The remaining 50 percent interest will be granted following a payment of 0,000 within 12 months, a another 0,000 and 0,000 of expenditures on the property within 24 months, and an additional 0,000 of property expenditures within 36 months.UMR is also entitled to receive a 2 percent NSR on all project production.The results for the soil samples, announced in January 2018, ranged from 4.7 ppm to 355 ppm cobalt.
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e Power Metals Inc (TSXV: EPWR) is a resource exploration company focused on advancing a high-quality portfolio of cobalt projects, with the goal of providing cobalt to the ever-growing rechargeable battery sector.
e Power Metals’ property is located alongside the e Cobalt Ram property, which has a measured and indicated resource of 3.44 million tonnes at 0.59 percent cobalt and 0.73 percent copper.
To date, the company has conducted soil and rock sampling initiatives, and is in the process of executing further groundwork in order to determine drill targets and better understand the potential for an economic resource.
In October 2017, e Powers entered into an option agreement with UMR to earn up to 100 percent interest in the Panther Creek cobalt project.
The property includes 3,060 acres of lode mining claims and a 41.3-acre mining lease located in the proven mining jurisdiction of Idaho’s cobalt belt.
This includes company chairman, Alan Savage, who brings 50 years of capital market experience, and CEO Michael Collins, who has worked both in the mining engineering space and in advancing projects towards production with large mining entities.
The management team is also significantly invested in the company, holding 16 percent of shares.
Moving forward, e Power Metals will continue to develop its portfolio using a multi-pronged growth strategy that could include the acquisition of non-core cobalt assets; underperforming cobalt companies; bulk tonnage targets hosted in laterite; and high-grade, narrow-vein, direct-ship ore special projects.
To this effect, the company has been investigating potential opportunities in Mexico and South America, where cobalt has been underexplored.
Currently, e Power Metals is dedicated to exploring and advancing its flagship Panther Creek cobalt property, for which it has entered into an options agreement with Utah Mineral Resources LLC (UMR) for a 100 percent interest.