The Assets comprise both patented and unpatented claims which are 100% owned by Ophiolite. These cobalt projects are in 3 main areas located in the Cobalt town region of Ontario, Canada. The 3 existing project areas are as follow:
Cobalt Town Claims – 5,437 acres
Lorrain Valley Cobalt Claims – 4,257 acres
Silver Centre Cobalt Claims (South Lorrain) – 3,776 acres
Historical sampling from the Cobalt Camp project areas has reported Co grades of up to 12.3%, with high grade cobalt present in cobaltite, erythrite (“Cobalt Bloom”), nickel-cobalt arsenides (assays indicate Ni grades of up to 3.74%) as well as the more common silver-cobalt arsenides. (source: Prospecting Report 1998 2.19051 “MNDM”)
The Cobalt area is an established Tier-1 mining district, with extensive road, rail and port infrastructure, able to target future production to key North American, and export markets. The district is a proven mining region with over 600Moz Ag and 45Mlbs of Co production from previous operating mines. Much of this silver was extracted in early 1900’s, with minimal focus on Co or on high grade Co regions which were typically left behind or used as a tracer to track silver.
Mineralisation in the area occurs as silver-cobalt arsenides plus other cobalt arsenides such as skutterudite, cobaltite, smaltite hosted within quartz and calcite veins. Historical sampling from some of these veins shows exceptionally high grades of cobalt (4-12%). (source: Ontario Ministry of Norther Development and Mines “MNDM”)
Within the Assets, up to 80-90% of mineralised zones is related to the Nipissing diabase, Huronian sediments and Keewatin volcanics – particularly near contact points between the diabase and the latter two rock types, which is typical regoinally. The Assets cover over 20kms of highly prospective ground along these contact points.
The Project claims include and are adjacent to former operating mines with historic silver and cobalt production. Miners in early 1900s targeted easy to access outcrop due to the lack of geophysical technology that exists today. There has been minimal modern day exploration carried out to date.
The Cobalt Camp Projects include significant exploration upside and further growth opportunities due to minimal modern exploration techniques applied, structures are relatively shallow and amenable to IP analysis and low cost shallow drilling. Former mines provide a significant database for the Company on production assets and for exploration programs to target along strike.