First Cobalt Corp (ASX:FCC) has acquired five prospects in the northern part of the Cobalt Camp in Ontario, Canada.
The unpatented claims are near the company’s past producing Silver Banner and Ophir mines, and are in a favourable geological setting for cobalt-silver mineralisation.
Three claims are also contiguous to First Cobalt’s properties to the east of these mines.
Limited previous exploration
Limited exploration has been carried out on the claims and the company plans a grassroots exploration program in 2018.
First Cobalt intends to conduct field mapping as well as soil and till geochemical surveys.
The claims cover 750 hectares to the east of the historical mines.
Assay results from muck pile grab samples taken from Silver Banner included 1.14%, 0.69% and 0.47% cobalt.
Focus in region turns to cobalt
Silver Banner was a smaller silver mine but veins contain a cobalt-silver-nickel relationship comparable to some of the larger mineralised vein systems in the Cobalt Camp.
High grade cobalt would not have been the focus of past exploration and similar systems could have been overlooked in the new areas.
First Cobalt is the largest land owner in the Cobalt Camp and controls over 10,000 hectares of prospective land and 50 historic mines as well as a mill.
It also has the only permitted cobalt refinery in North America capable of producing battery materials.