New South Wales Cobalt Projects

Twenty Seven Co. Limited (TSC) is currently exploring for cobalt and copper across the Company’s two new projects in the prospective Broken Hill Block in New South Wales.

KEY POINTS

  • TSC’s two NSW projects – Midas and Perseus – are targeting the prospective Thackaringa Group Rocks which hosts Cobalt Blue’s (ASX: COB) Thackaringa Project containing around 61kt of cobalt (COB: ASX Release dated 19 March 2018)
  • Previous explorers rarely assayed for cobalt leaving the tenements underexplored.
  • Several Targets have been identified on Midas for follow-up exploration.

EXPLORATION RATIONALE

  • In the Broken Hill Block, Co and Cu mineralisation occurs in Proterozoic Thackaringa Rocks in two main styles;
    • Himalaya style mineralisation where Co is associated with pyrite (i.e. Thackaringa Project), and,
    • Great Eastern/Sisters style mineralisation where Co is associated with iron formations such as quartz magnetite rock often with Cu (i.e. Copper Blow ASX: SCI)

Figure 1 (click to expand)

MIDAS PROJECT SUMMARY

  • TSC’s Midas Project is located ~40km NE of Broken Hill adjacent to Silver City Minerals (ASX:SCI) Yalcowinna Tenement
  • Six initial high priority areas have been identified by Twenty Seven Co. at the Midas Project
  • These priority areas range from Cu anomalies in historic drill results such as the Yalcowinna North through to extensive mapped areas of quartz magnetite horizon often coincident with aeromagnetic anomalies
  • Silver City Minerals (ASX: SCI) identified a 25km long Cu-Co belt adjacent to TSC’s Midas Project
  • SCI has reported rock chip results up to 11.95% Cu and 1650ppm Co from separate samples at the Yalcowinna Creek (SCI: ASX Release dated 17 October 2017)
  • Archer Exploration (ASX: AXE) has reported Co up to 0.13% from the nearby Yancowinna and 0.15% Co from Golden King West (AXE:ASX   Release dated 13 September 2017)
  • Most of the historic drilling at TSC’s Midas Project did not assay for Co
NSW Midas Project Figure1

Figure 2 (click to expand)

PERSEUS PROJECT SUMMARY

  • TSC’s Perseus Project is located ~40km west of Broken Hill and 15km north of the Thackaringa cobalt project (ASX:COB)
  • Extensive cover on the Mundi Mundi plain has hindered effective exploration in the past leaving the area under explored in the world class Broken hill Block
  • Limited previous exploration confirms anomalous Co Co Au at several prospects associated with magnetic anomlaies in the Thackaringa Group
  • Evidence of thick packages of weakly mineralised Thackaringa Group have strong potential for high grades in favourable structural traps such as fold noses, faults and shear zones
  • TSC is undertaking assessment of this tenement to generate potential drill targets for Cu Co Au in the prospective Thackaringa Group

Figure 2 (click to expand)