Greatland Gold plc (LON:GGP) has made application for licences covering a large cobalt exploration property in the Pilbara Region of northern Western Australia.
This ground covers a total of 130 square kilometres, in an area that Greatland considers to be highly prospective for cobalt, and has dubbed the Panorama project.
Panorama is situated approximately 200 kilometres south east of Port Hedland and occupies a dominant and strategic position across what is potentially the largest coherent cobalt-in-streams anomaly in Western Australia.
WATCH: Greatland Gold's Gervaise Heddle 'very excited' by new Panorama Cobalt project
That conclusion is based on data gathered from stream sediment sampling done by Anglo American PLC (LON:AAL) in the early 1970s. This outlined a 25 kilometre long by 10 kilometre wide area that is highly anomalous for cobalt.
Very little exploration work on the project has been carried out since;
In September 2016, the CRU Group estimated that demand for cobalt will grow at an average rate of 5% per annum for the next 10 years.
Cobalt prices have surged for 24 straight weeks, having surged by 150% as technology giants have been battling for the limited supply.
#Cobalt Frenzy, Prices Surge 150% Tech Giants Battle For Supply https://t.co/E5gtJZlIRp early investors are eyeing as a massive opportunity. pic.twitter.com/SwAWJmAQZh
— Share_Talk (@Share_Talk) 5 June 2017
"We believe that the Panorama cobalt project is highly prospective for a large, near surface deposit in an area that has been almost completely ignored by mineral explorers for cobalt for the past forty years,” said Greatland chief executive Gervaise Heddle.
“I would like to offer my sincere thanks to Greatland's technical team for their excellent work in identifying, what we believe, could be a considerable opportunity."
In late morning trading, Greatland shares were over 10%, or 0.07p higher at 0.75p.
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