Accelerate Resources Ltd (ASX:AX8) has intersected a broad zone of semi-massive sulphide in its first diamond drill hole at Thomas Creek prospect in the Mount Read Cobalt-Copper Project in Tasmania.
A 15-metre zone was intersected at 150.6 metres downhole with the hole also confirming the presence of a large chargeable induced polarisation (IP) anomaly.
READ: Accelerate Resources focused on cobalt and conglomerate-hosted gold
The hole confirmed that the IP target is a broad zone of alteration and mineralisation which is prospective for cobalt, copper and gold.
Highly altered volcanics were intersected from 40 metres to the bottom of the hole at 272.9 metres.
Second hole to start today
Accelerate expects to start drilling the second hole at Thomas Creek today.
The drilling is part of a 3-hole program targeting a large chargeable IP anomaly along the eastern margin of an ovoid aeromagnetic body, below a surface copper-cobalt anomaly.
This anomaly was not intersected or tested by previous explorers.
Shallow diamond drilling by Plutonic Operations Ltd in the early 1990s confirmed anomalous copper, cobalt and gold but did not test the IP chargeability anomaly.
Other satellite targets
Other satellite chargeable target areas will be investigated by future follow-up IP surveys.
Completion of the first hole on the Mt Read project is a major milestone following the company’s admission to the ASX in February 2018.
Core from the hole is being prepared and marked up for cutting and sampling.
It will be sent to a registered analytical laboratory for gold and multi-element analysis.
READ: Accelerate Resources moves to expand cobalt project in Tasmania
Mount Read is on the Sorrell Peninsular in western Tasmania and encompasses a belt of Cambrian volcano-sedimentary rocks correlated with the Mount Read Volcanics.
These are host to all western Tasmania’s significant base and precious metal mines and mineral occurrences, several of which have been significant producers for over 100 years.
The two main prospects comprising the project, which are expected be the focus of exploration in the first two years of operation, are Thomas Creek and Henrietta, a cobalt-nickel-copper prospect.