Published on: 5/2/2014 10:10:52 AM Print | Font Sizes:  Normal Text Large Text

Cobalt on the comeback trail?


By: Northern Ontario Business staff

Increasing domestic demand and rising prices for cobalt has spurred a Vancouver-based junior miner to re-evaluate a property in northwestern Ontario.

Global Cobalt said it’s started a technical review of its Werner Lake cobalt project, north of Kenora.

The company’s main focus is in Russia, but president-CEO Erin Chutter said it’s time to take a second look at Werner Lake and firm up some resource numbers from an exploration program that began in 2009-2010.

"In light of rising cobalt prices and stronger demand for cobalt we believe a re-start at Werner Lake would provide domestic exposure for shareholders."

The Werner Lake project hosts two former mines and many exploration targets that are deemed attractive.

The Werner Lake Mine produced 146,386 pounds from 1940 to 1944, and the Werner Lake West Mine produced 10,000 tonnes of cobalt ore between 1996 and 1997.

A 2001 resource calculation by Canmine Resource Corporation indicated a proven reserve of 140,031 tonnes of cobalt , copper and gold, and a probably reserve of 40,829.

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