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- Greenstone Resources (GSR) reports high-grade cobalt, nickel, and scandium drill results from its Mt Thirsty joint venture in Western Australia
- Greenstone, in a 50/50 joint venture with Conico (CNJ), received assays for an additional nine pre-collars completed late last year which aimed to target cobalt-nickel-manganese-scandium-platinum group element mineralisation
- The phase one drill campaign uncovered three “distinct” zones of flat-lying horizontal mineralisation intersected across the eastern licence area
- Both GSR and CNJ are now working on an updated scoping study while awaiting results from a further eight holes
- GSR shares are up 5.3 per cent and trading at 2 cents, while CNJ shares are up 33.3 per cent and trading at 1.2 cents at 11:06 am AEST
Greenstone Resources (GSR) has reported high-grade cobalt, nickel, and scandium drill results from its Mt Thirsty joint venture in Western Australia.
The Mt Thirsty project is located 16 kilometres from Norseman in WA and is held in a 50/50 joint venture with Conico (CNJ).
Both parties received assays for an additional nine pre-collars completed late last year which were drilled to target cobalt-nickel-manganese-scandium-platinum group element mineralisation.
The phase one drilling efforts uncovered three “distinct” zones of flat-lying horizontal mineralisation intersected across the eastern licence area. This included an upper zone consisting of a weathered ultramafic peridotite rock hosting nickel-cobalt-manganese-scandium mineralisation.
The program employed a combination of reverse circulation and diamond drilling, which allowed holes to be extended to an average depth of around 350 metres below surface – significantly deeper than historical aircore drilling methods used at Mt Thirsty in the past.
Highlights from the program included 44 metres at 0.03 per cent cobalt, 0.47 per cent nickel, 0.16 per cent manganese and 39.2 grams per tonne (g/t) scandium from two metres, including ten metres at 0.09 per cent cobalt, 0.71 per cent nickel, 0.38 per cent manganese and 23 g/t scandium from 33 metres.
Further hits included 59 metres at 0.05 per cent cobalt, 0.37 per cent nickel, 0.35 per cent manganese and 45.3 g/t scandium from ten metres.
Greenstone Managing Director and CEO Chris Hansen said the results continue to highlight the prospectivity of the Mt Thirsty project.
“We are very much entering a transformational phase for the Mt Thirsty project, with both an updated mineral resource estimate and scoping study currently underway, with the former expected to be finalised within the next one to two weeks,” he said.
“We look forward to keeping shareholders updated on a regular basis as we continue to unlock the true potential of the Mt Thirsty project.”
Assays are pending for a further eight holes modelled to potentially intercept the upper zone, and two holes for the lower nickel zone.
GSR shares were up 5.3 per cent and trading at 2 cents, while CNJ shares were up 33.3 per cent and trading at 1.2 cents at 11:06 am AEST.
