Perth exploration company Magnum Mining say assay results near Cloncurry show good cobalt prospects.
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Magnum have released the final assay results from drilling completed in December at the Cloncurry East Joint Venture Project with CopperChem Group.
Magnum’s Cloncurry East Project consists of two tenement groups, both located between 10- 20km east of Cloncurry.
New results confirm previous reports of elevated cobalt mineralisation at the Notlor Central and South zones.
Magnum told the ASX it had returned “an exceptional peak assay result of 1.38 per cent cobalt”.
Magnum CEO Grant Button said the results provide the company with an important insight into the structure and controls of copper-cobalt mineralisation at Cloncurry East.
“Our maiden drilling program has delivered very positive results from across a wide area at Cloncurry East, with highly anomalous copper-cobalt mineralisation at Notlor indicating strong potential for the completion of a maiden resource estimate,” Mr Button said.
“We’re now working to integrate these latest results with our existing data to determine the primary targets for our next round of drilling.”
The project is at an advanced stage of exploration and is highly prospective for iron oxide copper gold.
A 17-hole, 2004 metre reverse circulation drilling program was completed in December 2017.
Three prospects – Notlor, Salebury and King Edward were drill tested.
All drill samples have been presented to the laboratory and the assay results for the six-metre composites submitted have now been received and are being collated and reviewed.
The underlying geology host rocks are part of the mineral-wealthy Mount Isa Eastern Successio which includes Ernest Henry, Osborne, Eloise, Cannington and Dugald River,.