Accelerate Resources Ltd’s (ASX:AX8) induced polarisation (IP) survey has confirmed a large feature beneath a surface cobalt-copper-gold anomaly at the Mount Read Cobalt Project in Tasmania.
The IP survey is being carried out at the Thomas Creek cobalt-copper-gold prospect ahead of a maiden drilling program.
READ: Accelerate Resources prepares for maiden drilling of Tasmanian cobalt project
Accelerate’s infill IP survey has revealed a large chargeability target that is open in all directions.
The company has scheduled the mobilisation of a diamond rig to test the central chargeable anomaly for Wednesday April 4, 2018.
Meanwhile, the IP data is being processed and modelled by geophysical contractors to better define targets in the upcoming diamond drill program.
Diamond drilling immediately after Easter holiday
Site preparations for drill testing of the central IP anomaly at Thomas Creek are close to completion with all support services in place.
Accelerate is planning to commence diamond drilling immediately after Easter holiday.
READ: Accelerate Resources debut on ASX supported by rising cobalt prices
Cobalt is a key ingredient in new-age batteries used for electric vehicles and mobile phones, and prices have surged.
Car manufacturers from Tesla (NASDAQ:TSLA) to Volkswagen (ETR:VOW) are looking to secure long-term supplies of cobalt for use in their rechargeable batteries.
The LME (London Metal Exchange) cobalt price is about US$94,500 a tonne, or about 200% higher compared to January 2017.
Exploring western Tasmania’s significant resource base
The Mount Read Cobalt project encompasses the Mount Read Volcanics (MRV) of western Tasmania.
The MRV are host to western Tasmania’s mines and mineral occurrences, several of which have been significant producers of base metals for over 100 years.
Portfolio includes gold projects in Western Australia
Accelerate’s project portfolio consists of the Mt Read Cobalt Project and four gold projects across Western Australia.
The Bulgera, Mt Monger and Comet gold projects are in the Eastern Goldfields of Western Australia, near a number of world-class deposits.
The fourth gold project is in the Pilbara region and is prospective for conglomerate-hosted gold mineralisation.