Had a candid conversation this morning with Richard Kantor, pres of CBA, at the PDAC in Toronto, and he is very upbeat about CBA's Separation Rapids property, next door to Avalon's. CBA is currently drilling rare-metal deposits in the vicinity, and is particularly interested in finding cesium minerals that can be processed to form a lubricant (cesium formate) used in the drilling of deep oil and gas wells, and is an environmentally friendly substance.
There are only 80 locations around the world where cesium has been found, four in Ontario. Cesium, in the form of pollucite concentrate from the Tanco Mine in Manitoba, has sold for as high as $1000.00US/tonne. Current price is approx. $68US per pound. Approx 600,000 pounds were mined globally last year (U.S. purchased most of it) and the demand is expected to be about 1-million pounds in 1998.
The other minerals in the area are tantalum, used in the medical field, and in the electronics; lithium and rubidium. Tantalum can also be used in computer technology. CBA also has cobalt, and base metals near Sudbury, and they may be able to enter the building trade -- they ran across some good quality marble (!) on the property...
The Plump Farm gold project awaits financing; on display at the CBA booth is the core sample from Hole 76 which shows one-ounce per ton-plus gold/tonne! It seems they have found the zone under the lake; however money is needed for continued drilling at $50K per hole (need at least 30 holes to prove reserves), and no one cares about gold these days, eh? The Separation Rapids/Tot Lake project would provide substantial cash flow with this rare mineral deposit.
Regards. Goalie.
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