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New Energy secures option over 6th cobalt project in Chile

New Energy Metals Corp. entered into an option to acquire 100% interest in the Victoria project, its sixth cobalt exploration project in Chile's San Juan cobalt district.

The company is required to pay US$2.6 million and issue 2.6 million shares by March 2022, according to a May 29 statement.

New Energy said it has started an exploration field program on the property comprising a compilation of historical data, regional mapping and prospecting, and sampling to identify priority areas for follow-up work.