Technology Minerals to Acquire Blackbird Creek Property, Idaho
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UK-based battery metals company Technology Minerals, through its subsidiary Techmin, has exercised an option to purchase Blackbird Creek Property in Lemhi County, Idaho.
The Blackbird Creek Property was acquired from by DG Resource Management (DGRM), a geological research company based in Alberta, Canada.
Under the terms of the transaction agreement, the UK company has completed a cash payment of C$100,000 ($78,016) last year.
It will also pay C$800,000 ($624,128) by issuing 21 million new ordinary shares in Technology Minerals.
DGRM retains the rights to 2 percent net smelter royalty (NSR), while Techmin holds an option to buy back 1 percent of the NSR from DGRM by paying CAD$1.5 million.
“We are pleased to complete the acquisition of the Blackbird Creek Property, a project covering 1,285 ha that sits in the Idaho Cobalt Belt and has the potential to host significant cobalt-copper deposits,” said Technology Minerals Chief Executive Officer Alex Stanbury.
“The Blackbird Creek Property forms part of our exploration strategy to advance assets up the value chain with the aim of creating additional value in the company for our shareholders,” added Stanbury.
Through the acquisition, Technology Minerals will obtain rights to 158 contiguous lode claims covering around 1,285ha area, located close to Idaho Cobalt Operations (ICO).
Operated by Jervois Mining, ICO is expected to be operational this year and will be the first primary cobalt mine in decades in the U.S.
The Blackbird Creek Property is located within the Idaho Cobalt Belt (ICB), a 60km long metallogenic district characterized by stratiform or tabular copper-cobalt deposits.
Three types of Co-Cu-Au occurrences related to Apple Creek Formation within the ICB, have been identified in the property.
The occurrences include Cobalt-copper-arsenic-rich deposits of the Blackbird Mine type, Cobalt-bearing pyrite-magnetite deposits with variable chalcopyrite and low arsenic content, and Cobalt-bearing tourmaline-cemented breccias.
Source: NS Energy
About Technology Minerals
Technology Minerals provides exploration and mining services. The company explores and develops battery metals such as cobalt, lithium, nickel, and manganese. Technology Minerals serves customers worldwide.
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