First Cobalt Corp (CVE:FCC) (OTCQX:FTSSF) (FRA:18P) said a geophysical survey of its Iron Creek cobalt-copper deposit in Idaho, US, has identified several new drill targets and provided data that supports a resumption of drilling to expand the deposit and test new targets over a 2-kilometer radius at the site.
The company said high chargeability zones were detected along strike of the deposit, which it said presents an opportunity to more than double the strike length of the current mineralization.
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First Cobalt added that additional high chargeability anomalies have been detected in the footwall of Iron Creek, highlighting the potential for new mineralization within the resource area, and that drilling will resume to test the new targets with a view to expanding the resource and explore the possibility for new discoveries.
"The Idaho Cobalt Belt is America's best opportunity to rapidly develop a domestic supply of this critical mineral. With cobalt in sulfate form trading above $30/lb, this U.S. asset can become an attractive source of cobalt for the electric vehicle market. Following a remarkable year of growth in the European EV market, North America is poised to follow suit. Fast-tracking the Iron Creek Project is consistent with our strategy of producing the world's most sustainable cobalt,” First Cobalt president and chief executive Trent Mell said.
"The geophysical survey has been successful in identifying new targets on our Idaho property and potentially extending known cobalt-copper mineralization of the Iron Creek deposit. We are excited by the prospectivity of our land package and we will resume drilling over the summer months. These anomalies will be priority drill targets along with the extensive cobalt-copper mineralization on surface at the nearby Ruby Zone, which we also control," the CEO added.
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