Only months after announcing it was buying into the Democratic Republic of Congo (DRC), First Cobalt is pulling out to concentrate on its exploration work in northeastern Ontario.
The Toronto-headquartered cobalt hunter announced Sept. 18 that it will not complete its “strategic alliance” on seven cobalt exploration properties in the DRC. Instead, the company said it will focus on its flagship property in the historic Cobalt mining camp.
It’s Greater Cobalt Project, includes an option for the former producing Keeley-Frontier mine, a high-grade mine that produced over 3.3 million pounds of cobalt and 19.1 million ounces of silver from 301,000 tonnes of ore, as well as a joint venture on a fully permitted cobalt refinery in the town of Cobalt.
The company said when previously announced mergers with Cobalt One and CobalTech Mining are finalized later this year, they will have 50 former mines, spread out over 10,000 hectares, at their disposal. “The high number of advanced exploration targets ready for immediate work in the Cobalt Camp greatly offsets the potential in the DRC properties at this time,” said a news release.
“Investors are very supportive of our vision for the Canadian Cobalt Camp and we are aligned with their desire to focus on the bulk mining potential of this district, located in the best mining jurisdiction in the world,” added First Cobalt president-CEO Trent Mell in a statement.
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