Aiming To Double US Cobalt-Copper Project Resource
First Cobalt Corp.(TSXV: FCC) (OTCQX: FTSSF) has commenced drilling at Iron Creek, a wholly-owned cobalt-copper project in Idaho, USA. The company’s objective is to double the size of the current resource over the next two years, in light of stronger commodity prices and an acceleration of EV adoption rates in North America.
Highlights
- C$2.5 million budget will include 4,000m of drilling to test extensions to the deposit, which is currently open to the east, to the west and at depth, demonstrating excellent potential for resource growth
- The drill campaign follows successful meetings in Washington between executives from First Cobalt and senior elected officials, including the Idaho delegation to Congress, and civil servants from several departments and agencies
- Iron Creek is one of only two primary cobalt resource projects in the United States, where cobalt is considered a critical mineral due to America’s reliance on foreign supply of this strategic mineral
President and CEO, Trent Mell, said drilling will initially focus on extending the east and west strike extent of the cobalt-copper deposit, as well as down dip. The company’s previous drill campaign expanded the resource along strike to over 900m and down-dip extensions to over 600m.
The company plans to drill over 4,000m and expects to receive first results by the end of Q4 2021.
“The company recently put in place the required financing to expand and recommission its battery materials refinery in Canada in Q4 2022,” Mr Mell said.
“Resuming drilling in Idaho supports our strategy of building a North American battery materials supply chain and is supported by stronger commodity prices and a constructive outlook for a domestic EV supply chain.
“Assuming drill results are as expected in 2021, we anticipate an even larger drill campaign in 2022, to fast-track our plans for domestic mine supply.”
Iron Creek is one of the only two advanced primary cobalt resource projects in the United States and is located within the Idaho Cobalt Belt, which is recognised as the largest unmined cobalt resource in the United States. First Cobalt has identified satellite targets proximate to Iron Creek, including the Ruby Zone cobalt-copper prospect 1 km southeast of Iron Creek.
Following successful results from a geophysical survey campaign, the company identified several important targets that stretch over a two km radius within the property. \In May 2021, the Company doubled its land position to over 1,600 hectares, spanning approximately 10 km following the Iron Creek host rock horizon, where the potential to find additional cobalt and copper resources is high.
For further information please visit: https://www.firstcobalt.com/
