Toronto cobalt explorer, CobalTech, is extending its reach into northwestern Ontario.
The company announced March 17 that it has acquired the Werner Lake East Cobalt Property near Kenora.
The 1,328-acre property consists of nine mineral claims adjoining Global Energy Metals Corp's Werner Lake Cobalt Project and including the Werner Lake East mineral occurrence areas.
The Werner Lake East occurrence was discovered in the 1920s and has historical values of up to 2.08 per cent cobalt over 3.0 metres.
CobalTech’s cornerstone asset is the Duncan Kerr property located outside the historic silver mining town of Cobalt in northeastern Ontario.
Formerly known as Big North Graphite, CobalTech picked up the former silver mine complex last November and plans to dig into the waste piles of mineral material left behind on the surface to extract the cobalt.
In recent weeks, the company has acquired more old mine properties in the Cobalt camp and signed a letter of intent in February to buy a shuttered processing plant in North Cobalt to process and refine cobalt.
The aim is to become “North America’s first vertically integrated cobalt processing company” as a mining “ground-to-market business” to funnel high-tech metal into the growing lithium battery industry.
"CobalTech continues with its strategy of acquiring quality assets that have historically returned samples with high-grade cobalt assays,” said company president-CEO Antoine Fournier in a March 17 statement.
“The Werner Lake area is another well-established target for cobalt in Ontario. We believe that the Werner Lake East occurrence may be an indication of a mineralized trend lying to the South of the main trend and the company will approach exploration bearing this model in mind.”
