Yes, it is a sulphide deposit.
The Canadian projects in this area that I am familiar with seem to be generally high grade lenses associated with very high grade veins; unfortunately, finding the lenses can be difficult. This appears to be the same sort of thing - fracture-hosted lenses. On the plus side if you do hit a decently-sized one then it's party time.
This seems to be backed-up by the article I've linked at the end. There's actually 5 lenses (I assume, but am not sure if all of them will end up in the JV), and the total historic estimate is:
• Proven reserves total 140,031 tonnes of 0.47% cobalt, 0.26% copper and 0.008 oz/t gold.
• Probable reserves total 40,829 tonnes of 0.25% cobalt, 0.43% copper and 0.030 oz/t gold. • Indicated resources total 51,456 tonnes of 0.13% cobalt, 0.20% copper and 0.003 oz/t gold. • Inferred resources total 869,378 tonnes of 0.29% cobalt, 0.28% copper and 0.011 oz/y gold.
There's also nickel and PGEs, but the numbers are a bit confusing.
If you want to learn a lot more:
http://cms.spincaster.com/siteFiles/69/projects/1/wl-technical-report-amendedjune23.2011.pdf
I'd provide more notes, but I'm lazy and I haven't finished reading it myself.
