Vancouver – A “micro-bulk” sampling program on Liberty Mineral Exploration’s (LBE-V) McAra Lake cobalt project, located almost midway between Sudbury and Timmins in northeastern Ontario, has returned significant cobalt values.
The company completed a program of surface stripping and trenching to expose the mineralized vein system and extracted 362 kgs of material over a length of 12 metres. The average grade of the blended, representative samples was 10.18% cobalt, 1.14% nickel and 19 grams silver per tonne.
The sampling focused on both massive and brecciated sections of cobaltite in a quartz vein system that sits along the contact of two mafic flows. The high-grade vein system showed widths of up to 0.3 metre with some mineralization extending along fractures about 0.2 metre outward from the vein.
Recent drilling on the project has traced the steep southerly dipping vein system over at least 200 metres of strike length. Mineralization is similar to the high grade silver-veins of the nearby Cobalt silver-camp, although in this instance, the cobalt to silver ratio is extremely high.
Liberty Minerals is working on the calculation of a NI-43-101 compliant resource estimate for the project and has been evaluating supply contracts and possible off-take partners for the direct shipping of cobalt ore.
Cobalt prices are presently in the range of US$22-24 per pound, giving a preliminary value of almost US$5,000 per tonne to the mineralized vein material sampled in this program, albeit further work is required to confirm grade consistency throughout the system.
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