Auroch’s on the hunt for cobalt riches in Czech Republic
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With a rich mining history and proximity to the European industrial hub, the Czech Republic is proving to be a country of interest for Australian-listed explorers.
Auroch Minerals is one company keen to unlock cobalt riches in the country and make a name for itself in the renewable energy market.
The Perth-based exploration minnow (ASX: AOU) recently signed an option agreement to acquire 100 per cent of the historic Tisova copper mine and three surrounding exploration licence applications in northwest Czech Republic.
Copper has been produced in the region since the sixteenth century with most recent mining taking place from 1959 to 1973 focused on the copper-rich volcanogenic massive sulphide of the deposit.
However, recent sampling carried out by Auroch has identified cobalt, gold and silver at the project including grades of 0.69 per cent cobalt, 17.1 per cent copper, 3.7 grams per tonne gold and 178 grams per tonne silver.
For Auroch, who is focusing on metals crucial to the renewable energy space, the presence of cobalt at Tisova is hugely significant.
Tisová is in the heart of the European industrial hub surrounded by major companies in the lithium-ion battery space including BMW, Mercedes Benz, Volkswagen, Samsung and Porsche which puts Auroch at a significant advantage to its peers.
Proximity of Auroch’s Tisova mine to European industrial centres.
Recently the company created a 3D model of the Tisová orebody which confirmed potential for a significant cobalt-copper-gold resource.
The model was based on historic mining at the project including 72 surface diamond holes (25,985m) and 142 holes of underground drilling (14,299m).
“This Project has the potential to drill wide and significant intersections of cobalt, copper and gold mineralisation in the heart of the European Union,” Auroch’s chairman Glenn Whiddon said.
“The Tisová Copper Mine in the Czech Republic has a long history of copper production from narrow high-grade sulphide ore bodies up to 5m thick.
“The 40,000 metres of historical drilling was focused solely on copper exploration however recent analysis has highlighted Tisová’s enormous potential for Cobalt, Gold and Silver, in addition to Copper.”
Mr Whiddon said this was the first time in the mine’s existence that a 3D model of the sulphide zones and the underground development clearly indicated the potential for a multi-commodity project.
The 3D model will be used to plan the upcoming 12-hole drilling campaign at the project.
Shares in Auroch closed yesterday 3 per cent higher at 18c, valuing the company at around $15 million.