In mid-2017, the Company was granted exploration licences over the Leogang Cobalt-Nickel Project covering approximately 80km2 in the Salzburg and Kitzbuhel regions in western Austria. Subsequently, Cadence Minerals Plc acquired a 10% interest in the licences held by Clancy and both parties entered into a joint venture.
The Leogang acquisition delivered a significant land position in the prospective dolomite belt in western Austria.
- Nickel and cobalt were mined in the region from the mid-16th century when Leogang was famed for the richness of its cobalt and nickel mineralisation.
- Mining peaked in the late 1700’s but the market fell away after the Napoleonic Wars.
- Licences were originally targeted to cover each historical mine and further extensions of the host dolomitic mineralisation.
As announced on 5 September 2017, it subsequently transpired that Clancy had priority rights, under Austrian law, over 172 of our 200 granted licences and next-in-line rights over the balance.
Clancy continues to hold priority interests in 172 licences covering approximately 68 km2 at Leogang. This includes the areas around, but not immediately surrounding, the historical mines and extensions through the dolomite which was the target mineralisation for the original applications.
The Company and Cadence have been focused on assessing the potential of the Leogang Project as planned with the view of identifying a new cobalt mining precinct in the heart of Europe and on the doorstep of the battery and renewable technology sectors.