Greenstone Resources has flagged a further swathe of assay results from Phase 1 drilling at its Mt Thirsty JV with Conico, which MD and CEO Chris Hansen says highlights the prospectivity of the project to provide a low-cost, ethical and sustainable source of cobalt and nickel outside of the Democratic Republic of the Congo and Russia. 

Greenstone Resources (ASX:GSR) has reported that assays have returned best results of:

  • 44m at 0.03% Co, 0.47% Ni, 0.16% Mn and 39.2g/t Sc from 2m (MTRC035D), including 10m at 0.09% Co, 0.71% Ni, 0.38% Mn and 23.0g/t Sc from 33m;
  • 59m at 0.05% Co, 0.37% Ni, 0.35% Mn and 45.3g/t Sc from 10m (MTRC013D), including 11m at 0.18% Co, 0.45% Ni, 1.15% Mn and 49.7g/t Sc from 39m; and
  • 50m at 0.05% Co, 0.45% Ni, 0.32% Mn and 36.2g/t Sc from 0m (MTRC042D),

Including 20m at 0.09% Co, 0.55% Ni, 0.57% Mn and 28.9g/t Sc from 28m.

“Importantly the Mt Thirsty project is uniquely positioned to support the continued decarbonisation of our economy, not only containing cobalt and nickel, but also hosting manganese and scandium, allowing the Project to potentially produce a high-value Precursor Cathode Active Material (pCAM) product containing Co, Ni and Mn sourced from the Mt Thirsty deposit,” Hansen said.

Unlocking the project’s true potential

Greenstone is now entering a “transformational phase” at Mt Thirsty – along with joint venture partner Conico (ASX:CNJ) – with an updated Mineral Resource Estimate, and a Scoping Study, currently underway with the MRE expected to be finalised within the next 1-2 weeks.

The adoption of pCAM could potentially transform the project’s economics, providing the ability to produce a higher value product which typically receives a ~50% pricing premium over the intermediary product (MHP/MSP) the project was previously envisaged to produce, meaning it could increase the payable metal content and as a result, increase revenue.

The company expects the scoping study will provide a foundation for the future consolidation and IPO of the Mt Thirsty project later this year, followed by a Pre-Feasibility study.

“We look forward to keeping shareholders updated on a regular basis as we continue to unlock the true potential of the Mt Thirsty project,” Hansen said.




This article was developed in collaboration with Greenstone Resources Limited (ASX:GSR), a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.