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Winmar Resources finds high-grade cobalt at Bloom Lake Project in Canada

Last updated: 16:10 15 Aug 2018 AEST, First published: 02:10 15 Aug 2018 AEST

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The project is around 85 kilometres northwest of the town of Cobalt, Ontario

Winmar Resources Ltd (ASX:WFE) has received the first assays from its phase I cobalt exploration program at its Bloom Lake Project in Ontario.

The results confirm high-grade copper-cobalt mineralisation with anomalous gold and nickel.

Phase I of the company’s exploration consisted of collecting 35 samples from both bedrock and loose material proximate to historical trenches, adits and shafts.

Highlighted assays include: 6.84% cobalt, 0.422 g/t gold, 0.58% copper and 1.56% nickel; 2.02% cobalt and 0.35% nickel; 1.5% cobalt, 8.94% copper and 0.1% nickel; and 1.16% cobalt and 2.24% copper.

READ: Winmar Resources attracts $3.1 million for cobalt opportunities in DRC, shares surge

Winmar chairman Jason Brewer said the company was pleased with the assays results from phase I exploration.

Brewer said: “Our consulting geologists were able to locate and sample areas of previous exploration and mining activity within the Bloom Lake Project area.

“These high-grade cobalt, copper and nickel assay results confirm results from the historical records that we reviewed as part of the initial project due diligence and they demonstrate the high-value opportunity we have secured.

“We are now assessing these first phase exploration results and already planning our next phase of exploration.”

Potential upside from nearby prospects

Bloom Lake is one of three blocks of mining claims Winmar secured through an agreement with CBLT Inc. (CVE:CBLT).

Acquisition was completed in January and Winmar has a 12-month option to purchase either or both the remaining United Reef and Calcite Lake projects.

The three claims are located peripheral to a cluster of former high-grade silver-cobalt mines at Gowganda, 85 kilometres northwest of the town of Cobalt, which operated between 1910-1989.

Historic production in the region until the end of 1969 is reported as being 60.2 million ounces of silver and 1.3 million pounds of cobalt, although the focus of mining was silver and much of the cobalt was left untouched.

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