On February 27th, 2017 the Company announced the signing of an option agreement with Battery Mineral Resources Ltd. whereby Battery will have the right to earn an 80-per-cent interest on the Roy cobalt property.
The Roy Mine cobalt-silver property, located about 11 kilometres northwest of Elk Lake, Ontario, is a former producer of silver, cobalt and copper with mineralization contained in north-trending calcite veins. It was discovered in 1912, and past development included three vertical shafts and underground and surface diamond drilling.
More recent works uncovered a vein about 210 metres north of the shaft. Fifty-five samples taken along this vein averaged 0.7 ounce per ton silver (24.0 g/t Ag), 1.64 per cent Co, 3.22 per cent Cu and 0.16 per cent nickel. Best values obtained were 4.7 ounces per ton Ag (161.1 g/t Ag), 7.4 per cent Co, 14.02 per cent Cu and 0.55 per cent Ni. Also, a grab sample of the vein, collected near the shaft and to the south, assayed up to 6.80 ounces per ton Ag (233 g/t Ag), 1.96 per cent Co, 13.6 per cent Cu and 1,510 parts per million Ni.