A junior miner searching for cobalt in northeastern Ontario has acquired 800 hectares of prospective property in the Temagami area.
Cobalt Power Group announced July 9 that it has acquired the Blueberry Lake group of claims in Cassels Township from an undisclosed vendor for $94,000, who is retaining a 2.5 per cent net smelter royalty.
The property is located 9 kilometres east of the town of Temagami, 35 kilometres south of the town of Cobalt.
The 46 claim units are next to Cobalt Power Group’s TriEast project and show high potential for cobalt, copper and silver.
In a news release, the company said there’s been minimal exploration work in the past as the property’s geological setting was considered “unconventional” to find silver and cobalt.
Cobalt Power said it’s now cashed up and is ready to start an aggressive exploration program on the property.
The acquisition is one of a number of acquisitions the company has made in the area over the last two years.
Cobalt Power’s cornerstone properties are the 1,169-hectare Smith Cobalt and the 7,567-hectare Canadian Cobalt Projects near the town of Cobalt and historic mining town of Silver Centre.
Exploration programs are taking place there involving airborne geophysics, prospecting, mapping and sampling.
Just a few days earlier, on July 5, the company acquired the Little Trout group of claims in the South Lorraine Township.
The 776-hectare cobalt and copper property is 2.5 kilometres southwest of Silver Centre and 27 kilometres south of the town of Cobalt. It’s next to the Canadian Cobalt Project.
The transaction involves a payment of $192,375 to the shareholders of the Little Trout Cobalt Development Corporation, plus a 2.5 per cent net smelter royalty.
In early June, Cobalt Power finalized the acquisition of the Ontario Cobalt – first announced last February – which boosted the company’s landholdings by 25 per cent to cover 11,680 hectares in the Cobalt and Silver Centre camps.