Partner Marquee Resources has struck a deal with Manitoba-based contractor Mink Creek Drilling as part of its (Marquee's) C$2.5mln obligation to earn a 70% interest in the project.
This is the last major agreement required before Marquee embarks on its maiden exploration.
The first phase of drilling will be a 3,500-meter (m) drilling program.
The priority is to identify and delineate additional high-grade cobalt mineralization.
The property is one of the key cobalt resources in Canada and it has seen some history.
Canmine Resources completed several preliminary feasibility studies and economic modelling and was in the process of completing a definitive feasibility study when they filed for bankruptcy.
Additional work was completed in 2009-2010 by Puget Ventures and all this work formed the basis for the NI 43-101 resource report from Global Energy in September last year
That resource relates to the historic underground workings at the old mine site, now referred to as the mine site deposit and the west cobalt deposit.
Highlights included a higher confidence indicated resource of 57,900 tonnes at 0.51% cobalt and an inferred resource of 6,300 tonnes at 0.48% cobalt at a 0.25% cut-off grade.
The mineralised zones remain open in all directions.