Well we already know they have 0.85% Cobalt in there (Ann from 21/12/17). We just don't know how much! That's the real purpose of the drilling now - to find out how far the deposit extends.
Also from the Ann on 26/11/2016 "strong correlation between cobalt and manganese drill assay results support the presence of cobalt as asbolite (Empirical Formula ‐ Ni0.3Co0.1Ca0.1Mn2+1.5O1.5(OH)2•0.6(H2O) ) and indicates the potential for ore
grade material to be beneficiated from the host nontronite clay. Manganese ores have a typical specific gravity (SG) of 3.7t/m3 compared with nontronite clay of 2.3t/m3 and may be amenable to ore sorting and/or gravity separation, and beneficiation test work will be undertaken on Mt Cobalt material."
and then from the Ann on 19/12/2017 "The Company previously announced it had commenced a drilling program to target potential high grade cobalt extensions to the historic Smiths Mine at Mt Cobalt, where historic records report mining of a lode
approximately 7m in true width to a depth of
25m at a grade of 7.5%Co, 2.5%Ni and 18%Mn1. Three holes have been completed proximate to the historic mine, and core is currently being logged with results to be reported at the completion of the program."
Also note this magnetic survey scan (from Ann 19/12/17)
View attachment 930352
That whole deep red section above and below the top end of the arrow is what they're testing. Now correlate this. CLQ, AUZ, VIC and several other companies are testing in areas that look exactly the same as this one. CLQ in fact found a massive Co deposit in an area that looks almost identical. Plus we have historical records that point to the Mt Cobalt area being very very dens in Co. Hence some drill test have come back at 7.5%...
I'm just connecting the dots here...
