Kuya Silver to acquire properties in Cobalt Silver District
Kuya Silver Corporation has initiated a letter of intent with First Cobalt Corp. to Acquire Cobalt District Properties.
Kuya is also is pleased to announce that it has entered into an LOI with First Cobalt Corp. to purchase a portion of its silver mineral exploration assets, the "Kerr Assets", in the Cobalt camp, located in Northeastern Ontario, and form a joint venture on the balance of its silver mineral assets in the camp. The transaction will allow Kuya access to explore the largest package of properties in the Cobalt camp representing more than 10,000 ha, while focusing in the near-term on the most advanced portion of the property package, where Kuya believes there is the best potential to discover and develop a silver mine.
"Whenever an opportunity like getting into a world class district such as the Cobalt camp comes along, one has to ask themselves if there is something new to try that will lead to significant discovery," commented Quinton Hennigh, Chairman of Kuya. "After careful review of historic data, we clearly see considerable opportunity to make a new discovery at Cobalt. This camp has long suffered from fragmented, myopic exploration campaigns. We plan to change that by undertaking holistic, property wide data-gathering and drill targeting. It is a delight to take control over what is one of the highest grade silver districts on earth on the cusp of a major bull market in silver."
Kerr Assets
The Kerr Assets include eight historic silver mines on a contiguous 900-hectare area: Crown Reserve, Kerr Lake, Lawson, Drummond, Conisil, Hargrave, Silver Leaf and Bailey. These mines produced over 50 million ounces of silver and 900,000 pounds of cobalt, mainly between 1905 to 1950. The deepest shaft was less than 200 metres. Also included in the Kerr Assets is the nearby Silverfields property, which was mined by Teck until 1989 to a depth of 300 metres, producing over 17 million ounces of silver, demonstrating the depth potential to some mineralized systems.
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