A map of ePower Metals’ Magenta cobalt project in Mexico. Credit: ePower Metals
Junior ePower Metals has announced it has entered into a definitive agreement to buy Exploracion Auramex S.A. de C.V. and its Magenta cobalt project from Bowering Projects.
The Magenta project is located in Sinaloa, northwestern Mexico, and consists of five claims totalling 22.7 sq. km. The claims are on privately owned ranch land and four of them are in good standing while one, the Magenta #2, is under appeal of cancellation.
None of the claims, however, are subject to royalties.
According to ePower, Magenta hosts numerous high-grade cobalt/gold/silver/nickel vein and skarn style deposits. The miner reports that the La Prieta showing has seen the most development with two adits and one trench and several drill holes.
The company says that historic sampling by Nordic Gold at La Prieta returned results of 5.54% cobalt, 5.8 oz/T gold, and 6.5 oz/T silver, over 0.6 metre in Zone #1; and 3.27% cobalt, 0.26 oz/T gold, and 1.7 oz/T silver, over 0.5 metre in Zone #2. Cobalt mineralization was traced for 325 metres along strike of Zone #1.
ePower Metals also conducted sampling in Zone 2 and obtained results of 0.39% cobalt, 0.42 oz/T gold, 2 oz/T silver and 0.36% nickel, over 1.6 metres and 4.52% cobalt, 1.49 oz/T gold, 6.08 oz/T silver and 2.8% nickel in a grab sample in a different horizon.
In a release, the company said the mineralized system is quite extensive, but poorly understood. Management believes there is great potential for expansion and definition of a meaningful cobalt/precious metals resource.
This story first appeared on www.MINING.com.