Abandoned Silver Mines in Ontario Could Boom Again as Demand for Cobalt Rises

In northern Ontario, there is a former mining town called Cobalt. During the 1920 and 1930s, this small town on the shores of Lake Timiskaming experienced a silver mining boom and became an economic hub in Ontario. Since the 1980s, the town has not seen an operating mine, but veteran miners that worked in the mines when they were open remember seeing cobalt down in the mines along with the silver. Featured in an article on the region, Canada Cobalt Works (TSXV:CCW) President and CEO Frank Basa believes that the potential for finding cobalt in the area is huge.

“Everything in here runs cobalt,” said Basa. “What they did was they just took the high grade silver and left all the cobalt behind. Nobody wanted cobalt you see.”

Cobalt’s popularity has been on the rise as it is a key component in electric batteries, which fuels our phones and our cars. Currently, the Democratic Republic of Congo (DRC) in West Africa mines most of the world’s supply of the metal. However, mining in the DRC has raised concerns surrounding human rights abuses, child labor and environmental issues, making many end-users look elsewhere for ethically-source cobalt.

This has sparked companies like Canada Cobalt Works and First Cobalt Corp. (TSXV:FCC, OTCQX:FTSSF, ASX:FCC) to look for cobalt in Cobalt, Ontario. Whether they find it in the right amount and concentration is a question that will be answered over time, but Basa remains optimistic. The town was named Cobalt for a reason.

To view the full article, click here.

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Source: www.cbc.ca