Cobalt and copper play Langford gains 27pc on Nevada mining claims
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Copper and cobalt play Langford Resources has expanded its landholding in the mineral-rich US state of Nevada — including the historic Columbia mine which has been idle since 1928.
Langford, formerly known as Ram Resources, is acquiring privately-held Liaz which has recently leased six mining claims covering 120 acres of land in the under-explored Goodsprings district of Nevada.
The stock (ASX:LFR) received some late-buying on Monday, closing 27 per cent higher to finish the day at 11c, capitalising the company at $30 million. Over the past month, its shares have gained about 267 per cent.
Liaz has the right to explore and mine minerals including cobalt and copper over the mining claims which cover the Columbia copper and cobalt mine.
Shallow mining took place at the mine between 1880 and 1928.
During that time, three parcels of cobalt ore were mined and sold, with grading at 29.18 per cent, 13.42 per cent and 5.13 per cent cobalt. The average grade of copper ore mined was 12.8 per cent copper.
Historic workings at Columbia extend over more than 500 metres. There is no evidence of any mining or modern exploration since 1928.
A program of systematic soil sampling and ground geophysics surveying will begin in the near-term over the Columbia mine and Liaz’s adjoining project area.
Langford says the leases provide an excellent opportunity to apply modern exploration techniques for the first time.
The leases add to the ground that Langford was originally going to acquire at Goodsprings as part of its purchase of Liaz. The acquisition will also see Langford acquire the Colson copper-cobalt project in Idaho.
A meeting of shareholders has been scheduled for October 27 to approve the Liaz acquisition.