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Be the first with the news that moves the market - Recharge Resources (RR) is acquiring a majority interest in the Kagoot Brook cobalt-nickel Project
- The 4,233-hectare project area is located in the Bathurst mining camp in New Brunswick
- The company has signed an option agreement with West Mining to acquire up to a 75-per-cent interest in the property
- The cash and stock deal is worth more than C$700,000
- Recharge Resources is down 5.88 per cent, trading at $0.16 at 11:26 am ET
Recharge Resources (RR) is acquiring a majority interest in the Kagoot Brook cobalt-nickel Project.
The 4,233-hectare project area is located in the Bathurst mining camp in New Brunswick.
The Vancouver-based mineral exploration company has signed an option agreement with West Mining to acquire up to a 75-per-cent interest in the property.
Historical work on the Kagoot Brook property was largely driven by the results of a 1981 geological stream and spring sediment survey. The results of the survey returned significantly elevated and anomalous cobalt in silts from both tributaries with values varying from 63 parts per million (ppm) to 1,316 ppm Cobalt. The results of the survey spurred multiple, multi-faceted exploration campaigns through the 1980s and 1990s.
Recharge may acquire the 75-per-cent interest in the project, subject to an underlying 2-per-cent Net Smelter Return (NSR) royalty. The cash and stock deal is worth more than C$700,000.
"Recharge is focused on identifying domestic sources of battery tetals and this Kagoot Brook property adds yet another highly prospective asset to our growing portfolio that includes nickel, lithium and cobalt assets in established mining jurisdictions," said Recharge CEO and Director, Yari Nieken.
Recharge Resources remains focused on exploring and developing the production of high-value battery metals to meet the demands of the advancing electric vehicle and fuel cell market.
Recharge Resources is down 5.88 per cent, trading at $0.16 at 11:26 am ET.