// Company History (Antigo substituido)
Cougar Metals is focused on delivering shareholder value through capital growth by the development of mineral resources through its exploration activities and by the development and operation of a cash generating contract drilling business.
Company History and Background
The Company was incorporated in May 2002 with the primary purpose of developing its main project in the Murchsion Province of Western Australia and also the strategically positioned Toomey Hill Project, hosting a high-grade nickel laterite resource near the Murrin Murrin Nickel Mine (which was subsequently sold in 2005 for 6.5 million dollars).
In May 2004, the Company acquired an option over the nickel and cobalt rights at Pyke Hill (east of Leonora in Western Australia) which it subsequently exercised in November 2005. The Company also established itself in Brazil following the acquisition of a large tenement package lying within the emerging Alta Floresta Gold Belt in northern Mato Grosso State.
In 2006 the Company established a drilling services arm in Brazil, initially to meet its own requirements within Brazil and then in 2007 expanded to service external clients. Over time, this arm of the business grew and expanded into Uruguay, to the point that it currently owns ten (10) rigs and is run as a separate business, under the name “Geologica Sondagens Ltda”. The drilling division is based in the city of Belo Horizonte, Minas Gerais, Brazil.
From 2006, the Company focused its exploration efforts on Brazil and the Pyke Hill Project exiting from its interests in the Murchison Province of Western Australia. The Company initially held over 3,500 sq km of prospective gold property that had a recorded gold production of over 5 million ounces from garimpeiro activities post 1990. The company went into gold production in late 2010 at the Ze Vermelho property near Paranaita, Mato Grosso which was ultimately closed in late 2012 on account of low grades of remaining ore. The Brazilian exploration division was sold in 2014 and included the Ze Vermelho property.
In 2013, the Company announced the acquisition of two options over the “Shoal Lake Gold Project” located in the Province of Ontario in Canada, 15km south of the Trans Canada Highway near the Ontario/Manitoba provincial border. The Shoal Lake Gold Project is host to the historic gold producing mines of Duport, Mikado and Cedar Island.