A mining company looking to revive the Cobalt mining camp says it has received outstanding results in its testing.
Atacama Resources International announced today that it has received the geological evaluation of its Cabo Property from Canadian Exploration Services Ltd.
The property is located in Lorrain Township approximately nine miles southeast of the historic mining town of Cobalt.
"The percentage concentration of cobalt mineralization per ton is the measurement of cobalt presence, and the results of the CSX evaluation are outstanding," says a news release from the company.
"An assay result of 1.22% cobalt was recorded in one of the 15 sample outcrops and rock dumps taken from four separate shafts and pits. Additional samples indicated viable cobalt concentrations as well. The results clearly indicate that backhoe stripping around the shafts should be performed to uncover the original bedrock surface and conduct additional assays throughout the 300+ acre Cabo Property."
Glenn Grant, CEO, stated, “We were expecting a viable concentration of cobalt on our Cabo Property but the actual concentration exceeds our expectations. The reported assay results came from surface grab samples and with at least 14 diamond drill holes on the property yet to be sampled, the potential for even higher concentrations on the rock dumps surrounding the additional drill holes is quite high.
“Our research indicates that the average % concentration of cobalt in a cobalt mine in Canada and the United States is significantly less than .75%. The average cobalt mine in Russia, for example, averages .28% cobalt. With the price per pound of cobalt approaching $30 this month and continuing to increase, further evaluation of the Cabo Property is the highest priority.”
Recent news reports concerning the anticipated explosive growth of the electric automobile and truck markets in the US, Europe and Asia show that both cobalt and graphite are strategic minerals in the production of the batteries that will power electric vehicles.
Atacama Resources not only owns the claims to the Cabo Property for cobalt but also the 1760 acre Mystery Graphite Property near Kirkland Lake, for graphite.