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Explorer Ausmon Resources has nabbed three exploration permits near the big Australian Mines (ASX:AUZ) Sconi cobalt and nickel project in Queensland.

Ausmon (ASX:AOA) told investors the new five-year leases covered a total area of about 276 sq km and were 20km to 50km from Sconi — reportedly the “most advanced cobalt project in Australia”.

Australian Mines has a “bankable” feasibility study pending release.

Miners undertake up to four different types of studies to determine whether a resource can be mined economically. These are – in order of importance — scoping, preliminary feasibility (PFS), definitive feasibility (DFS) and bankable feasibility (BFS).

Upcoming early stage exploration work on the ‘nearology’ play includes reviewing historical exploration data, a geological and geophysical survey, reconnaissance and rock chip sampling.

The Ausmon (ASX:AOA) share price over the past year.
The Ausmon (ASX:AOA) share price over the past year.

In May, Ausmon acquired three projects for exploration of cobalt and base metals in emerging cobalt mining regions in New South Wales and Queensland just as interest in the battery metals explorers was reaching its peak.

The Ausmon share price quickly rose from 0.7c to 2c – but a change in market sentiment has seen it fall back below May levels.

The share price currently trades for 0.6c.