Stellar hits at surface propel European Cobalt shares 20pc higher
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European Cobalt’s flagship Slovakian project continues to bear fruit with latest lab results showing high cobalt and nickel grades.
Results from sampling at European’s Dobsina project returned 1.2 metres at 4.4 per cent cobalt, 6.2 per cent nickel sand 1.1 per cent copper.
The hit included a higher-grade intercept of 0.7 metres at 7.3 per cent cobalt, 10.5 per cent nickel and 1.7 per cent copper.
The market darling (ASX:EUC) jumped 20 per cent on the news to an intraday high of 24c.
The shares cooled to 22.5c at Monday’s — though they are almost triple their value from the start of September.
The zone has a 400-metre strike length defined by shallow historical pits and previously unreported small-scale adits.
The company — led by resources entrepreneur Tolga Kumova — is now carrying out further trenching with the aim of extend the strike length.
A second diamond drill rig is expected on site shortly to test the Pivo Zone target.
“The grades of cobalt and nickel sulphide mineralisation identified at surface are testimony to the high-grade nature of the targets we are actively pursuing,” European Cobalt’s managing director Rob Jewson said.
“We have mobilised a smaller underground style diamond drill rig in order to test the down dip and along strike potential of the Pivo Zone as a matter of priority.”
European Cobalt has a market cap of $145 million and cash of $3 million.