Tyranna acquires US Cobalt
TYRANNA Resources has inked a deal to acquire US Cobalt, owner of the Goodsprings cobalt and base metals project in Nevada, US.
The acquisition forms part of the company’s diversification strategy aiming to capitalise on the battery minerals revolution, which saw an increase in the LME price of cobalt from $US23,000/tonne to a high of $95,000/tonne.
Tyranna managing director Bruno Seneque said this was an outstanding deal for Tyranna and its shareholders.
“Historical mining results suggests that this area holds some of the highest grade Cobalt mines that can be found in the district,” Mr Seneque said.
“In the 1920s the mines in this area produced approximately 20 tonnes of cobalt rich ore from copper mining and historical grades were reported between six and 29 per cent.
“No modern mining techniques have been used here and we are confident that good exploration and mining methods will handsomely reward the company here at Goodsprings.”