HIGHLIGHTS
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28,220 hectares in three exploration licences have now been applied for in the La Rioja Province, Argentina that adjoins the King Tut mine that was a historic producer of cobalt and gold ore and has been documented by various authors since at least 1922.
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The deposit in the adjacent King Tut mine, currently owned by a subsidiary of Lundin Group, is centred on a mineralised vein or series of veins that contain high grade cobalt – gold material with a recorded production of 60 to 80 tonnes of cobalt ore with an average grade of 1.3% Co between 1901 – 1902.
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According to Angelelli, 1984, the King Tut mine is the only known cobalt deposit in Argentina and contains grades usually ranging between 0.2% and 2.45% Co (Angelelli, 1984 p 18, 383 and other non-JORC foreign publications).
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The exploration tenements applied for by the Company (Figure 1), have never been subject to systematic exploration. Such fertile terrain in proximity to a known high grade cobalt-gold deposit is considered highly prospective. Exploration to commence immediately to define drill targets on granting of concessions.
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The Company is now working towards controlling the concessions that host the known cobalt deposit that adjoin the tenements applied for.
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