Golden Deeps moves into historic Canadian cobalt district
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The pull of Canada’s historic “Cobalt Camp” is strong, with another junior ASX-listed explorer being lured to the area.
Golden Deeps (ASX:GED), a Namibia-focused base metals explorer, has picked up a 70 per cent stake in two projects called “Professor” and “Waldman”.
The projects are located in Ontario’s Cobalt Camp – the site of a silver rush that started in the early 1900s.
The area had been largely forgotten for more than half a century and only seen limited exploration since the 1980s.
The region originally witnessed a silver mining rush, but in more recent times the electric vehicle revolution has sparked an increase in exploration for cobalt, which is often found with other minerals such as silver, copper and nickel.
Historically, the Cobalt Camp produced over 50 million pounds of cobalt and 600 million ounces of silver over 60 years.
Golden Deeps now owns a 70 per cent stake in the Professor and Waldman projects after handing over $C240,000 in cash and 10 million shares to seller New Found Gold.
The company can take full ownership of the projects by paying a further $C60,000 and issuing another 1.2 million shares.
Golden Deeps has now submitted applications to the Ontario government to begin field work on both projects.