Emerging European metal producer Altamin (ASX:AZI) reports its exploration licence has been renewed with an approved exploration drilling program for the Punta Corna Cobalt-Nickel-Silver (Co-Ni-Ag) Project in northern Italy.
The company says the licence area has also been expanded by 30% to extend the boundaries south and west to include mapped extensions of the mineralised veins. The licence also grants the rights to explore for cobalt (Co), nickel (Ni), copper (Cu), silver (Ag) and associated metals, and it provides the necessary permission for Altamin to commence drilling.
Drilling has been authorised for 3 main target areas within the exploration licence, and both are at the highest and lowest elevations on the licence areas to help facilitate year-round drilling.
Drill Areas 1 and 2 are at a high altitude and the company says they can be accessed in the summer months. It also notes the licence grants permission for an exploration camp to be set up at these higher altitude drilling areas.
Drill Area 3 is at the base elevation situated adjacent to a year-round paved road and focuses on a historically copper-silver rich mining area dating from the mediaeval period.
Altamin Managing Director Geraint Harris says: “The exploration licence renewal and drilling permission provides us with an exciting opportunity to progress our battery metal exploration campaign at Punta Corna. The planned drilling is designed to deliver geological data to support a future Mineral Resource Estimate (MRE).
“We are now finalising the operational details with our Italian drilling contractor for commencement during the 2023 summer season”
We are now finalising the operational details with our Italian drilling contractor for commencement during the 2023 summer season and are seeking strategically aligned financing partners for the campaign.”
Altamin states together the Punta Corna exploration licence and the Balme exploration licence comprises a total project area of over 3,700 hectares with ‘significant’ potential for further mineral discoveries.
The exploration licence for the project is renewed for a 3-year period running continuously from the exploration licence’s expiration in December 2020 until 20 December 2023, with the intervening 2 years having been focused on obtaining the positive environmental impact assessment (EIA) decree.
The company says now both licences can be renewed upon application and review solely by the Regional Government of Piedmont as they have already received a positive EIA for the foreseeable drilling and work programs valid until July 2027.
The Punta Corna Project is located near the northern Italian town of Usseglio around 1.5 hours from Turin. The company states the project was an important source of cobalt in the 18th century but was mined at what today would be considered an ‘artisanal’ scale due to the limited technology available.
Recent geological fieldwork conducted by Altamin has demonstrated very ‘similar’ mineralisation to the Bou Azzer Mine in Morocco, which is currently the world’s ‘highest grade’ cobalt mine.
Altamin is an emerging European metal producer exploring for cobalt, nickel, copper, zinc and silver across the Gorno and Punta Corna projects in northern Italy.
The company’s strategy is to leverage its ‘unique’ exposure to Italy’s underexplored mineral potential by identifying and securing projects prospective for base and battery metals with potential for commercialisation and value accretion.
Images: Altamin Ltd & iStock
