Based out of Melbourne the purchasing company claims to be focused on high grade gold projects that translate to high margin profitable mining operations and is looking at exploring around the Young region.

E2 Metals Limited has agreed to purchase Cobalt Magnetic Pty Ltd and its two exploration tenements covering the Cootamundra Cobalt-Nickel Project in Central Western New South Wales.

The Cootamundra Cobalt-Nickel Project is located in between Grenfell, Cootamundra and Young, with several sites identified across the region for exploration.

“We believe high potential exists within the tenure to discover a number of cobalt-nickel resources, however it is very early days in this project,” managing director Simon Peters said.

“The next step will be to engage landowners and stakeholders in the region to discuss the project, before we undertake any exploration activities.”

“Once we get to the point of commencing the initial exploration, it will include non-disruptive, industry-standard tests such as surveys, soil sampling and a shallow drill program.”

The Young region is an emerging area for ‘Battery Metals’ with several projects under way in the district. Demand for Cobalt is being driven globally by increasing demand for sustainable, green energy options which often require the production of large-scale rechargeable batteries, along with growth in electric vehicles and various other rechargeable devices.

Cobalt is also used to produce superalloys, critical in the defence and aerospace industries, and Nickel is used in the production of stainless steel and other alloys.

The board and management team is said to have extensive geological, mining and investment experience within Australian and across international sites.

E2 Metals are also currently undertaking exploration activities for gold and base metals on their Mt Hope Project in the Cobar basin of NSW.