Tyranna Resources Ltd (ASX:TYX) has received encouraging cobalt results from the initial stream sediment sampling and follow up soil sampling programs at the Goodsprings project in Nevada, USA.
Significantly, a grab sample of dump material from the Whale Mine area returned 7.64% cobalt.
Other samples taken from the Whale Mine area returned up to 22.5% copper, 1.37% lead and >30% zinc, reflecting the polymetallic nature of the mineralisation.
In March 2018, Tyranna entered into a binding option agreement to acquire US Cobalt Pty Ltd, the owner of the Goodsprings cobalt and base metals project.
READ: Tyranna Resources adds another string to its bow with acquisition of Nevada cobalt asset
With the company already having exposure to precious and base metals, the obvious area to invest in was the battery minerals space.
The US cobalt acquisition is aimed at capitalising on the battery minerals revolution which has seen the rapid rise in the cobalt price from US$23,000/tonne in March 2016 to above US$88,000/tonne currently.
READ: Tyranna Resources completes due diligence for cobalt acquisition
Tyranna’s latest stream sediment sampling at Goodsprings has successfully defined two main cobalt targets.
Furthermore, soil sampling has defined two strong coincident sub-parallel copper-zinc-lead anomalies at the Whale Mine area over a 4-kilometre strike.
Ground consolidation negotiations underway
Tyranna has commissioned a photogeological structural interpretation on the Goodsprings claim block to identify structural controls on the mineralisation and identify target areas for follow up.
Further stream sediment sampling is planned to test the western portion of the claim block.
Tyranna will also complete soil sampling to extend the multi-element anomalous zones to the north.
Negotiations are underway with the owner of the patented mining claims and are expected to be completed in the next quarter.