Canada Silver Cobalt Works (CVE:CCW) (OTCQB:CCWOF) struck a deal with MagNor Resources on Friday to earn 100% interest in the latter’s B2 property in Quebec.
B2 consists of 12 claims totaling 670 hectares in the Lac-St-Jean region of Quebec. Mineralization is traceable along strike over one kilometre and open in all directions, according to CCW.
Samples taken from the property were assayed and returned results showing massive nickel-copper-cobalt mineralization, with grades of up to 1.1% nickel, 0.6% copper and 0.2% cobalt.
"With the increasing demand of lithium ion batteries for electric vehicles, optioning this property fits well within the company's battery metal development program," Frank Basa, CCW’s CEO said in a statement.
Basa added that the firm has mobilized a geological team to explore the high-grade near-surface mineralization on the site.
Under the agreement, valued at C$187,500, CCW will make a payment, either in cash or CCW shares, to MagNor of C$62,500 upon closing, with an additional $62,500 due on the two- and three-year anniversary of signing. CCW must also spend an aggregate of $100,000 on exploration at B2 within three years of signing the agreement.
CCW’s flagship asset is the Castle Silver property in Ontario, where four new mineralized veins were recently identified at Robinson in just the first 9,000 metres of a 50,000-metre drill program.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas