Location & Geology
The Roy Mine cobalt-silver property, located about 11 kilometres northwest of Elk Lake, Ontario, is a former producer of silver, cobalt and copper with mineralization contained in north-trending calcite veins. It was discovered in 1912, and past development included three vertical shafts and underground and surface diamond drilling.
More recent works uncovered a vein about 210 metres north of the shaft. Fifty-five samples taken along this vein averaged 0.7 ounce per ton silver (24.0 g/t Ag), 1.64 per cent Co, 3.22 per cent Cu and 0.16 per cent nickel. Best values obtained were 4.7 ounces per ton Ag (161.1 g/t Ag), 7.4 per cent Co, 14.02 per cent Cu and 0.55 per cent Ni. Also, a grab sample of the vein, collected near the shaft and to the south, assayed up to 6.80 ounces per ton Ag (233 g/t Ag), 1.96 per cent Co, 13.6 per cent Cu and 1,510 parts per million Ni.
On February 27th, 2017 the Company announced the signing of an option agreement with Battery Mineral Resources Ltd. whereby Battery will have the right to earn an 80-per-cent interest on the Roy cobalt property.