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Equator Resources Ltd eyes cobalt assets in Ontario, Canada

Published: 16:30 28 Nov 2016 AEDT

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Equator Resources Ltd eyes cobalt assets in Ontario, Canada

Ontario is a leading mining jurisdiction and the Cobalt camp is close to infrastructure, power, sealed roads, water, milling and a refinery.

The Cobalt camp is a proven silver/cobalt mining jurisdiction with over 600 million ounces 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.

Equator has received firm commitments to raise $1.25 million in new capital at an issue price of $0.02 to fund the planned work programs on the Cobalt Town assets.

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 is a key component of the battery chemistry for lithium ion batteries.

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.

The price of cobalt has increased over 20% during 2016 (currently US$29,000/ tonne).

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