- Iron
Creek estimates call for 45 million pounds (20,411 tonnes) of cobalt
- Drilling
underway for expanded resource estimate that’s expected in 2019
- Board
strengthened with appointment of CEO of electric vehicle innovator
Cobalt resource estimates in North America just got a boost,
after First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF) (ASX: FCC) released the
results of its first NI 43-101 Mineral Resource Estimate for its 100
percent-owned Iron Creek Cobalt Project in Idaho. The junior explorer announced
Inferred Mineral Resources of 29.6 million tons (26.9 million tonnes) grading
0.11 percent cobalt equivalent, under a base case scenario, and an alternative
underground-only scenario indicating 4.9 million tons (4.4 million tonnes)
grading 0.30 percent cobalt equivalent (http://ibn.fm/qqjG9). As concerns about cobalt supply from
Africa mount (about 60 percent of global output originates in the Democratic
Republic of the Congo), this should cheer electric vehicle (EV) manufacturers.
The metal is an essential component of lithium-ion batteries, which provide the
motive force for such vehicles.
An “Inferred Mineral Resource” is a concentration of some
mineral that appears to have a reasonable prospect for economic extraction
and for which the quantity and grade has been estimated on the basis of
drilling samples. The geological evidence obtained by First Cobalt points to a
resource that contains 45 million pounds (20,411 tonnes) of cobalt and 175
million pounds (79,379 tonnes) of copper for 62.9 million pounds (28,528
tonnes) of cobalt equivalent. This is much more than the company had previously
hoped, but it should come as no surprise. The Iron Creek Project had already
recorded a historic mineral resource estimate of 1.3 million tons grading 0.59
percent cobalt, albeit one that was non-compliant with NI 43-101, unlike the
present results. The company has initiated drilling for an expanded resource
estimate that’s expected in early 2019.
First Cobalt Corp., with headquarters in Canada, is a
vertically integrated North American pure-play cobalt company. The company has
three significant North American assets: the Iron Creek Project in Idaho; the
Canadian Cobalt Camp, with more than 50 past producing mines; and the only
permitted cobalt refinery in North America capable of producing battery
materials.
Recently, First Cobalt announced the appointment of Henrik
Fisker, chairman and CEO of California-based electric vehicle OEM Fisker Inc.,
to the company’s board of directors with immediate effect (http://ibn.fm/gmXZo). As a
global automotive design icon and renowned entrepreneur, Fisker brings his
unique understanding of electric vehicles and outside perspective to the
company. The addition of Fisker to the company’s board of directors will allow
First Cobalt to draw from his many talents as an EV pioneer, entrepreneur and
successful OEM car designer.
Throughout his career in the automotive sector, Fisker has
become synonymous with iconic cars and leadership in premium electric vehicle
development. Fisker’s vision is behind some of the most emotionally appealing
vehicles ever created, including the BMW Z8, the Aston Martin DB9/V8 Vantage,
the VLF Force 1, the Fisker Karma and more. Henrik and Fisker Inc. are
currently working toward the development of the next generation of electric
vehicle expertise, tomorrow’s technology and compelling design for the
advancement of human mobility and comfort.
For more information, visit the company’s website at http://ibn.fm/FTSSF
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