Clancy gets closer to ‘world famous’ Moroccan cobalt mine; shares jump 33pc
Link copied to
Clancy Exploration has put its foot on more ground close to a “world famous” cobalt mine in Morocco.
Clancy (ASX:CLY) plans to buy a new exploration licence, recently granted by Moroccan authorities, next to the Bou Azzer cobalt mine for $US50,000 ($67,296).
Bou Azzer is one of the world’s only operating primary cobalt mines and has been in operation since the 1930s.
Clancy is chaired by the boss of Pilbara gold explorer Artemis, David Lenigas.
Clancy shares jumped 33 per cent, albeit briefly, to 0.4c just after market open before retracing their steps.
More than 50 deposits in the district have been mined over 75 years, producing some 100,000 tonnes of cobalt.
Clancy announced in April that it had signed a deal to buy three cobalt licences next to the Bou Azzer mine.
This new licence is not part of that original deal, which will be put to a shareholder vote on August 3.
“This is a jewel of a new licence in Morocco’s major cobalt producing region and gives Clancy immediate exposure to ground very close indeed to the western most shaft of the Bou Azzer cobalt mine complex,” Mr Lenigas said.
The new licence, which will be known as the “Bou Amzil Extension”, has been granted for three years until July 12, 2021.
Clancy has been contacted for comment.