3D MODEL CONFIRMS VANADIUM AND GOLD POTENTIAL AT SNETTISHAM
- New 3D magnetic geophysics inversion model has identified a near surface, >60% magnetite body interpreted to be 2.5 km long, 600 m wide and at least 2 km deep.
- Historical surface samples of magnetite rich rock chips showed the vanadium potential, with values up to 0.56% V2O5, 35.9% Fe and 6.47% TiO2
- 3 diamond drill holes are planned to test the 3D model for vanadium, iron, gold and obtain metallurgy samples for beneficiation test work.
- Review of historic data shows gold potential in addition to the vanadium and iron ore potential. The Crystal, Friday and Minehaha Gold Mines, within the project area, forms part of the Juneau Gold Belt of SE Alaska, which has produced over 7 Moz of gold and is analogous to the orogenic gold mineralisation style at Fosterville in Victoria (Aus)
- Northern Cobalt’s detailed magnetic survey has highlighted significant potential for further lode gold mineralisation and field investigations for gold potential will be undertaken in parallel with proposed drilling in 2Q 2019.
Northern Cobalt has completed 3D modelling of a detailed helicopter borne magnetic survey over the Snettisham Vanadium Project in southern Alaska. The survey was conducted over an Alaskan-style mafic-ultramafic intrusive complex which is host to significant concentrations of titaniferous and vanadium bearing magnetite and has several historic gold mines in the vicinity. The project is located close to the mining town of Juneau and accessible all year round and is adjacent to deep water and hydro power.
“The 3D inversion of the magnetic anomaly at Snettisham has identified compelling near surface drill targets for vanadium bearing titanomagnetite within the intrusion. Planning and approvals for drilling are in progress and we look forward to commencing our maiden drilling program in Alaska. It has also been pleasing to identify the significant gold potential, with three (3) historic gold mines occurring within the project.”
- Michael Schwarz (MD)