The world’s transition to renewable energy is creating immense demand for the energy metals that make up batteries: cobalt, lithium, and graphite. Cobalt Power Group entered the cobalt sector aiming to become an industry leader in the exploration and development of North American cobalt assets. We have acquired, and continue to consolidate, a significant land package in the “Cobalt Camp” near Cobalt, Ontario – a prolific mining region known for its robust polymetallic silver-cobalt veins.
In the past, cobalt content extracted in the region was neglected because silver was the primary target. Now, new demand for cobalt is driving a significant and sustainable commodity price upswing. Our plans are to resuscitate the historical mines found on our properties and eventually commence cobalt production. The mined silver, a commodity also showing growth in the past year, becomes a credit.
Cobalt Power is one of the most advanced-stage cobalt exploration companies currently operating in the Cobalt Camp. Preliminary exploration included surface sampling and an airborne magnetic survey, followed by an induced polarization geophysical survey. Our phase one drilling campaign consisted of target identification and a 9-hole surface drilling program focused around the old shaft area of our Smith Cobalt asset. The phase two 16-hole drilling program was completed in late 2017 and added significantly to our geological knowledge of the area. Our aims are to advance the Smith Cobalt project by increasing our knowledge of the geological continuity and mineral content, establishing an NI 43-101 compliant resource, converting the resources to reserves, and, eventually, mining the cobalt- and silver-rich veins.
As well, we have formed a strategic alliance with Hochschild Mining, a well-established South American mining house which trades on the London Stock Exchange and has a market capitalization of over $2 billion CDN. Their expertise in steeply-dipping veins, similar to those found in the Cobalt Camp, and the metallurgical extraction of precious metals, will be invaluable.
Our company has assembled a dedicated team of highly qualified geological, technical, and financial personnel with decades of combined hands-on experience. As we move ahead with our vision to become a world-class cobalt mining company, we thank the Cobalt Power Group team for their continued efforts, hard work, and dedication.