TSX-V-listed First Cobalt has elected not to complete the strategic alliance over seven cobalt exploration properties in the Democratic Republic of the Congo.

First Cobalt will focus its efforts in 2017 on the Canadian Cobalt Camp.

Previously announced mergers with Cobalt One Ltd. and CobalTech Mining Inc. will be completed later this year, resulting in a combined land position of more than 10 000 ha in the Cobalt Camp containing approximately 50 past producers and mine workings.

The high number of advanced exploration targets ready for immediate work in the Cobalt Camp greatly offsets the potential in the Democratic Republic of the Congo (DRC) properties at this time.

First Cobalt may evaluate cobalt opportunities elsewhere in the future, where the exploration project potential aligns with the company’s overall strategy to offer investors leveraged access to the growing cobalt market.

“Investors are very supportive of our vision for the Canadian Cobalt Camp and we are aligned with their desire to focus on the bulk mining potential of this district, located in the best mining jurisdiction in the world,” comments First Cobalt president and CEO, Trent Mell.

“The Canadian Cobalt Camp is emerging as one of the most prospective targets for cobalt exploration. The DRC remains very appealing geologically but the investment climate has deteriorated since the strategic alliance was announced and we have significantly expanded our footprint in Canada.”

Feature image credit: Wikimedia