Juniors fueling new cobalt rush in Northern Ontario
Cobalt is the new gold
Of its three properties in the Cobalt camp, Quantum Cobalt is eager to test the historic Nippissing Lorrain mine. The property is located south of the town, near Silver Centre. It consists of two claims that produced cobalt, silver and nickel sporadically during the last century. Grades have been reported as high as 14.75% cobalt and 261 g/t silver.
For $1 million and 5 million common shares, Quantum Cobalt was granted an option to acquire 100% of the property in November 2017. By December, the company had completed a first pass of exploration consisting of prospecting, mapping and sampling. The work was focused on the Staples vein, which had historical production of 5,525 lb. of cobalt, 3,520 lb. of nickel and about 42,640 oz. of silver.
Also in Quantum Cobalt’s portfolio are the Kahuna and Rabbit cobalt-silver properties, near Silver Centre.
Kahuna, located 37 km south of the town of Cobalt, was mined in the 1920s, and sampling in the 1960s produced 5 tonnes of material grading 22% cobalt. Quantum Cobalt sent a crew to prospect, map and sample the property late last year. Samples from a historic rock pile assayed 10.59% and 2.22% cobalt.
The Rabbit property, 55 km south of Cobalt, is in the early stages of examination. Quantum Cobalt has taken rock and soil samples, the soil samples testing as high as 319.9 ppm cobalt and 0.31 g/t gold. Follow-up is planned.