SmallCapPower | January 17, 2018: Power Americas Minerals Corp. (TSXV:PAM) on January 16, 2018, announced drill results from the first seven-hole program (161m) from Kittson in the Cobalt camp. Since the holes were drilled with an ultralight rig from surface, the results should be considered as a precursor to the Company's upcoming 2,000m drill program planned for late January. The fall program targeted mineralization at the historic Shakt-Davis mine, over a strike length of 55m and to a maximum depth of 30m.
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Five holes hit cobalt mineralization. Highlights include 1.62% Co over 0.3m and 0.46% over 1.5m. The results are very positive given the small amount of drilling (161m), as it confirms near-surface cobalt mineralization and grades that are in-line with its peers. Importantly, the results justify a follow-up program to test at depth below the historic working. Of note, most cobalt explorers in the area are generally investigating narrow silver-rich, lower cobalt vein-hosted mineralization with limited strike extent, whereas PAM is targeting cobalt-rich, lower silver mineralization hosted within an extensive fracture zone, which differentiates the Company from its peers.
Cobalt, Ontario is heating up! Who are the other players in the area? As shown below, demand for battery metals has reinvigorated the Cobalt camp, and many explorers are emerging. All the companies outlined below are early stage, averaging ~$20M in market cap (ex-outliers), and are generally a long way off from generating an initial resource. Most have small ongoing drill or work programs, for the exception of First Cobalt and Brixton Metals, who have more extensive programs planned in 2018. As a result, this gives first mover advantage to any of these companies to discover reasonable evidence of an economic resource. Of note, most near-surface drill results in the Cobalt Camp average around 0.6% Co over less than 1m intervals, and, in most cases, reports of historic cobalt assays are of significantly higher grades.
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