The battery metal may be on the nose with investors, but analysts at Roskill still expect the cobalt market will get its “fair share of headlines” in 2019.
Jervois Mining and M2 Cobalt to merge
Late yesterday, advanced cobalt explorer Jervois Mining (ASX:JRV) told investors it was pursuing a friendly takeover of Canadian listed, Africa-focused M2 Cobalt.
The merged entity will be primarily listed on the ASX, but an application for a second listing on the TSXV could “provide access to both the Australian and Canadian mining capital markets”.
Jervois is close to completing a pre-feasibility study on its Nico Young project in New South Wales which the explorer reckons will be one of Australia’s largest cobalt nickel operations — if it gets built.
M2 Cobalt own a number of early stage cobalt projects in the “safe” African jurisdiction of Uganda.
In Idaho, First Cobalt (ASX:FCC) drilling has deepened the cobalt-copper mineralisation by about 100m in the central area of its Iron Creek project resource.
The explorer says this is important for three reasons.
One: other mining companies had interpreted this area as barren, but obviously this latest drilling suggests otherwise.
Two: the drilling confirmed good continuity of mineralisation in the central portion of the resource, both at depth and between the No Name and Waite mineralised zones.
And three: cobalt hits outside of these two zones “suggest further tonnage potential” beyond the boundaries of the Iron Creek maiden resource estimate (which is currently 46.2 million pounds of cobalt and 176.2 million pounds of copper).
The First Cobalt share price – which has been absolutely punished over the past year — was up about 6 per cent to 17.5c on the news.
New World Cobalt zeros in on Idaho targets
New World Cobalt (ASX: NWC) reckons it has defined “several very strong anomalies” at its Colson cobalt‐copper project in the US from geophysical surveys completed last year.
Two of these anomalies will be targeted during the company’s next drilling program, New World Cobalt managing director Mike Haynes says.
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