CobalTech acquires eight cobalt properties in Quebec, Canada
CobalTech Mining has bolstered its cobalt interests with the purchase of eight properties in Quebec province, Canada.
Each acquired property is centred on an anomaly listed and verified in the government mineral occurrence database.
The eight newly acquired cobalt properties are at advantageous locations that complement the company’s Ontario cobalt properties. The properties cover an area of around 1,535ha of prospective ground.
Earlier sampling at these locations returned values ranging from 0.1% to 0.71% of cobalt.
Cobalt is a secondary metal or by-product and these anomalies have been selected for their high cobalt ratios in their total metal content.
CobalTech Mining president and chief executive officer Antoine Fournier said: “This most recent acquisition will help diversify the geological environments in which the company’s cobalt properties are located.
“Adding 1,535ha of prospective ground will greatly help in solidifying our position and open the exploration potential for CobalTech.”
Under the agreement, CobalTech will pay $50,000 and 500,000 common shares of the company to the vendor as consideration for this acquisition.
Based in Ontario in Canada, CobalTech is currently working to become a major cobalt miner and producer by supplying the growing North American battery market.