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Primary Energy Metals Inc.

Primary Cobalt and Exco Mining release grab sample results from Spanish project; shares boosted

The company said results from the sampling program will assist it in identifying target areas for drill program

rock sample
The company said results from the Buran project showed high molybdenum levels

Shares of Primary Cobalt Corp (CNSX:PRIM) were up 20.0% on Monday after the junior explorer alongside Exco Mining (Spain) announced sampling results from two of its projects in Spain. 

The grab samples, completed in May 2018, were taken from the cobalt, copper, silver, lead, nickel and manganese projects inside one of the galleries at its Buran project in Almeria and from the waste dumps of old cobalt mines at its Beatriz project in Granada province in southern Spain.

"The analytical results from this sampling program will assist us in identifying potential target areas for core drilling during our exploration program," said Pat Morris, president of Primary.

"The unexpected high contents in other important elements are very encouraging and speak to the potential upside in our search for these critical energy metals."

READ: Primary Cobalt Corp is building a significant exploration portfolio in Spain and British Columbia

At the Buran project, the company said although it was not possible to get access to the cobalt-rich samples in the old galleries, it were found very interesting mineralizations with high molybdenum contents and overall a massive dike that showed 968 parts per million (ppm) (0.0968%) of silver content of 1%/kg per ton, 1.5% copper and 20% lead.

At the Beatriz project, high cobalt samples were recorded (including 3950ppm, 3850ppm and 6040ppm cobalt in three samples), alongside finds in nickel and copper. 

The company said concentrations of primary cobalt minerals are important and it will continue to further explore to determine to their regional extension.

Shares of Primary Cobalt were at C$0.06, up 20.0% on Monday afternoon. 

Quick facts: Primary Energy Metals Inc.

Price: $0.40

Market: CSE
Market Cap: $9.33 m
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