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Hylea Metals Ltd.
Summary
| Project: | Tigers Creek | |
|---|---|---|
| Deposit: | Tigers Creek | |
| Location: | Australia | |
| Commodities: | Cobalt-Nickel-Platinum | |
| Date: | 7/9/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 9-7-2018: Hylea Metals Ltd. announces an Exploration/Drilling Update report for its Tigers Creek deposit at the Tigers Creek project. Drilling results incl. 16.0m @ 0.14% Co, 0.63% Ni, 0.43g/t Pt from 10m. Hylea Metals Limited (ASX:HCO) (“Hylea”) is pleas | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Darren Glover (Internal) | |
| ABSTRACT: | Hylea Metals Limited (ASX:HCO) (“Hylea”) is pleased to announce that it has intersected further highgrade cobalt-platinum-nickel-scandium mineralisation at the Tiger’s Creek Prospect, part of the Hylea Project, in the Fifield ‘Battery Metals’ district of NSW. The second round of assays, which come from the next 20 holes of a recently-completed 54-hole program, have continued to grow the size and grade of Tiger’s Creek following the strong assays from the first 12 holes (see ASX release dated 27 June 2018). The mineralisation remains open in all directions. The latest intersections start from just 1m below surface and include widths of up to 16m. The highestgrade scandium result in the history of the project was returned with 6m @ 652ppm Sc from 7m, including an outstanding 4m @ 810ppm Sc (HYRC016). The Scandium potential in addition to the cobalt, nickel and platinum mineralisation is adding significantly to the prospectivity of Tiger’s Creek (Figure 4). Tiger’s Creek is located on the eastern edge of the zoned 8km x 3.5km Hylea Ultramafic Intrusive Complex. This is an intrusive complex with similar source geology and laterite development to the nearby Sunrise Project of Clean TeQ Holdings (ASX: CLQ), Australian Mines’ (ASX: AUZ) Flemington Project and Platina Resources’ (ASX: PGM) Owendale Project. All these projects host cobalt-nickelscandium Resources. Reconnaissance drilling approximately 1.5km to the south-west of Tiger’s Creek (Figure 1) aimed to follow-up historical drilling targeting platinum in an area containing outcropping laterite at surface. Encouragingly, drill hole HYRC018 confirmed the laterite extends at shallow depths gently dipping to the west and intersected 5m @ 0.13% Co, 0.25% Ni & 0.06g/t Pt from 3m, open to the west, north and south. Hylea Managing Director, Mr David Berrie, said the latest results showed Tiger’s Creek was emerging as a significant discovery. “We now have assays from 32 holes and it is increasingly clear that Tiger’s Creek is emerging as a significant cobalt-nickelplatinum-scandium discovery,” Mr Berrie said. “The cobalt grades are comparable with those of nearby highprofile neighbours which have market capitalisations many times that of Hylea. This demonstrates the immense upside offered by Tiger’s Creek. We also have very high-grade scandium assays which compare very favourably with those reported in the Reserves of nearby projects. And we have intersected cobalt at our first regional target 1.5km from Tiger’s Creek, further highlighting the project’s upside.” | |
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