First Cobalt raises $7 million to go exploring

First Cobalt is spending $7 million this year to start poking holes at 13 different exploration targets in the Cobalt camp of northeastern Ontario.

The Toronto company has sketched out a 26,000-metre drill program to test mineralized areas in and around ten former mines known to contain cobalt, as well as tap some new areas within their 10,000-hectare land package.

The exploration program is considered a significant step-up from the preliminary exploratory drilling they began last year.

The company is looking for battery-grade material to run through its refinery near the town of Cobalt.

Also on their agenda is to conduct some regional mapping and prospecting in some unexplored areas. They are compiling and digitizing about 100 years of data into a 3D model to gain a new geological understanding of the camp.

“Having consolidated the Cobalt Camp land package, the objective of the 2018 drill program is to use our strong treasury to blanket the camp, testing the near-surface potential of many areas with different styles of mineralization and diverse geological settings that have never been assessed for their cobalt content,” said company president Trent Mell in a Jan. 19 news release.

Vice-president of exploration Frank Santaguida said the field work they did in 2017 provided valuable insight into the camp’s geological structure.

A review of historical records supplemented with new data formed the basis for their exploration plans this year.

“The broad range of cobalt mineralization styles and associated metals such as silver, nickel, copper, zinc, and lead require a widespread, systematic approach across the camp. We are also looking at applying innovative methods and techniques to maximize the efficiency of this program.”