Riva Resources (ASX:RIR) could be sitting on a parcel of land in Western Australia poised to recover some of the most significant cobalt grades in the country.
Its current focus is squarely on its 100%-owned Tabac Cobalt-Gold Project where it recently completed its first drill hole, backed by impressive cobalt grades reported from historical drilling.
The assay results from this drill programme are due imminently and could lead to the Yerrida Basin, where Tabac is located, emerging as a new cobalt province.
Meanwhile, RIR has commenced drilling its second hole.
The decision to begin a second diamond drill hole was due to the weight of geological evidence gathered through development of the first diamond hole.
RIR is now focused on testing for potential cobalt-bearing mineralisation as it looks to fast track the completion of this second hole.
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With the company still only valued by the market at $14 million, significant announcements on the horizon could be the push that RIR require to move its market cap.
The first of these announcements will be the imminent assay results, which are now only days away.
Cobalt Assays Imminent for RIR
May 18, 2017
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