Greatland Gold to enter new market with Cobalt Project
Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce it has made application for licences covering a large cobalt exploration property in the Pilbara Region of northern Western Australia.
• Greatland has applied for two adjoining exploration licences, covering 130 square kilometres, in an area that Greatland considers to be highly prospective for cobalt (the “Panorama Cobalt Project”);
• The Panorama Cobalt Project, located approximately 200 kilometres south east of Port Hedland, occupies a dominant and strategic position across what is potentially the largest coherent cobalt in streams anomaly in Western Australia;
• Stream sediment sampling data gathered by Anglo American Corporation in the early 1970s outlined a 25 kilometre long by 10 kilometre wide area of highly anomalous cobalt, but very little exploration work on the project has been carried out since;
• Greatland will provide further updates to investors as targets are refined and field operations commence.
Strong future growth in the demand for electric cars, renewable energy storage and portable devices such as smart phones and laptops could lead to a dramatic acceleration in the global demand for cobalt. In September 2016, the CRU Group, a commodities research and consultancy firm, estimated that global consumption for refined cobalt is set to reach 100,000 tonnes in 2017 and that demand for cobalt will grow at an average rate of 5% per annum for the next 10 years.