Posted in | Cobalt | Mining Business

Global Copper Agrees to Purchase Nine Patented Cobalt Mining Claims in Ontario, British Columbia

Global Copper Group Inc. ("Global Copper") is pleased to announce that it has signed an option to purchase nine patented mining claims, covering 160 acres (72 ha) located approximately 4 km SE of Cobalt, Ontario.

The option requires payment of the following, $5000.00 CDN non-refundable upon signing, followed by a $20,000.00 CDN payment and an aggregate 750,000 common shares upon exchange approval. Global Copper is also in agreement to continue payment on the remaining mortgage owed on the property, up to the amount of $16,000.00 CDN and, on the first anniversary of signing, allot an additional 750,000 common shares to the vendor. The project is also subject to a 2% NSR with 1% of the NSR purchasable at $1,000,000.00 CDN.

Historically in the Cobalt area, most of the Silver/Cobalt production has been produced from carbonate veins within the Coleman sediments, which are present in historic drilling on this property. The better values are found where these veins cut Coleman sediments and/or are close to the Archean contact with the Nipissing diabase. However, more recently the lower diabase-volcanics contact has become increasingly important as a host for significant mineralization. All the necessary geological components of accepted mineralization models have been identified on the property.

Immediately to the west of this property is the historic Deer Horn mine (also known as the Cross Lake O'Brien mine). Up to 1966, the mine is reported to have produced approximately 11 million oz of silver and 100,000 lbs of cobalt. Several of these Ag-Co-producing veins extend on to the Smith Cobalt property and were encountered in the underground workings with associated cobalt and nickel values.

"This is the first and exciting step in Global Copper's pursuit of cobalt prospects," Dr. Andreas Rompel, President & CEO, commented. "Cobalt is an old metal with a new usefulness and is undergoing a revival. Moving from pigments in paint and its magnetic properties in old television sets, cobalt has found a new home in Li-batteries. Use of lithium-ion battery technology to power transportation and communication is creating a global and permanent market for energy metal commodities (lithium, cobalt and graphite). Cobalt prices are expected to rise, driven by rapidly growing global demand for renewable energy systems, as cobalt is a key component in lithium-ion batteries. As such, Global Copper has acquired the Smith Cobalt property and is looking to further expand its holdings in the cobalt sector."

Chris M. Healey, P.Geo. a Director of Global Copper Group is the Qualified Person responsible for the technical content of this release and consents to its dissemination.

Source: http://www.globalcoppergroup.com/

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit