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.
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.
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