Equator Resources acquires Silverfields silver-cobalt project
Equator Resources (ASX:EQU) seems to be joining the cobalt rush, as the company acquired the past-producing Silverfields silver-cobalt mine in Ontario’s Cobalt region. This mine was previously owned by Teck Corporation (TECK.TO, TECK) and produced almost 20 million ounces of silver from less than 1.5 million tonnes of ore.
What’s interesting — but not unique in that camp — was the fact that even though cobalt was produced as a by-product, the previous operator didn’t receive any value for it. This also means the entire region hasn’t really been explored with a specific focus on cobalt, as the metal was only used as some sort of ‘pathfinder’ element to try to trace the high-grade silver mineralization the miners were after.
Equator quoted a historical report from the Ontario Ministry of Northern Development and Mines, which said the cobalt grade was actually approximately 1%, and was widespread throughout the mine operation. It will be really interesting to see Equator’s exploration plans at the Silverfields project and see how much cobalt-bearing rock is left, and what the average grade is.
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