Clarification regarding Wollogorang Cobalt Project’s Drilling Program: Northern Cobalt Ltd.’s (ASX: N27) stock surged 12.12% on June 27, 2018 after the company made clarification regarding Wollogorang Cobalt Project’s Drilling Program. The company had announced yesterday that the drilling at the Wollogorang Project is progressing well and while the company had planned to use a portable XRF for rapid turnaround and re-targeting, the unit has been returned to the manufacturer for repairs. The company had mentioned in yesterday’s update that the samples were sent to laboratory and portable XRF sent for repair with possible contamination issue. This is due to the operational issues with the portable XRF, that has resulted in delays of the drilling results and the laboratory assays of samples will be undertaken until the pXRF repairs are completed. On this, N27 clarified that the contamination was constrained to inside the portable XRF housing only, the unit has been sent to the supplier for assessment and the drill samples themselves are not contaminated and are suitable for lab analysis. Moreover, the company has sent 3,500 samples to the Bureau Veritas laboratory for assay, and the company will inform the market of these results when they become available in mid-July. Further, the samples will continue to be sent to the laboratory and results released through to the end of the drilling program in late December 2018. Additionally, the future use of a portable XRF and subsequent release of results will only occur after repair of the unit, rigorous testing and verification is undertaken with laboratory assays.
The group is also fully funded for the planned drilling activities for 2018. Meanwhile, N27 stock has fallen 54.79% in three months as on June 26, 2018, and the latest clarification has been appreciated by the investors.
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