% copper, 1.00 g/t gold and 2642 ppm cobalt from 22 metres at Notlor;
- 27 metres at 2.63% copper, 1.61 g/t gold and 1803 ppm cobalt from 33 metres at Notler; and
- 30 metres at 1.93% copper, 1.25 g/t gold and 1128 ppm cobalt from 78 metres at Salesbury.
The previous exploration across these prospects had focused on the copper-gold potential. Although cobalt was identified, systematic results have not previously been tabulated.
It is worth noting that an initial indicated and inferred resource of 1.3 million tonnes grading 0.9% copper and 0.5 g/t gold have been defined at Salebury previously.
The ongoing review of the historical database has confirmed the prospectivity of the Cloncurry East Project for iron oxide copper gold, cobalt mineralisation and variants of this style of mineralisation.
Pursuant to the terms of the farm-in, Magnum can earn a 50% stake in the project by expending $2 million over a three year period with a minimum of $350,000 to be expended in year one.
The drilling to test a selected number of these zones will be incorporated into the proposed exploration and metallurgy program scheduled for October 2017.