Cobalt 27 Capital Corp has announced that it has agreed to acquire a 1.5 percent gross revenue royalty on the Flemington cobalt-scandium-nickel project located 370 km west of Sydney, Australia held under option by Australian Mines.
Cobalt 27 Capital Corp (TSXV:KBLT) has announced that it has agreed to acquire a 1.5 percent gross revenue royalty on the Flemington cobalt-scandium-nickel project located 370 km west of Sydney, Australia held under option by Australian Mines (ASX:AUZ).
As quoted in the press release, chief executive officer and chairman of Cobalt 27 Anthony Milewski said:
“Large-scale nickel cobalt deposits such as the Flemington project represent important, undeveloped sources of cobalt and nickel. With ongoing geopolitical uncertainty in the DRC, which accounts for approximately 65 percent of current global mined cobalt output, this Australian project provides development targets in a politically stable, mining-friendly jurisdiction.”
As highlighted in the press release:
Maiden cobalt mineral resource of 2.7 million tonnes at 0.101 percent of (1.010 ppm) cobalt with only 1 percent of the Flemington project area tested to date October 2017.
SRK Consultants concluded in the October 2017 maiden mineral resource estimate, that mineralization underlying the Flemington cobalt-scandium-nickel project is the direct continuation of Clean TeQ Holdings’ Sunrise project, separated only by a tenement boundary. Clean TeQ’s Sunrise project hosts one of the highest grade and largest nickel and cobalt deposits outside of Africa.
Australian Mines is fast-tracking development of the Flemington cobalt-scandium-nickel project with an updated mineral resource in 2019 and pre-feasibility study scheduled to commence thereafter; preliminary environmental impact study has been completed with final environmental impact study and mining lease application underway; water allocation has also been secured for future mining operations.