- Continued exploratory work confirms that cobalt mineralization goes beyond the initial assessment at Iron Creek Cobalt Project
- Because of the continuous interception of higher-grade mineralization, First Cobalt is classifying the project as an advanced and unique exploration asset
- The discovery is of crucial importance, with cobalt being classified as a critical metal and demand for it constantly growing
First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF) (ASX: FCC), a North American pure-play cobalt company, recently reported new intercepts of high-grade mineralization at its Iron Creek Cobalt Project in Idaho. The exploration suggests that the mineralization extends to a depth in the eastern portion of the current resource area, according to a company press release (http://ibn.fm/yJPl5).
First Cobalt President and CEO Trent Mell said in a news release that mineralization has been discovered between the eastern and western extents of the known resource area and that higher grade mineralization is repeatedly being intercepted between the two main zones. “These results confirm the continuity and consistency of mineralization predicted by our geological model and add further support for the development vision for the future of the project as we build toward the updated resource estimate in early 2019,” Mell said.
Drilling at the Iron Creek Cobalt Project is ongoing. The aim is to extend the strike length of the mineralization zone from over 500 to over 1,000 meters. Results reported on November 19 include three holes in the central part of the property and three in the eastern margin.
Results from the central holes confirm both the grade and the thickness of the mineralization to approximately 50 meters below the known resource area and infill some gaps where cobalt mineralization was historically considered low.
Drilling in the eastern region continues to intercept high grades of mineralization. These include 32.3 meters at 0.31 percent Co and 0.31 percent Cu in hole ICS18-06B and 21.1 meters at 0.32 percent Co and 0.20 percent Cu in hole ICS18-05. Consistently, drilling has identified several lenses of cobalt mineralization between the main massive sulphide horizons.
Previously, First Cobalt classified its Iron Creek Cobalt Project as an advanced, unique asset. According to company representatives, Iron Creek is one of the most crucial projects in North America in terms of cobalt mining. New drilling results confirm the scope and extent of mineralization beyond initial expectations.
Cobalt is relatively scarce, and demand for it is on the rise worldwide, being fed by the lithium-ion battery industry. A lot of the global cobalt sourcing is facing major challenges because of an extensive dependence on the resource found in the Democratic Republic of the Congo. Child labor is common there, giving alternative producers like First Cobalt a significant ethical advantage.
Industry analysis suggests that the demand from the li-ion battery sector alone will more than double until 2027. There are also concerns about the inability of cobalt miners to continue meeting this demand after 2021. Predictive analysis further confirms the importance of the work First Cobalt is doing at the Iron Creek Cobalt Project.
First Cobalt is a North American pure-play cobalt company whose flagship asset is the Iron Creek Cobalt Project in Idaho, which has inferred mineral resources of 26.9 million tonnes grading 0.11 percent cobalt equivalent. The company’s other assets include 50 past-producing mines in the Canadian Cobalt Camp and the only permitted cobalt refinery in North America capable of producing battery materials.
For more information, visit the company’s website at http://ibn.fm/FTSSF
