- Inferred
mineral resource estimate at flagship Iron Creek Cobalt Project includes
26.9 million tonnes grading 0.11 percent cobalt equivalent
- Company
working to extend the strike length and down dip depth by at least double
current measures
- Electric
vehicle (EV) revolution reveals dramatic increase in demand for cobalt, a
key ingredient in rechargeable batteries
- High
voltage battery market projected to grow to $89.1 billion by 2025 from
$8.9 billion in 2018 at CAGR of 38.95 percent
First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF) (ASX: FCC), a
North American pure-play cobalt company whose flagship asset is the Iron Creek
Cobalt Project located in Idaho, has filed its first NI 43-101 mineral resource
estimate for the project and is already anticipating an updated resource
estimate in early 2019. In a recently released corporate video, members of the
company’s senior leadership team offered a compelling discussion defining the
characteristics that make Iron Creek a unique cobalt asset (http://ibn.fm/pEbkx).
Cobalt has become a critically important metal because of
its use as a component in rechargeable lithium-ion batteries, which are used in
cars, buses, smartphones and a host of other devices. Cobalt enables
rechargeable batteries to stock energy without overheating. First Cobalt’s
progress at Iron Creek is tangible as crews continue exploratory drilling.
Significant infrastructure is in place at the site to support multiple drills,
including 600 meters of underground development and an all-weather road
connecting the project to a state highway. The Iron Creek property consists of
patented mining claims surrounded by unpatented mining claims covering an area
of 1,698 acres.
First Cobalt has identified two primary zones of mineral
potential at its Iron Creek Cobalt Project, including the Waite and No Name
zones, with inferred mineral resources of 26.9 million metric tons grading 0.11
percent cobalt equivalent. The zones comprise more than 500 meters (1,640.4
feet) of known strike length and dip depth of over 150 meters (492.1 feet) for
the inferred resource statement, which are now being doubled through additional
drilling along a 1,000-meter (3,280.8-foot) strike with testing of down dip
extensions in known cobalt-copper zones to more than 300 meters (984.3 feet)
below the surface, an earlier press release states (http://ibn.fm/8dW7k). Three
drill rigs have been working to spur completion of an updated resource estimate
by early 2019.
Demand for cobalt continues to rise as the world’s nations
strive to reduce dependence on fossil fuels and move more decisively toward
electrification of transportation. Cobalt demand in the electric vehicle (EV)
industry is expected to be between 10 and 25 times higher than current levels
by 2030, according to the International Energy Agency’s Global Electric
Vehicles Outlook (http://ibn.fm/B3r3k).
The number of electric and plug-in hybrid cars on the world’s roads exceeded
three million in 2017, marking a 54 percent increase when compared with 2016,
per IEA data. MarketsandMarkets projects that the global high voltage battery
market will grow from $8.9 billion in 2018 to nearly $90 billion by 2025,
achieving a compound annual growth rate of nearly 39 percent, as Digital
Journal reports (http://ibn.fm/kP1gW).
As 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, First
Cobalt is focused on building a North American cobalt supply chain. 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
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