Northern Cobalt believes it has stumbled across something big in Alaska
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With cobalt on the nose with investors, Northern Cobalt (ASX:N27) has been diversifying its project portfolio.
In addition to its cobalt project (Wollogorang) in the Northern Territory, they have a lithium project (Arunta) in the Northern Territory and a gold and vanadium project in Alaska (Snettisham).
But this morning they announced that a helicopter magnetic survey over their Snettisham project, near the Alaskan mining town of Juneau, had identified a mammoth magnetic anomaly.
It’s near surface, 2.5km long, 600m wide and 2km deep. If you’re into 3D models, Northern Cobalt has the magnetite chunk you’re looking for:
Northern Cobalt also says historical surface sampling returned up to 0.56 per cent vanadium, 35.9 per cent iron and potential for gold.
The planning and approvals process for a maiden drilling campaign is currently underway, the explorer says.
The Northern Cobalt share price has been on a rollercoaster since listing in 2017, reaching highs of 61 cents before plummeting to 4 cents earlier this year. Today, shares opened 0.2 cents higher at 6 cents, a modest gain of 3.5 per cent.