Northern Cobalt has announced that all the conditions precedent to the acquisition of nine tenements in the Arunta region in the Northern Territory have now been met and Ministerial approval has been granted to transfer 100% interest in the tenements to Northern Cobalt.
Managing Director Michael Schwarz said these new hard rock lithium targets in central Australia are also prospective for other strategic metals used in electric vehicles such as the permanent magnets in electric motors and wind generators; typically, lithium-caesium-tantalum pegmatites and associated rare earth elements and niobium can be found in the project area.
“Ultramafic copper-cobalt (Cu-Co) mineralisation has also been identified in the region which further enhances the attractiveness of this prospective package as cobalt is the company’s number one target commodity.”
The Company will be pursuing mapping, soils, and rock chipping to work up drill targets over the coming months complementary to the advanced Wollogorang Cobalt Project further to the north.
“It aligns with our company strategy to pursue commodities essential to the renewable future,” Mr Schwarz said.