Independence Resources to sell gold, silver and cobalt-bearing property

Michigan-based holding company Independence Resources said it wants to sell a gold, silver and cobalt-bearing property in the historic Orofino Mining District of Deer Lodge County, Montana.

In a press release, the company explained that the property consists of a block of 60 patented and unpatented mining claims and that it has a long history of gold and silver mining, that dates back to 1875.

According to Independence, a 2016 report asserted that samples assayed returned “outstanding gold values,” while a 2017 rare earth assessment determined that the property also contains potentially massive cobalt depositions which are not constrained to the veins, but are is also dispersed throughout the fractured and altered ground near the veins.

The reason behind the sale -said president Tom L. Lee in the statement- is the firm’s lack of experience in hard rock metals mining. “Therefore, it has been determined by the company that maximum value can be achieved by making the mineral property available for exploitation by a metals mining company or an end-user of the property’s rich mineral resources,” the communiqué reads.