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Accelerate Resources Ltd.

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Summary

Project:

Mount Read

Deposit:Young Henry
Location:Australia
Commodities:Cobalt-Copper-Nickel
Date:10/29/2018
Report Code:JORC
Report Type:Exploration/Drilling Update
Project Stage:Pursuing Resources Definition
Report details:29-10-2018: Accelerate Resources Ltd. announces an Exploration/Drilling Update report for its Young Henry deposit at the Mount Read project. Drilling results incl. 38.3m @ 0.23% Ni, 142ppm Co from 36.50m . Accelerate Resources Limited (“Accelerate” or “th
Resources:x
CP/QP:[Overall Report]: Robert Reid (Internal)
ABSTRACT:Accelerate Resources Limited (“Accelerate” or “the Company”) is pleased to announce that analysis of its drilling result at the Young Henry nickel prospect has returned two significant nickel intersections. Young Henry is located within Accelerate’s flagship Mount Read project in Western Tasmania where the Company has been delivering a systematic project development strategy aimed at identifying a large economic deposit containing core EV battery metals including cobalt, nickel, and copper. Accelerate Managing Director Yaxi Zhan said “Stage two drilling at Thomas Creek is already underway with a fourth drill hole and we are planning for further exploration program in line with our strategy to best position Accelerate to attract large partners to further develop the Mount Read project.” Young Henry drill (YHDD001) results YHDD001 tested a 300m long SSW plunging electromagnetic (FLEM) conductor, coincide with aeromagnetic high and associated Ni, Zn, Co anomalous and locally gossanous soil samples. The primary target was magmatic Ni – Cu - Co sulphides (see ASX Announcement 28 September 2018). The drilling intersected two zones of elevated Nickel within ultramafics. Peak results including 3820ppm Ni, 388ppm Co, 456ppm Cu and 2150ppm Zn. The upper serpentinised ultramafic zone returned an extensive 38.3m @ 0.23% Ni from 36.5m, whilst a lower zone returned 17.7m @ 0.12% Ni from 90m (Table 1, Figure 2). Relatively massive pyroxenite between the serpentinised zones. The drilling intersected two zones of elevated Nickel within ultramafics. Peak results including 3820ppm Ni, 388ppm Co, 456ppm Cu and 2150ppm Zn. The upper serpentinised ultramafic zone returned an extensive 38.3m @ 0.23% Ni from 36.5m, whilst a lower zone returned 17.7m @ 0.12% Ni from 90m (Table 1, Figure 2). Relatively massive pyroxenite between the serpentinised zones was low in Ni, reaching 0.02%. A 14.3m zone of quartz – carbonate – pyrite veining within shale beneath the ultramafics was generally not metal anomalous, but returned weakly elevated Ni (~900ppm) from 114 to 116m. This interval contained local patches of pervasive silica – pyrite and semi-massive pyrite to 20cm.

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