Leading Edge Materials Corp. announces the staking of the Company’s first cobalt-copper project, Vena, located in central Sweden, approximately 250 km southwest of Stockholm. The project lies in the County of Orebro, and is secured by Leading Edge Material’s 350 Ha Vena nr 5 claim.
Acquisition, by staking, of the Company’s first cobalt project, Vena, located in central Sweden;
Vena is a site of extensive historic mining activity including 200 separate pits over an area of more than 2500 metres by 500 metres. The deepest workings extend to only 68 metres in depth;
Cobalt plays an essential role in lithium ion batteries for the automotive, consumer product and stationary electrify storage industries. Annual consumption of cobalt is forecast to double to 200,000 tonnes over the next decade;
Historic data will be reviewed and a program defined for advancing the project.
Blair Way, President and CEO, stated: “The Vena cobalt project provides Leading Edge Materials with a further step into the lithium ion battery raw material supply chain for the European market. We continue to work diligently to add low holding cost, strategic high quality projects to our critical materials portfolio whilst progressing our high value graphite product development.”
The Vena field is located 7 kilometres north of the Zinkgruvan mine and concentrator, one of Sweden’s most significant mining operations. The Vena mining field is a site of extensive historic mining activity including 200 separate pits over an area of more than 2500 metres by 500 metres. The deepest workings extend to 68 metres in depth. Mining of Vena cobalt and copper mineralization commenced in 1770 and continued until approximately 1870, during which time more than 500 workers are reported to have been employed on site.
Cobalt plays an essential role in lithium ion batteries for the automotive, consumer product and stationary electrify storage industries. Industry analysts at Benchmark Minerals forecast annual consumption of cobalt will double to 200,000 tonnes over the next decade due to the accelerated uptake of lithium ion batteries for the storage of low carbon energy. Approximately 50% of cobalt is presently sourced from the Democratic Republic of the Congo, with an extremely high and unsustainable social impact. Europe is investing heavily in lithium ion battery technologies, and is seeking sustainable supply of cobalt, lithium and graphite which are critical for lithium ion batteries.
Host rock to mineralization at Vena is quartz-biotite-muscovite gneiss within a broader sequence of intermediate metavolcanics and metasediments. This sequence is equivalent to the Zinkgruvan mine host. Both Zinkgruvan and Vena display large areas of potassic alteration that may be indicative of mineralization. Mapping has determined that workings are developed in several major trends, exposed discontinuously over their length to a maximum strike of 750 metres. These lines of mineralization occur as a series of en echelon, parallel or anastomosing branches throughout the field. Mapping, sampling and historic records indicate high grade copper – cobalt mineralization, with grades more than 1% copper mined from lensoidal steeply plunging shoots across the 500m wise mineralized zone. Each shoot was typically 5 to 15 metres long and 3 to 6 metres wide, whilst peripheral zones of up to 5 metres each side of the higher grade shoots of approximately 0.4% copper were left unmined.
Historic data from the Vena Cobalt project is being be compiled, which shall enable a future work program to be defined.
The qualified person for the Company’s exploration projects, Mark Saxon, Director of Leading Edge Materials, a Fellow of the Australasian Institute of Mining and Metallurgy has reviewed and verified the contents of this release.
The data from Vena is historical in nature and was compiled prior to the implementation of NI 43-101 reporting standards. The Company has not completed sufficient exploration to verify this data nor has this data been verified by a Qualified Person. The historical estimate should not be relied upon.
The TSX Venture Exchange nor its Regulation Services Provider, accept responsibility for the adequacy or accuracy of this news release.