The project, located up the road from Clean TeQ’s Sunrise, Australian Mines’ Flemington and Platina’s Owendale, has returned a string of drill assays grading 0.1-0.17% cobalt (plus the other elements), over widths of 7-15m from near surface.
The drilling also had success 1.5km from Tiger’s Creek with 5m grading 0.13% cobalt (plus nickel and platinum).
Hylea is estimated to have cash of about A$1.3 million.
The company was previously named Riva Resources.
It appointed David Berrie as its MD back in February, with Berrie having a background featuring Paladin and BHP/WMC.
Shares in Hylea were up 12.5% to 0.9c in morning trade, capitalising the company at $17 million.
The stock is up from levels around 0.3c 12 months ago.