Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Cruz Cobalt (CSE: CRUZ) announced that it will kick off operations on its five silver-cobalt projects in the historic region of Cobalt, Ontario.
According to James Nelson, Cruz Cobalt’s president, the company will start by reevaluating its tenements in the area to focus on the silver potential and not just cobalt.
The Cobalt-Gowganda mining area has seen over 600 million troy ounces of silver and 50 million pounds of cobalt produced since 1903
“Cruz has a large land package in one of the most historically prolific silver camps on Earth and we plan to reevaluate this land package for silver prospects as well as cobalt,” Nelson said in a media statement.
“Our long-term growth objectives lie with the battery metals sector, but it makes perfect sense to investigate our five projects for silver potential at this time as well. We look forward to the resurgence of one of Canada’s most prolific silver districts and establishing Cruz as a premier participant in the silver industry.”
The projects that Cruz Cobalt owns in Ontario are the 1,453-acre Lorraine Prospect, located in the Larder Lake mining division; the nearby, 6,145-acre Hector prospect, which covers multiple cobalt occurrences and has returned sample results of over 2% cobalt; the 988-acre Johnson Prospect located in the Kirkland Lake mining district, which has returned historic cobalt, silver, nickel, and copper showings; the 1,525-acre Coleman Prospect and the 1,458-acre Bucke Prospect, which has also returned historic cobalt and silver.
Nelson highlighted the fact that the Cobalt-Gowganda mining area has seen over 600 million troy ounces of silver and 50 million pounds of cobalt produced from approximately 104 different mining operations since the first silver vein was discovered in 1903.
Comments
Paul Emmanuel Langdon
This is great news. I lived in Cobalt for two years 2018 2020. It’s full of old abandoned silver mines. Sun e Cobalt did not have much of any sort of use back in the silver rush from the early to mid 1900s. The miners just left the abandoned mine s with Cobalt. This also is good for stopping slave Labour of mining Cobalt in 3rd world countries and maybe if lucky can find a wealth of silver because their just be more that area is huge but needs an economic boost…