logo-loader
viewFirst Cobalt

First Cobalt receives boost for its production plans with big resource upgrade at its Idaho project

The group owns the only permitted primary cobalt refinery in North America and is looking to restart operations

First Cobalt -
First Cobalt said the indicated resource now stood at 2.2 million tonnes at 0.32% cobalt equivalent (0.26% cobalt and 0.61% copper) for 12.3 million pounds of contained cobalt

First Cobalt Corp (CVE:FCC) has been boosted with a 49% conversion into the higher confidence indicated resource from inferred at its project in Idaho, USA following an infill drill program. 

The group owns the only permitted primary cobalt refinery in North America and it aims to restart the facility, which could produce more than 25,000 tonnes of cobalt sulfate per year from third party feed.

The company's Iron Creek project, the subject of this resource, lies within its Idaho property, which consists of mining patents and exploration claims covering an area of 1,698 acres.

WATCH: First Cobalt went looking for cobalt and landed on some interesting properties

Compared to the maiden resource in 2018, there was also a 12% increase in contained cobalt metal while maintaining the average grade, said the company.

First Cobalt said that the indicated resource stood at 2.2 million tonnes at 0.32% cobalt equivalent (0.26% cobalt and 0.61% copper) for 12.3 million pounds of contained cobalt, while the inferred came in at 2.7 million tonnes at 0.28% cobalt equivalent (0.22% cobalt and 0.68% copper) for an additional 12.7 million pounds of contained cobalt.

"Results of the infill drilling campaign exceeded our expectations and confirms that we have a continuous deposit," said Trent Mell, First Cobalt president and CEO.

"Future work will include drilling along strike and at depth to add tonnes as well as geophysical surveys to understand the potential of other nearby targets, including the Ruby Zone," he added.

"Primary cobalt deposits are exceptionally rare around the world and we have a large and growing resource in America, where sourcing critical minerals is a priority. Identifying future sources of this critical mineral is a growing priority worldwide for both industrial and strategic purposes."

Plans for this year

Mell added that for this year, the firm's main focus will be to recommission the refinery in Ontario, where it expects to complete two feasibility studies before the end of the quarter.

"Pending the results of those studies, we will then work towards recommissioning the refinery by Q4 2020," he said.

First Cobalt also controls a significant land package in the Canadian Cobalt Camp spanning over 100 sq km, which contains more than 50 past-producing mines, it added.

Shares in Toronto added 3.23% at C$0.16 each.

---Updates for share price---

Contact the author at [email protected]

Quick facts: First Cobalt

Price: 0.13 CAD

TSX-V:FCC
Market: TSX-V
Market Cap: $50.36 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Standard Uranium shares details of their project as they...

Standard Uranium (CVE: STND) President and CEO Jon Bey sat down with Steve Darling from Proactive Vancouver to discuss details about uranium exploration company that plan to take public very soon.  Bey telling Proactive about their project in the Athabasca Basin and also abut their...

9 hours, 26 minutes ago

2 min read