- First Cobalt announces filing of technical report supporting the maiden resource estimate for its 100 percent owned Iron Creek Project in Idaho
- Idaho property continues to reveal hidden potential for copper, cobalt development
- Company extending drilling into wider areas beyond established strike length for two zones, with higher grades of the metals found
- Higher-grade copper findings also correlate with silver, expanding options for the company
Pure-play cobalt company First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF) (ASX: FCC) is following up on the encouraging September 26 maiden resource estimate for its Idaho exploration project (http://ibn.fm/xc3ru) with news that drilling within wider mineralized zones has encountered high-grade copper and cobalt intercepts, confirming metal zonation and establishing further options for development.
A 30,000-meter drilling effort undertaken at the Iron Creek Cobalt Project site this year is extending the strike length of mineralization found in two zones, known as “Waite” and “No Name.” Drill holes at the western end of what is now an inferred resource-stage project returned intercepts that include 10.0 meters (32.8 feet) of copper measuring 4.04 percent and 8.0 meters (26.2 feet) of copper measuring 3.16 percent, including 1.4 meters (4.6 feet) of copper measuring 6.56 percent and 20.5 grams per ton of silver. There were also cobalt intercepts of 1.04 percent over 1.5 meters (4.9 feet) and 0.51 percent over 4.1 meters (13.4 feet), according to a news release about the findings (http://ibn.fm/F6GY3).
The company describes high-grade copper as findings of over four percent, and notes that they “correlate strongly with silver,” containing more than 10 grams per ton. The first hole returned select high-grade intercepts of eight percent copper and 19.4 grams per ton of silver over one meter (3.3 feet) true width, and 6.56 percent copper and 20.5 grams per ton of silver over 1.4 meters (4.6 feet) true width.
Cobalt remains the company’s priority resource. In the “No Name” zone, copper-rich lenses are concentrated at the upper part of the zone, and associated higher-grade cobalt mineralization is generally located at the lower part. Higher-grade copper has been found in the extension of the Waite zone but has only been explored by way of a few holes thus far.
“High grade cobalt and copper zones within wider mineralized zones, such as those reported here, expand our options for development as we look to the future of this project,” President and CEO Trent Mell stated in the news release. “As work advances, I am repeatedly impressed by the increasing potential of this resource and look forward to updating our mineral resource estimate in early 2019 with results from the ongoing program.”
The company expects to get a third drill rig on site this month to begin a bore-hole geophysical survey that aims to identify new targets and additional extensions of the known mineralization. The higher-grade cobalt of the currently expanded zone has primarily been at the eastern end and the higher-grade copper at the western end. The six exploratory drill holes have extended the total strike length of the Waite Zone to 520 meters (1,706 feet) along a dip length of more than 250 meters (820 feet) from the surface.
First Cobalt intends to test the length of the mineralized zone strike to more than 1,000 meters (3,281 feet) and test down dip extensions of identified cobalt-copper zones to over 300 meters (984 feet) below the surface, since the strike remains open-ended at this point. In addition, the company has now announced the filing of a technical report 43-101 supporting the maiden resource estimate for its 100 percent owned Iron Creek Project in Idaho.
Cobalt is an in-demand metal because of its relative scarcity and importance to high-tech batteries used for all manner of computerized equipment ranging from smartphones to electric vehicles. International metals and minerals consultancy firm Roskill predicts that enough refined-capacity cobalt will exist through 2021 at present supply rates, but states that “there is considerable uncertainty thereafter” (http://ibn.fm/pU614), creating a field of opportunity for companies like First Cobalt.
For more information, visit the company’s website at http://ibn.fm/FTSSF
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