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Cobalt pricing breaking out, page-9

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    Riva Resources granted key cobalt license as shares rise

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    10:30 19 Jan 2017
    Riva Resources Ltd is trading up 40% year to date.
    http://www.*.com.au/thumbs/upload/Article/Image/2017_01/757z468_shutterstock_255801724.jpg
    Cobalt demand is currently surging with the rise of lithium-ion batteries
    Riva Resources (ASX:RIR) has been granted one of two key exploration licenses at the Tabac cobalt-gold project located in the Wiluna region of Western Australia.
    The license covers just under 50 square kilometres and contains a significant historical drill intercept of 30 metres at 0.3% cobalt and 10 metres at 0.86 g/t gold from 358 metres.
    A work program has been submitted on the new license aimed at drilling a twin hole to the historical hole amongst others.
    Drilling at the adjoining project tenements remains on track to commence in February.
    Shares in Riva are up 40% year to date at $0.024, supported by the spot cobalt price which has increased 50% year to date.

    Tabac Cobalt-Gold Project
    The project is located on the Goldfields Highway 30 kilometres west of Wiluna in mid-west Western Australia.
    10 holes were drilled between 1982 and 1984 with two holes intersecting:
    - 80 metres at 0.77% cobalt from 170 metres including 10 metres at 1.47% cobalt and 40 metres at 0.73 g/t gold from 210 metres; and
    - 30 metres at 0.3% cobalt from 358 metres including 10 metres at 0.86 g/t gold.
    The holes were drilled 7.3 kilometres apart and both holes ended in mineralisation and intersected similar down hole stratigraphy.
    Tabac is adjacent to the Paroo Station Mine and camp, currently on care and maintenance.

    Cobalt market
    Cobalt demand is currently surging with the rise of lithium-ion batteries as cobalt offers the highest energy density of the various lithium-ion battery formulas.
    Under 10% of global cobalt supplies come from primary cobalt mines that may be able to increase production in response to growing demand from the battery industry.
    The remaining 90%+ of global cobalt supplies coming from nickel and copper miners that produce cobalt as a minor by-product.
    With nickel and copper prices at multi-year lows due to decreased demand from China, increased demand for minor by-product cannot drive facilities expansion decisions.
    This means major cobalt producers cannot scale up production.


    http://www.*.com.au/companies/news/...key-cobalt-license-as-shares-rise-171840.html


    That final paragraph is quite interesting....
 
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