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Equator Resources acquires high-grade cobalt properties in Canada

Thursday, February 9, 2017 17:23
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Equator Resources (ASX:EQU) has acquired 80% of a private company owning high-grade cobalt properties located in the Cobalt Town region of Ontario, Canada.

The Cobalt camp is a proven cobalt mining jurisdiction with over 600 million ounces of silver and 45 million pounds of cobalt from historic production.

The property spans over 13,000 acres of mining claims covering both exploration and historical mining areas, and is the largest land package in the region targeting cobalt-silver mineralisation.

Importantly, only minimal modern exploration has been carried out in the Cobalt camp, with historical mining focused on silver rather than cobalt which was not in demand at the time.

Sampling work undertaken on the Lang-Caswell property, which form part of the assets, returned grades as high as 12.3% cobalt (average 5.84%).

Cobalt exposure can be considered as the most efficient leverage to the booming electric vehicle and lithium-ion battery markets.

It is worth noting that there is more cobalt by value contained in a modern lithium-ion battery than lithium.

Over 40% of cobalt production is currently used in batteries with demand expected to grow over 68% over the next decade, with 49% of demand growth being from batteries.

Equator’s share price has doubled since the beginning of this year, last trading at A$0.10.

Story by ProactiveInvestors


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