A Vancouver junior miner, hot on the cobalt trail in northeastern Ontario, is picking up more property to widen its search for the metal.
Quantum Cobalt announced Nov. 8 that it’s entered into an option agreement to acquire all of the Nipissing Lorrain Cobalt Project, 26 kilometres southeast of the town of Cobalt.
The 464-hectare property is adjacent to First Cobalt's Silver Centre claims and has been sporadically mined and explored for cobalt, silver and nickel since 1925. It contains six separate underground workings.
The former Nipissing Lorraine mine produced 16,500 pounds of cobalt and 5,500 pounds of silver.
"We are pleased to add such a high-quality project to our portfolio with such exceptional grades,” said Quantum Cobalt director Greg Burns in a news release.
“The exploration potential of this project is extremely exciting and we look forward to potentially proving up a world-class resource base."
The company changed its name from Bravura Ventures to Quantum Cobalt in October to better reflect its new direction.
Over the summer, the company began methodically acquiring property south of Cobalt and near the town of Temagami.
In August, Quantum acquired the 1,000-hectare Rabbit Cobalt property after signing a letter of intent with Caprock Ventures. The property is 14 kilometres southwest of Temagami and has seen sporadic exploration since 1955.
The same month, the company picked up the 1,200-hectare Kahuna cobalt-silver property, 37 kilometres south of Cobalt.
A shaft sunk in the 1920s revealed cobalt mineralization.
Field crews were out on both properties this fall conducting prospecting, geological mapping, geochemical surveying and sampling to pinpoint mineralized structures.