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Australian Mines begins geophysical survey at Thackaringa Cobalt Project

The Sconi cobalt-nickel-scandium project in Queensland remains the company’s priority.

cobalt on the elementary table
This will be the first exploration work on the project

Australian Mines Limited (ASX:AUZ) has commenced a detailed airborne geophysical survey of its Thackaringa cobalt project near Broken Hill in New South Wales.

This will be the first exploration work on this project since its acquisition in February this year.

Australian Mines’ survey has been designed to map the sulphide-bearing geology which hosts the region’s known cobalt mineralisation, from surface down to a depth of 400 metres.

This detailed survey will cover 252 flight-line kilometres at 100 metre line spacing, with the final results due by December.

A drilling campaign and wider surface sampling is also being planned to test the size, grade and potential of the identified prospective cobalt-bearing geology.

Whilst this project offers some significant exploration upside, completing the bankable feasibility study on the Sconi cobalt-nickel-scandium project in Queensland remains the company’s priority.

The Sconi project is rated one of the most advanced projects of its kind in Australia, with mining approvals in place.

Furthermore, the company is aiming to progress the Flemington cobalt-scandium-nickel project in central New South Wales into the pre-feasibility study (PFS) stage.

Australian Mines’ share price has increased circa 88% since the start of this year, last trading at $0.015.

Quick facts: Australian Mines Ltd

Price: 0.0145 AUD

ASX:AUZ
Market: ASX
Market Cap: $57.44 m
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