The property “has the potential to host significant cobalt-copper deposits,” said chief executive Alex Stanbury
Technology Minerals PLC, a battery metals recycling and exploration company, said it exercised an option to acquire the Blackbird Creek Property in the US from DG Resource Management Ltd (DGRM).
“We are pleased to complete the acquisition of the Blackbird Creek Property, a project covering 1,285 ha [hectares] that sits in the Idaho Cobalt Belt and has the potential to host significant cobalt-copper deposits,” said chief executive Alex Stanbury.
Blackbird Creek is located immediately southeast of Jervois Mining Ltd (ASX:JRV)’s Idaho Cobalt Operations, which are expected to be operational this year and will be the first primary cobalt mine in the US for decades.
Technology Minerals will pay C$800,000 (£472,000) via the issue of 21 million new shares, in addition to a cash payment of C$100,000 made last year.
Canada-based DGRM will retain the rights to a 2% net smelter royalty (NSR). Techmin Ltd, a wholly owned subsidiary of Technology Minerals and the company acquiring Blackbird Creek, has retained the option to buy back 1% of the NSR from DGRM for C$1.5mln.
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