Following a massive rise in the Northern Cobalt Ltd (ASX: N27) share price on Friday, shareholders of the cobalt exploration company will be smiling this weekend.
Its shares finished the day an impressive 41% higher at 70.5 cents.
Why did they rocket higher?
This morning the company released drilling results from its Stanton Cobalt Deposit in the Northern Territory.
Assays received for first five drill holes yielded impressive results. Highlights include 37 metres at 0.28% cobalt (Co), 18 metres at 0.33% Co, and individual metre grades of up to 2.13% Co.
What do these numbers mean?
Although the numbers may look small, these are strong results for cobalt and up there with the best seen in Australia at this point.
There is, however, still a great number of holes left to be analysed. A total of 104 holes have been completed thus far, with drilling still ongoing. So it may be a little soon to get overly excited.
The next set of assay results are due to be announced next week. Northern Cobalt will certainly be one to keep an eye on.
