- Electric vehicle (EV) growth is driving global demand for lithium-ion batteries; cobalt is a key element in their manufacture, with operations consuming almost half of all cobalt mined
- FTSSF focuses on cobalt potential of the Cobalt Camp, including the Silver Banner mine, which shows promise of both cobalt and silver mineralization
- Growth of electric cars could trigger a global cobalt supply deficit by 2025, per FTSSF’s corporate presentation
First Cobalt Corp. (TSX.V: FCC) (OTCQB: FTSSF), a Toronto, Canada-based pure play cobalt exploration company, has identified the Cobalt Camp in Ontario, Canada, as a possible cobalt- and silver-rich mineralization opportunity. In the northern part of the site, the Silver Banner mine recently showed promising results related to the presence of high-grade cobalt.
The reason for this interest is the projected value of cobalt in the future, as demand for green electric vehicles and, consequently, lithium-ion batteries continues to rise (http://nnw.fm/WYne9). Cobalt is vital to the production of lithium-ion batteries. According to the cobalt demand chart in FTSSF’s corporate presentation (see page 25, http://nnw.fm/H0B6a), as early as 2015, approximately 49 percent of cobalt demand came from its use in lithium-ion batteries.
Some key vehicle brands, such as Volvo, have already declared that they will go all-electric in the future, while France and Great Britain have pledged to ban fossil fuel vehicles as early as 2040 (http://nnw.fm/WCy7E). In light of these developments, pricing of cobalt has skyrocketed, more than doubling in recent months to $25 per pound (http://nnw.fm/i7n0X). FTSSF’s corporate presentation notes that market share of electric cars is projected to reach some 25 percent globally by 2030, and that could trigger a cobalt supply deficit by 2025.
In an effort to better capitalize on this demand, FTSSF is pursuing a three-way merger with Cobalt One Limited and CobalTech Mining. If finalized, the merger would result in FTSSF having control over nearly 25,000 acres of prospective land and more than 50 historic mining operations. The transaction would also include a mill facility, fully permitted refinery and other high quality exploration assets.
Recently, a productive vein system was confirmed in the Silver Banner mine area through muck pile sampling. The company sees Silver Banner as an attractive and high priority drilling target for 2018. The next step for the company is shallow drilling near the historic site to learn more about the vein system and the metal content of the veins.
Trent Mell, FTSSF president and CEO, said that there are several prospective cobalt-rich targets within the First Cobalt, CobalTech Mining and Cobalt One Limited land packages. “The next task is to prioritize these targets for more focused exploration work and drilling through the winter months,” Mell stated in a news release.
For more information, visit the company’s website at www.FirstCobalt.com
More from NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information please visit https://www.NetworkNewsWire.com