Technology Minerals shares were up 8.7% to 3.1p in late morning trading on Friday, following the company’s reported sale of an initial 10% interest in its registered claims in the group’s wholly-owned US copper-cobalt projects.
The battery metals firm said the interest in its Blackbird Creek Project and Empirium Project in Lemhi Country, Idaho had been sold to Canadian precious metals firm BlueBird Metals for a cash consideration of £900,000.
The Blackbird Creek operation is set within the 60km Idaho Cobalt Belt, which is categorised by stratiform/tabular copper-cobalt deposits, and is hosted in the Mesoproterozoic Belt Supergroup juxtaposed between later Proterozoic quartz monzonitic intrusions.
The group’s Emperium Project covers an estimated 55km in east-central Idaho and represents one of the largest land positions in the Idaho Cobalt Belt.
Technology Minerals confirmed that the sale agreement further included a proposed option for Bluebird Metals to acquire an additional 20% interest in the two projects for another cash consideration of £1.8 million.
The company mentioned that the option would be exercisable within a six-month period from the date of signature on the detailed Purchase Agreement linked to the proposed sale.
“We are delighted to complete the sale of a minority interest in our US cobalt/copper assets which is a strong endorsement of the potential of the Blackbird Creek and Emperium Projects,” said Technology Minerals CEO Alex Stanbury.
“The agreement validates our strategy of advancing our junior mining assets up the value curve to attract partners and unlock significant potential value that can be added to the Company’s portfolio.”
