Canadian junior quadruples cobalt portfolio
Vancouver-based Secova Metals (TSXV: SEK) announced today that, with the acquisition of 1151640 B.C. Ltd, it has taken over 40 claims or approximately 2,186 hectares in eastern Quebec.
The claims are contained within the Muskrat, Boudrais and Peribonka-Begin cobalt projects. Half of those claims, which comprise the Muskrat Cobalt project, are located in the Riviere aux Rats area of Quebec and are adjacent to and on trend of the McNickel deposit which has 5.9Mt of indicated and an inferred resource of 0.029% cobalt (and 0.209% nickel and 0.106% copper).
In a media statement, the firm’s President, CEO and Chairman, Brad Kitchen, said that the company plans to start initial airborne mag surveys right away. The idea is to delineate targets on the new properties along with its wholly owned Cobalt Bay project where drilling results from 1957 returned 0.068% cobalt over 4.5 meters, including 1.5 meters of 0.17% cobalt. Once this initial phase is completed, detailed ground exploration programs would be carried out.
According to Kitchen, the decision to purchase the new assets was made after paying close attention to what is happening in the cobalt market. “Secova could not ignore the high-levels of interest for the cobalt metal demand due to a globally increased need for electric vehicles.[We observed that] the spot price of the metal rise from $10USD/lb to now over $35USD/lb in a matter of eight months,” he said.