Quantum Cobalt Closes Acquisition of Past Producing Nipissing Lorrain Mine Project in Canada.
M2 EQUITYBITES-December 1, 2017-Quantum Cobalt Closes Acquisition of Past Producing Nipissing Lorrain Mine Project in Canada
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1 December 2017 - Canadian mineral resource explorer Quantum Cobalt Corp. (CSE: QBOT) (OTC: BRVVF) FRA:23B) has closed the acquisition of 100% of the Nipissing Lorrain Cobalt Project located 26km South East of Cobalt, Ontario, the company said.
This deal was announced in November.
The property consists of two separate claims and is adjacent to First Cobalt's 'Silver Centre' claims. Six separate underground workings have been historically mined for Cobalt-Silver-Nickel.
Quantum said the Nipissing Lorrain Mine Cobalt property is located 26km southeast of the town of Cobalt near the eastern border of Ontario.
Cobalt is the epicentre of past Cobalt mining in Ontario. The district is mining friendly, with a rich history of cobalt and silver production.
The property consists of 29 claim units for approximately 464 Hectares. The property is accessible by road, 26km from Cobalt.
Sporadic mining and exploration has continued on the property since 1925.
The first shafts were sunk into the Staples vein in 1925 by Nipissing Mining Co. Ltd. Underground mining continued until 1940 with numerous shafts and up to five different mining levels developed. Total production is reported as 2507kg Co, 1597kg Ni and 10,886kg Ag from 122 tons.
From 1961 until 1967 further exploration, sampling and geophysics programs were completed. Since then, bulk sampling has been completed on the Staples Vein waste pile in 1982 and 1994.
Quantum has the option to acquire 100% of the Nipissing Lorrain Cobalt Project in a cash and share exchange agreement. The deal calls for payment for an aggregate amount of CDN 1m (USD .79m).
The property is subject to a 2.0-per-cent net-smelter-return royalty from the original vendors. The company has the option at any time to purchase 50% per cent of the royalty for payment of CDN 1m.
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