Hylea Metals Ltd (ASX:HCO) has the drill bit spinning for the first time at its Hylea Cobalt Project in the Fifield ‘Battery Metals’ District of central New South Wales.
There will be about 50 reverse circulation holes drilled for 3,000 metres at the Tiger’s Creek prospect.
Significant cobalt, scandium, nickel and platinum mineralisation has been intersected in this area in historical drilling, which targeted platinum.
First assays by late May
Hylea’s program is targeting high-grade cobalt and scandium hosted in laterite and first assay results are expected in late May.
The drilling is starting just two months after the company secured rights to the project from a private consortium.
“Meets key criteria”
Managing director David Berrie said: “The Hylea project meets all the key criteria that a company hoping to progress quickly to a maiden JORC resource requires.
“It has one of the best addresses imaginable for cobalt exploration in Australia, as shown by the huge success of our near-neighbours.”
The Fifield district hosts CleanTeq Holdings Limited’s (ASX:CLQ) Sunrise project, Australian Mines Limited’s (ASX:AUZ) Flemington project and Platina Resources Limited’s (ASX:PGM) Owendale project.