Data source: S&P Global Market Intelligence
23rd March 2018
Tri Origin Exploration Ltd. said March 21 that it took full control of the cobalt-prospective Bay Area property in Ontario after partner Sumitomo Metal Mining Canada Ltd. withdrew from further developing the asset given its focus on gold exploration.
The project comprises 51 staked claims in the Cobalt region and was initially acquired as part of a gold and base metals exploration alliancebetween the parties. It was briefly evaluated by the alliance in 2016 for its gold potential, but the Sumitomo Metal Mining Co. Ltd. unit decided to pull out, leaving Tri Origin with a 100% stake.
Despite Sumitomo’s move, alliance activities continue over a larger regional land position held jointly by the companies, according to the statement.
Tri Origin has compiled historic data related to cobalt occurrences on the property, which will be assessed following the winter break to plan future work programs.