The company has also proposed changing its name at its AGM in February to better reflect its new focus, having acquired three silver mines for their cobalt potential to capitalise on demand for the battery ingredient.

It said three composite samples from the Beaver property, weighing 38.7kg, averaged 4.68% cobalt, 46.9g/t silver, 3.09% nickel and 0.08g/t gold.

"These sampling results reinforce our excitement regarding the cobalt potential of this strategically located property which is patented ground owned 100% by CSR," president and CEO Frank Basa said.

"Our proposed name change will further build CSR's brand in the Canadian cobalt sector with the company holding unique competitive advantages in the northern Ontario Cobalt region including underground access at Castle and a proprietary metallurgical process (Re-2OX)."

The company describes its Castle Silver mine, Beaver mine and Violet mine as three of the most advanced properties in Ontario's Cobalt camp.

"While they comprise only 2,840 hectares they are sources of high-grade cobalt that can quickly be developed into a shovel-ready state," it said.

The explorer reported a net loss of C$926,011 (US$720,000) for the three months to September 30 and working capital of $985,127 (US$766,000).

Shares in the company, which were trading at C4.5c a year ago, hit a 52-week high at the start of December of 32c and last traded at 30c, capitalising it at $16.8 million (US$13 million).