Wollogorang Project - Heli-Mag/Rad Survey Final Report

Abstract

Northern Cobalt Limited ('Northern Cobalt or the Company') holds seven Exploration Licences (EL) within the Wollogorang area in northeast Northern Territory and was successful in its application funding for geophysics under the Collaborative Geophysics and Drilling Initiative - Resourcing the Territory. Currently, there is no active mining activity in the Wollogorang area with the last major mining ceased in 2004 with the closing of the Redbank Copper operation. However, Northern Cobalt recently completed resource drilling at the Stanton Cobalt project and the Company is actively looking for additional cobalt resources in the immediate vicinity of Stanton. Together with this, the Company believes the Wollogorang Area has significant potential to host a major base metal deposit within the Wollogorang Formation. Northern Cobalt completed a detailed helicopter-bourne magnetic and radiometric survey over much of the eastern part of the Company's tenement holding to search for further Stantonstyle breccia pipes. A total of 25,000 line kilometres of new data flown at a line spacing of 75m and a survey height of 30m. It is expected that this new magnetic data will significantly increase the prospectivity of the region and provide a much greater understanding of the controls on mineralisation within the Wollogorang area.