First Cobalt (TSX.V: FCC) (OTCQX: FTSSF), a vertically
integrated North America pure-play cobalt company, this morning posted the
results of its first NI 43-101 Mineral Resource Estimate for the company’s
100%-owned Iron Creek Cobalt Project in Idaho. Per the update, the results
showed inferred mineral resources of 29.6 million tons grading 0.11% cobalt
equivalent (0.08% cobalt and 0.30% copper) under a base case scenario pit
constrained and deeper mineral resource. Among other highlights, the update
also reported that the resource contains 45 million pounds of cobalt and 175
million pounds of copper for 62.9 million pounds of cobalt equivalent. The
resource is considered open along strike and at depth, with true widths between
10m and 30m. The company retained Mine Development Associates (“MDA”) to
prepare a resource estimate for the Iron Creek cobalt and copper project. The
resource estimate was based on data from 62 diamond drill holes, totaling
49,983 feet, drilled by the company in 2017 and early 2018. MDA concluded that
the Iron Creek Project is a project of merit requiring further exploration and
infill drilling along strike and at depth. Moreover, MDA believes that First
Cobalt’s planned exploration drilling anticipated to total 70,000ft with a
planned budget of $8.6 million is justified.
“The initial resource estimate and the pace of progress at
Iron Creek have exceeded our expectations. We have delineated a sizeable
primary cobalt deposit on patented property and mineralization continues to
expand to the east, west and at depth. The mineralogy is simple and initial
metallurgical test work is very encouraging with high metal recoveries. Cobalt
is associated with pyrite rather than minerals containing arsenic, which may
offer processing and offtake advantages,” First Cobalt president & chief
executive officer Trent Mell stated in the news release. “Idaho has a long
history of mining and we have enjoyed strong support from the State and in
Washington, DC. This initial Inferred Resource estimate is an important step
forward to a potential source of ethical cobalt in America. Drilling is now
underway to test the mineralization strike length from 450 metres to over 900
metres, while also systematically testing depth extensions to over 300 metres
to support an updated resource estimate in early 2019.”
To view the full press release, visit http://ibn.fm/y8Gek
About First Cobalt Corp.
First Cobalt is a vertically integrated North American
pure-play cobalt company. First Cobalt has three significant North American
assets: the Iron Creek Project in Idaho, the Canadian Cobalt Camp and the only
permitted cobalt refinery in North America capable of producing battery
materials. For more information, visit http://ibn.fm/FTSSF
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