|Top-News of the Week:
First Cobalt merges with CobalTech and Cobalt One; becomes the leading cobalt developer
First Cobalt samples up to 9.44% Co!
A couple of days ago, First Cobalt announced that both Cobalt One Ltd. shareholders and CobalTech shareholders have overwhelmingly approved the merger with First Cobalt.
Therewith, First Cobalt went one step closer to create the largest pure play cobalt company in the world. First Cobalt now controls approximately 45% of the prospective land in the Canadian Cobalt Camp. This historic mining camp has never seen the required land consolidation to permit district-scale exploration.
Background: Ontario’s Cobalt Camp is located 500 road kilometer northwest of Toronto and can be reached within 5 hours by car over the Trans-Canada Highway and by train via Ontario Northland Railway Line. The district was the most prolific region for cobalt in the past although the focus was rather on the equally abundant silver deposits. Over a period of 60 years, especially from 1919 to 1932, 50 million pounds of cobalt and 600 million ounces of silver were produced there. Among other things the present gold major Agnico-Eagle has its origins in this district.
In the past exploration for cobalt was carried out sporadically. One reason was the declining production after World War II and the other reason was the predominant exploration for silver. The prospecting for large amounts of cobalt-bearing material never took place. Therefore, the district has a high exploration potential for cobalt especially. Combined the three companies have around 10,500 hectares as well as a significant infrastructure including a 100 tpd Mill and refinery as well as a high-grade stockpile.
News 1: Cobalt One Shareholders Overwhelmingly Approve Merger with First Cobalt
News 2: CobalTech Shareholders Approve Merger with First Cobalt
Video interview: First Cobalt: Merging 3 Cobalt Companies Into One
SRC Lithium Report (with First Cobalt): Lithium Report 2018
KazatomProm lets uranium stocks rise
After announcing a production cut of 10% at the beginning of 2017, on December, the 4th
2017, state-owned uranium producer KazatomProm announced plans for another production cut of 20% for 3 years, beginning in early 2018. In addition to Cameco’s announcement of shutting down the world’s largest uranium mine McArthur River, times of overproduction and oversupply should be over.
Leading uranium experts believe, that from 2018 on, there will be a supply deficit of 15 to 20 million pounds U3O8. In addition to that, more than 90% of long-term supply contracts between uranium producers and utilities will run out within the next two years. As KazatomProm and Cameco clearly show, uranium producers are not (longer) willing to sell their resources for current uranium spot prices of 20 to 25US$. One can imagine, that from now on, more and more utilities will push for renewing the current contracts. Therewith, at the latest from mid-2018 on, a bunch of new contracts will and has to be negotiated, which should positively affect the uranium spot price.
The fact, that there are currently 57 new reactors under construction, in combination with the fact, that no new big mines will start production within the next 5 years (besides the Husab Mine in Namibia, which is currently in the ramp-up-phase) adumbrates that there will be a growing supply deficit at least until 2025.
The most important fact is, that ultimately the large uranium producers agree about the current situation at the uranium market. Good for uranium stocks like Uranium Energy, Fission Uranium and Energy Fuels, which should benefit from the looming supply deficit scenario. A first step into the right direction has been shown last Monday.
Uranium Report: https://www.resource-capital.ch/en/reports.html
Ascendant Resources with net income in Q3
Sibanye-Stillwater becomes strategic partner of DRDGOLD
Uranium Energy heavily expands Burke Hollow resource
US Gold Corp.: Buy-rating by Roth Capital Partners
Maple Gold Mines provides exploration update
Rye Patch Gold hits bull’s eye at Florida Canyon!
A couple of days ago, Rye Patch Gold reported results of scout drilling of the sulfide zone at the Company’s flagship Florida Canyon mine in Nevada.
Highlights of sulfide scout drill holes were:
Endeavour Silver hits bull’s eye at Calicanto!
- Drill hole FCR-17-016 contained two gold zones including 70.1 meters grading 2.94 grams per ton (g/t) gold and 56.4 meters grading 2.60 g/t gold;
- FCR-17-015 contained three gold zones including 35.1 meters grading 2.08 g/t gold, 57.9 meters grading 1.30 g/t gold, and 15.2 grading 1.08 g/t gold.
TerraX Minerals reports top-class sample-results
And one’s more top-class drill-results: Endeavour Silver recently announced, that exploration drilling on the Calicanto property in Zacatecas State, Mexico has discovered high grade silver-gold mineralization assaying up to 2,043 grams per ton (gpt) silver and 13.2 gpt gold over 2.8 m true width within the Calicanto and Misie vein systems.
Twenty-nine drill holes totaling 7,207 meters (m) of core were drilled to test the subparallel Misie-Karla-Karla HW veins, along which there are a few small historic diggings over a 1000 m strike length on the property, and the Calicanto vein, which saw historic underground mining accessed by several old shafts over an 800-m strike length on the property.
Drilling highlights include 2,043 gpt silver and 13.2 gpt gold (2,967 gpt silver equivalent (AgEq)) over a 2.8 m true width (86.5 oz per ton (opT) AgEq over 9.2 feet (ft)) in hole CLT-15 within the Calicanto vein. Another high-grade intercept assayed 932 gpt silver and 1.26 gpt gold (1,020 gpt AgEq) over a 2.7 m true width (29.7 opT AgEq over 8.9 ft) in hole CLT-20 within the Misie vein.
TerraX Minerals recently announced high-grade surface sampling results from the Homer Lake Gold structure on their Northbelt property, one of 8 new high-grade target areas identified on the Yellowknife City Gold Project during field work this summer.
A total of 567 samples have been taken in the Homer Lake area, including 217 channel and chip samples. Individual highlights from outcrop samples include:
- Up to 25.5 g/t Au, with 60 samples greater than 1.00 g/t Au
- Up to 529 g/t Ag, with 28 samples greater than 100 g/t Ag
- Up to 21.00% Pb, with 42 samples greater than 3% Pb
- Up to 13.65% Zn, with 24 samples greater than 3% Zn
- Up to 1.50% Cu, with 23 samples greater than 0.10% Cu
Channel sampling was carried out in mafic volcanics, felsic volcanics, and in granitic rocks. Best results included:
- 3.00 meters @ 2.00 g/t Au, 44 g/t Ag, 1.99% Pb, and 7.94% Zinc in felsic volcanic
- 3.00 meters @ 0.88 g/t Au, 90 g/t Ag, 4.55% Pb, and 2.22% Zinc in felsic volcanic
- 6.95 meters @ 0.11 g/t Au, 16 g/t Ag, 1.12% Pb, and 0.55% Zinc in mafic volcanic
- 5.70 meters @ 1.00 g/t Au, 7 g/t Ag in granitic intrusion.
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