leadf
logo-loader
viewFirst Cobalt

First Cobalt kicks off geophysical survey at Idaho cobalt project

The company said the move comes amidst a strengthening cobalt market as North America aims to become less reliant on foreign supply

First Cobalt -
Iron Creek is a high grade underground primary cobalt deposit with an indicated resource of 2.2 million tonnes at 0.3% cobalt equivalent for 12.3 million pounds of contained cobalt and an inferred resource of 2.7 million tonnes at 0.3% cobalt equivalent for an additional 12.7 million pounds of contained cobalt

First Cobalt Corp (CVE:FCC) (OTCQX:FTSSF) has resumed exploration at its Iron Creek cobalt-copper project in Idaho with a geophysical survey to outline mineral extensions, it said Monday.

The move comes as the cobalt market “continues to strengthen” as North America aims to become less reliant on foreign supply, the Toronto-based junior said in a statement.

Exploration will refine drill targets eastwards along strike of the cobalt-rich zone over a 300-metre vertical depth where 0.2% cobalt over 12 metres is found, and test the western extension of the copper-rich zone that includes 3.4% copper over 2.6 metres, the firm said.

READ: First Cobalt estimates 13% reduction in operating costs for Canadian cobalt refinery project

Iron Creek is a high grade underground primary cobalt deposit with an indicated resource of 2.2 million tonnes at 0.3% cobalt equivalent (0.3% cobalt and 0.6% copper) for 12.3 million pounds of contained cobalt and an inferred resource of 2.7 million tonnes at 0.3% cobalt equivalent (0.2% cobalt and 0.7% copper) for an additional 12.7 million pounds of contained cobalt.

Iron Creek is located in the Idaho Cobalt Belt

The survey, which is expected to take around three weeks to complete, will trace the Iron Creek cobalt and copper resource over the current 900-metre strike extent of the deposit and assess historical geophysical anomalies found within the stratigraphic footwall below the resource.

Results will be interpreted and released later this year in anticipation of a planned drill program at Iron Creek in 2021.

First Cobalt CEO Trent Mell called the Idaho Cobalt Belt a unique geological setting for cobalt deposits “unlike anywhere else in the world.”

"Developing a domestic supply of cobalt and other critical minerals has taken a new urgency in 2020, as North America strives to become less reliant on foreign supply,” Mell said in a statement. “New funding programs within the US Department of Energy, the Department of State and the Department of Defense underscore the priority the US government is placing on developing its domestic critical minerals supply chain.”

Strategic importance

The United States Geological Survey has deemed the Idaho Cobalt Belt to be strategically important as a domestic supply of cobalt, according to First Cobalt.

"Since publishing an updated cobalt and copper resource estimate for Iron Creek earlier this year, we have had a three-pronged focus: extending cobalt mineralization to the east, extending copper mineralization to the west, and identifying new targets within a 2-kilometre radius on the property,” Mell added. “This geophysics program will increase our confidence in existing drill targets that could expand the Iron Creek deposit and provide new targets.”

In 2019, First Cobalt announced high grade cobalt assays up to 0.5% cobalt at the Ruby prospect 1.5 kilometres south of Iron Creek, which Mell said could represent additional near-surface potential for cobalt and copper mineralization on the property.

The company owns North America's only permitted cobalt refinery located in Ontario, Canada.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: First Cobalt

Price: 0.3 CAD

TSX-V:FCC
Market: TSX-V
Market Cap: $121.23 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...

In exchange for publishing services rendered by the Company on behalf of First Cobalt named herein, including the promotion by the Company of First Cobalt in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

First Cobalt Corp upsizes bought deal to 8.5 million as company plans to...

First Cobalt Corp (CVE: FCC- OTCQX: FTSSF) CEO Trent Mell joined Steve Darling to share news the company has seen great interest in their bought deal so the company has increased the amount to 8.5 million dollars. Mell talks about that increase and what it means for the company’s development...

1 day, 23 hours ago

3 min read