New World Cobalt Ltd (ASX:NWC) has intersected copper-cobalt mineralisation in the first three holes drilled at its Colson Cobalt-Copper Project in Idaho, USA.
The holes were drilled on the margins of recently delineated induced polarisation (IP) anomalies, confirming that the IP anomalism is associated with substantial cobalt-copper mineralisation.
Highlighted results from the initial drilling include: 1.8 metres at 0.13% cobalt, 0.56% copper and 0.26 g/t gold; 1.2 metres at 0.15% cobalt, 1.47% copper and 0.23 g/t gold; and 0.5 metres at 0.11% cobalt and 0.58% copper.
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New World managing director Michael Haynes said the company was pleased to announce assay results from the Colson project’s maiden drilling program.
“Whilst the program was initially designed to test for extensions to the historic Salmon Canyon deposit, we are particularly encouraged that significant mineralisation was intersected on the margins of IP anomalies that were delineated during the recent IP survey.
“Following this validation, we are extremely excited to commence the next phase of drilling to specifically target the strongest delineated IP anomalies – in particular … the large, very high tenor Long Tom Prospect which we now regard to be the highest priority target in our portfolio.
Phase II drilling targets stronger IP anomalies
A second phase of drilling will begin early next year, targeting the stronger Long Tom and Salmon Canyon IP anomalies which are along strike to the northwest of the initial holes.
The company is also undertaking a second IP survey over the newly-discovered Long Tom soil anomaly, where soil samples assayed up to 0.11% cobalt.
A stronger IP signature is interpreted to be related to thicker and higher-grade mineralisation.