New World Cobalt Ltd (ASX:NWC) has expanded the potential of its Colson Cobalt-Copper Project in the US after a second round of induced polarisation (IP) surveys delineated strong anomalies for drill testing.
A 750 by 750-metre anomaly identified at the Long Tom prospect coincides with soil samples grading up to 0.11% cobalt and several other anomalies confirm Long Tom as the highest priority drill target.
An undrilled IP anomaly at the Salmon Canyon deposit has also been confirmed and NWC expects to receive drill permits to test both anomalies this quarter.
‘High-priority target area’
NWC managing director Mike Haynes said the receipt of the exceptional IP survey results completed late last year enhances the company’s understanding of the Colson project.
Haynes said: “Previous exploration had delineated a 1.3-kilometre long corridor that returned outstanding results from surface samples at the Long Tom prospect, just to the west of the historical Salmon Canyon deposit.
“We now know that there is a large, very strong IP anomaly, together with several other IP anomalies in this high-priority target area.”
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The project’s maiden drilling program last year confirmed that substantial cobalt-copper mineralisation is closely associated with IP anomalism and stronger IP anomalies are likely to be associated with thicker and higher-grade mineralisation.
The Long Tom and Salmon Canyon anomalies recently delineated are both stronger than the IP response recorded over the Salmon Canyon deposit that was targeted in drilling last year.
Haynes continued: “These coincident geochemical and geophysical anomalies represent exceptional drill targets which are further enhanced by the fact that we now know from last year’s drilling that IP responses are associated with significant sulphide mineralisation – with stronger IP responses likely to arise from higher-grade mineralisation.
“Putting all these elements together means we now have a clearly-defined set of high-quality drill targets which we plan to test once we receive permit approvals.”