The company reported intercepts of up to 0.14% cobalt and 0.59% copper over 1.03m from drilling at the dolomite ore formation (DOF), which it says confirms the continuity of stratabound mineralisation similar to ASX-listed Celsis Resources' nearby Opuwo cobalt-copper-zinc deposit.

The explorer said it had also intersected "unexpected" vanadium mineralisation, including 2.76m at 0.21%, associated with the DOF copper-cobalt.

"The widespread copper and anomalous cobalt mineralisation along the Okanihova Lineament are clearly related to a major structural feature which extends for over 15km and points to a very large mineralising system which we are now focused on," president Don Burton said.

Drilling has been suspended for the Christmas break and will resume in mid-January after results pending from 17 holes have been received.

The company, previously known as Namibia Rare Earths, diversified its focus to include energy minerals 12 months ago.
 
It had more than C$2.7 million (US$2 million) in working capital at the end of August, having raised $4 million (US$2.9 million) at 18.5c/share in May.

Shares in the company have ranged from C6.5c in February to a high of 46c in June.

They rose more than 17% or 2.5c yesterday to close at 17c, putting its market valuation over $30.6 million.