Traka has exercised the option it acquired from private company Cobalt QLD Pty Ltd in November by paying a $40,000 fee. The company can earn a 51 per cent stake by spending $1 million on exploration over three years.

The project is 30 kilometres west of Aeon Metals’ emerging Walford Creek copper, cobalt, lead, zinc, silver deposit in the Mount Isa Inlier and Carpentaria Province.

“The lack of sampling or assessment for cobalt on the project offers a particularly exciting objective to pursue given Aeon’s recent findings,” Traka told the ASX last week.

Aeon’s findings show high-grade copper and cobalt mineralisation in linked to sedimentary rock units where they terminate against the Fish River Fault Zone.

Traka’s latest information is that the Fish River Fault Zone has been mapped through to Gorge Creek.

There are 30 kilometres of known but untested Fish River Fault Zone structures in the Gorge Creek project area with anomalous soil and rock geochemistry already indicating good prospectivity, Traka told the ASX.

“The lack of sampling or assessment for cobalt on the project offers a particularly exciting objective given Aeon’s recent findings,” Traka said.

Traka is reviewing historic exploration data in light of Aeon’s findings and plans to start field work after the wet season, around April.

The bright future for cobalt has made Gorge Creek a primary focus. 

Cobalt prices are up due to rising demand from electric vehicle makers and constrained supply. Cobalt is a component of the lithium ion battery technology used in electric cars.

Bloomberg estimates that there are currently around two million electric vehicles on the road and that is set to rise to over 500 million by 2040.