For 2017: continue surface exploration and plan Phase 2 diamond drill program.
Copper Prince is a block of 16 contiguous patented mining claims (260 hectares) in the Sudbury Basin, an area renowned for its world-class polymetallic sulphide ore deposits, and is owned 100% by CBLT. Since the initial acquisition in June, 2016, CBLT has staked other contiguous and non-contiguous claims in the area, including into Dryden Township. They all lie within the Huronian Gold Belt, a prolific zone of past gold producers that extends a distance of roughly 120 kilometers. Mining infrastructure, labour and knowledge are easily accessible in this mining-friendly jurisdiction.
Permitting is much simpler on patented lands.
CBLT carried out a successful drill program in November, 2016, proving continuity of gold and cobalt mineralization at the south end of the property near “Ed’s Watering Hole”, and showing elevated cobalt values above the Sudbury average. The team is eager to return to the field for further work. See the January 11, 2017 press release for details.
“Cobalt is needed to create lithium ion batteries for handheld devices, power tools, laptops, and electric vehicles. It is estimated that each Model 3 to be sold by Tesla Motors will consume 15 kg to 22 kg of cobalt per car. Tesla intends to sell 500,000 Model 3’s by 2018. The world’s largest producer of cobalt, the Congo, has seen production fall 9% in 2016, leading to a significant supply gap. We see value in Sudbury,” said CBLT CEO, Peter M. Clausi.
Exploration work on Copper Prince had been carried out by various parties since the late 1880’s. Some historic data cannot be found. CBLT found two prior NI 43-101 reports on this property prepared for third parties and filed at SEDAR, which reports summarize the historic work carried out and some of the recent results obtained. Markings and saw cuts from prior work by third parties can be found on some outcroppings, largely in the middle of the property. These results have not been verified by CBLT’s Qualified Person.
This work report was prepared for and on behalf of third parties, and not under the supervision of CBLT or its Qualified Persons. It was prepared prior to CBLT owning the underlying asset. The data may not be relevant to the reader's use and may be out of date. Additional work may be needed to verify the results or opinions set out in this report.
A notable cobaltite-in-quartz zone is described in the September, 2008 technical report as being found in the southeast claims comprising a 30-40cm wide quartz vein on the contact of the Nipissing Diabase with coarse grained cobaltite. CBLT removed overburden from this area in the summer of 2016, and revealed broader quartz veining on that contact. It was in this area that CBLT drilled in November, 2016.
One historic sample from Copper Prince, number A195883, assay by Bell White Laboratories in Haileybury, ON (October 1991), returned 3.26% Cobalt, with 14 g/t Gold. A second sample, number A195885 assayed 2.62% Cobalt (Co) and 0.88% Nickel (Ni). Both samples had traces of copper, silver and PGE.
There are three samples shown in the pictures to the left, each taken from the surface of the target property in May, 2016 by CBLT’s field team as part of its technical due diligence.
The first picture shows two slices from the same grab sample taken from a historic blasted pit.
In situ the rock appears like a skarn with carbonate (white) and tremolite- actinolite thin blades (light greenish in colour).
The samples on the left in Picture 1 shows one large (> 4cm) cobaltite crystal, compared to typical mm to micron -sized cobaltite grains in the Sudbury Ni-Cu-PGE ores. This sample was cut with a rock saw and for presentation purposes one side was sprayed with a clear-coat lacquer to darken it.
The samples on the left in Picture 1 is another slice from that same rock, showing large cm-sized cobaltite crystals. This slice is back from analysis and the results are out. Read about the results here.
Picture 2 shows smaller cobaltite crystals along the rusty rim and the distinctive pinkish erythrite coating, a secondary alteration cobalt containing mineral. CBLT management also has this sample at head office.
“Our team actively searched for a Canadian cobalt property for almost a year, as we see the looming global cobalt shortage,” said Mr. Clausi. “Cobalt is needed to create lithium ion batteries for handheld devices, power tools, laptops, and electric vehicles. It is estimated that each Model 3 to be sold by Tesla Motors will consume 15 kg to 22 kg of cobalt per car. Tesla intends to sell 500,000 Model 3’s by 2018. The world’s largest producer of cobalt, the Congo, has seen production fall 9% in 2016, leading to a significant supply gap. We see value there.”