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).

The main focus in recent months has been on Wollogorang, where Northern Cobalt has been adding new tenements and surveying the area.

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:

Picture: Northern Cobalt

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.

Picture: Northern Cobalt

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.