VANCOUVER (miningweekly.com) – Junior explorer Secova Metals enjoyed a 25% bump in its TSX-V-listed equity this week after it reported the acquisition of a numbered British Columbia company that added 40 claims or about 2 186 ha of prospective cobalt lands to its portfolio, located in eastern Quebec.
The exploration assets comprise the Muskrat, Boudrais and Peribonka-Begin cobalt projects, located in the Riviere aux Rats area of the Francophone province. It borders and is on trend of the McNickel deposit, which has a compliant indicated and inferred resource of 5.9-million tonnes grading 0.029% cobalt, as well as 0.209% nickel and 0.106% copper.
These three projects now comprise Secova's cobalt project portfolio, along with the Cobalt Bay project that is 102 km north of Secova's Eagle River project, in the Windfall Lake area of Quebec, and 209 km north-northeast of its Duvay/Chenier project, near Amos.
The company plans to immediately start initial airborne magnetic surveys to delineate targets on the new properties, along with its wholly owned Cobalt Bay project, which could then be followed up with detailed ground exploration programmes.
At Cobalt Bay, historic drilling results from 1957 returned 0.068% cobalt over 4.5 m, including 1.5 m of 0.17% cobalt.
Secova said it could not ignore the compelling fundamentals for cobalt that pushed the price from $10/lb to more than $35/lb in a matter of eight months.
"Secova's cobalt property portfolio now represents an opportunistic and strategic investment that is consistent with the company's management goals of enhancing the value of the company for our shareholders," stated president and CEO Brad Kitchen.