Pacific Rim Cobalt Corporation (OTCQB: PCRCF) has made an announcement of its results generated with the shallow diamond drilling program with emphasis on the Nickel/Cobalt development in the Indonesian region. The Company is convinced with the latest drilling results as the nickel values are significantly important and its recent price increase has encouraged the drilling companies to get hold of this commodity.
Pacific Rim Cobalt Corp. is giving an optimistic approach to developing the project into an asset which will probably increase the shareholder value. The company’s CEO remarked that with the increased demand for Nickel due to its role in the battery, there is a possibility of leading the stocks with better values for the shareholders.
The Indonesian President also gave emphasis to the use of more natural resources by the nation rather than exporting it. There is a projection to use the nickel reserves of Indonesia in building the electric car industry. The battery minerals company has projected a huge plant worth $700 million in Indonesia for production of nickel for batteries.
PCRCF benefits from its excellent infrastructure at the Cyclops Project situated in Papua Province, Indonesia. There is an abundance of workforce and natural resources projected at the location and the region is connected with Jayapura (capital of Papua province) and Sentani (large town). Drilling is a major part of the exploration program through the historical results attained from that particular area. Cyclops nickel-cobalt project has exceeded over 850 holes with testing pits as well as the environmentally permitted procedures for exploration. There are significant nickel and cobalt present in the Cyclops with the estimate of 37 MM tons which is a huge number.
The primary phase of the drill program was completed in the north block with grid testing of the previously encountered elevated nickel and cobalt zones. The surfaces revealed the elevated values of these minerals.
Pacific Rim Cobalt is a Canadian company focusing on the exploration, acquisition, and development of the production-grade nickel and cobalt deposits for the growing use in the associated industry. The use of lithium-ion batteries is becoming more and there is an increased need for exploration of these minerals. The Company aims at leveraging the global trends towards renewable energy.
China has projected the use of over 8,000 tons of Cobalt by 2021 and this requirement has given an opportunity to the company to produce higher levels of these minerals. The world’s supply of cobalt is mainly located in Democratic Republic of Congo (Central Africa) but due to the economic and political instability, there is an issue with the significant costing for transportation of the metal to other parts of the world.
Pacific Rim Cobalt looks for the opportunities of the cobalt and nickel requirements on global levels. The Cyclops project in Indonesia has given a better chance for nickel-cobalt mineralization. The location of the project is within the range of transportation throughout the Asian market. The Company continues its exploration across various regions of the world to grow its portfolio and create better shareholder value.