Orefinders charged up to spin off battery company: Northeast cobalt-silver discovery turns head of gold exploration company.

A gold-seeking junior miner believes there's enough cobalt potential in a former Gowganda silver mine to create a battery metals company.

In a Jan. 30 news release, Orefinders Resources said this as-of-yet unnamed spinoff will serve as an "acquisition and development vehicle" built around the recently acquired Mann Mine in northeastern Ontario.

The 867-hectare property in Milner Township contains nine shafts including a ramp drive down the 210-foot level. The mine once produced 500,000 ounces of silver.

While focussed on gold, the company said that given the high-grade silver and cobalt intersections at the Mann Project, there's significant shareholder value from this property and other potential assets that could be acquired to establish a battery metals portfolio.

The company calls the Mann Project a "highly promising advanced development project" that's drill-ready.

"The Mann Mines have high grade silver and cobalt intersections and we believe these assets are as prospective as any other in the Cobalt-Gowganda Districts," said Orefinders CEO Stephen Stewart in a Jan. 30 news release.

Cobalt has become a much sought-after ingredient used in the manufacturing of lithium batteries used in the electric vehicle market.

"While Orefinders is a gold focussed company, it happens to own one of the most...