* Indicated Mineral Resource of 79,400 Tonnes at 0.43% Co(b)
* 40,000+ m of diamond drilling previously completed – currently not able to be included in 41-101
* Mineralised zones remain open in all directions and MQR intend to aggressively explore its additional potential to expand its resource
* Total mine production was reported at 143,386 lbs of cobalt grading approximately 2.2% cobalt and 0.75 % copper (Hughes 2010a).
This news comes off the back of M&A deal announced last night with First Cobalt paying ~$CAD150m for US Cobalt - which is particularly important given the premium now being applied in current market valuations for cobalt resource feed.
Cobalt price remains extremely bullish
Please note MQR proximity not only to FCC exploration tenements (see map ) but also its location in Ontario Canada as with First Cobalt aggressive plans become the largest ethical producer of cobalt and expediate the restart of the only permitted cobalt refinery in North America - in Cobalt Camp Ontario.
With FCC (market cap $200 million)all around MQR’s Tennents and after just buying US cobalts cobalt property’s First cobalt might have another Acquisition in their sights in MQR and I’m thinking it’s going to be more than our current tiny market cap
Bring on the drilling campaign
MQR Price at posting:
45.0¢ Sentiment: Buy Disclosure: Held
