Latin Resources Ltd Claimed concessions having the historic cobalt producing mine
Claimed concessions having the historic cobalt producing mine: Latin Resources Ltd (ASX: LRS) stock surged over 16.67% on March 07, 2017 as the group reported that they working towards controlling the concessions that host the known cobalt deposit mine around Argentina. The group applied for 28,220 hectares in three exploration licenses in the La Rioja Province, Argentina that adjoins the King Tut mine. This was a historic producer of cobalt and gold ore wherein the deposit is in the adjacent King Tut mine, which is now owned by a subsidiary of Lundin Group. This mine’s gold material reported a recorded production of 60 to 80 tonnes of cobalt ore with an average grade of 1.3% Co during 1901 – 1902. Based on Angelelli, 1984, the King Tut mine is the only known cobalt deposit in Argentina and has grades in the range of 0.2% and 2.45% Co (Angelelli, 1984 p 18, 383 and other non-JORC foreign publications). The group believes that this fertile terrain could be prospective for high grade cobalt-gold deposit.
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