Pacifico embarks on cobalt foray in South Australia; shares gain 10pc
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Pacifico Minerals has acquire three exploration licences in South Australia as they add a “green” element to their portfolio.
Investors liked the news, pushing the share price up 10 per cent to 1c in Wednesday morning trade.
The explorer (ASX:PMY) will be looking for cobalt, manganese and copper.
“With the green movement in full swing Pacifico has for some time been looking to increase exposure within its portfolio to the fast-growing battery minerals industry,” Pacifico said.
It said the Cudmore prospect in one licence contains cobalt and copper mineralisation, while another held a historical manganese mine.
“None of the three licence application areas appear to have been the focus of any significant cobalt-focused exploration,” the company said.
Pacifico expects to complete a detailed review of previous exploration data by mid-April.