Cobalt Crisis: A Green Swan Love Song
Cobalt is a key-ingredient in modern battery technology. Its high specific energy makes Li-cobalt the popular choice for smart phones, laptops and digital cameras, ongoing ethical issues raised over the supply chain have caused a supply drop in cobalt that many expect to manifest as a shortage later this year. Green Swan Capital Corp. (TSXV: GSW) (“Green Swan”) are ensuring they are prepared to deliver product from a safe and politically stable region at a time which is seen by many as a revival of North-American mining industries, as demand for ethically sourced tech-metals continue to surge.
Green Swan recently announced that it has received final assays from the 300-meter diamond drill program on its 100% owned cobalt-gold property located in Sudbury, Ontario. With this phase of exploration complete, Green Swan will submit its final documentation to receive its previously-approved Junior Exploration Assistance Program (JEAP) grant and return to advancing their promising asset.
JEAP provides grants to qualified companies and individuals of up to 33.3% of approved eligible expenses. Maximum assistance for the grassroots component is C$100,000 per project, two projects per applicant. To qualify, applicants must receive approval prior to the commencement of work. Payment is only released upon the completion of the necessary project and final approval of expenditures, reports, and maps.
The drill program was completed on schedule and on budget in the area known as Ed’s Watering Hole, where previous surface grab sampling returned up to 4.5% cobalt and 44 g/t gold. Management is no doubt pleased with the progress and have stated that they intend to return for further exploration as soon as possible.
Said Green Swan’s CEO Peter Clausi,
“Historic testing by third parties for gold, copper and nickel have been successfully carried out on other parts of this 260 hectare Property, but this is the first drill program ever conducted on this part of the Property. Our goal was to test at depth the quartz veining visible at surface for continuity of gold and cobalt throughout the system. With gold and cobalt values in every sample, the drill program achieved that goal and was a success.”
Copper Prince represents a block of 16 contiguous patented mining claims in the Sudbury Basin; well known for its sulphide ore deposits and owned 100% by Green Swan since June 2016. The property is 260 hectares, and benefits from the fact that permitting is much simpler on patented lands. The company has staked other claims that all lie within the Huronian Gold Belt, a historic gold producing area that extends roughly 120 kilometres.
Green Swan carried out a successful drill program in November 2016, proving continuity of gold and cobalt mineralisation at the south end of the property near Ed’s Watering Hole. The results also demonstrated elevated cobalt values above the Sudbury average; the most recent assays confirm the Company’s a priori suspicions that cobalt and gold were present throughout the quartz vein system.
In the present program, five holes were drilled at Ed’s Watering Hole, aligned to intersect a visible quartz vein. The quartz structure visible at surface appears to extend almost vertically down and was intersected at a deepest point of roughly 30 metres below ground. The structure currently extends at least 35 meters along the surface, but the next round of drilling is expected to expand these dimensions.