Longford Resources jumps 30pc on Canadian cobalt buy
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Explorer Longford Resources (ASX:LFR) gained almost 30 per cent after expanding its cobalt footprint in Canada.
The new 10 sq km cobalt, copper and gold project in British Columbia is called Hazelton.
The site includes a historic Victoria mine that operated between 1918 and 1941 when ore grades averaged 123.4 grams of gold per tonne and 2.8 per cent cobalt.
The project also includes a mine known as Rocher Deboule which features ore grades averaging 5.9 per cent copper and 2.9 grams of gold per tonne and another mine, Highland Boy, which offers ore grades averaging 7 per cent copper and 1.8 grams of gold per tonne.
The stock touched a 52-week high of 18c on Friday, before finishing up 11 per cent at 15c.
Longford’s shares have more than quadrupled since it agreed to buy two US cobalt and copper projects in Idaho and Nevada in September.
Limited exploration has taken place at Hazelton site since mining ceased there in 1952.
Longford is earning an initial 60 per cent stake in the project from American Manganese by spending $2 million on the project over four years.
During a 60-day exclusivity period Longford will examine historic information.
Longford is well-funded to kick-off exploration with $2.5 million cash in the bank.