First Cobalt Corp announces that it has purchased four contiguous mining claims located in the Central Cobalt region of the Cobalt Camp in Ontario near the past producing Caswell mine.
Trent Mell, President & Chief Executive Officer, commented:
“Expansion of First Cobalt’s property into this highly prospective area increases the opportunity for regional exploration work in keeping with the Company’s intention to identify bulk cobalt mining opportunities. Cobalt Central was historically underexplored yet the Caswell mine to the east of these claims boasts one of the highest historic cobalt-to-silver ratios within the Camp making this region highly attractive for continued exploration.”
The Caswell mine was initially developed in 1910, with two shallow shafts no more than 40 metres below surface. The mine produced almost 5,000 pounds of cobalt and over 1,500 ounces of silver in 1936, for a remarkable cobalt-to-silver ratio of 3.3 lbs Co for each 1 oz Ag produced.