- Company accelerates drilling activities at Idaho site with the installation of two new drill rigs
- Drilling from underground successfully extending mineralization of Waite Zone
- U.S. needs to add 14 million plug-in electric vehicles and more than 300,000 public charging outlets by end of 2025 to meet Paris Agreement goals
The United States needs to ramp up production of electric vehicles considerably in order to meet Paris Agreement target goals by 2025. This market growth is expected to translate into an overall higher demand for cobalt, one of the key components of the lithium-ion batteries that power electric vehicles, making clean, conflict-free cobalt exploration projects such as the ones owned and operated by First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF) (ASX: FCC) in North America of crucial importance.
First Cobalt Corp., with headquarters in Canada, is a vertically integrated North American pure-play cobalt company. First Cobalt has three significant North American assets: the Iron Creek Project in Idaho, which has a historic mineral resource estimate (non-compliant with NI 43-101) of 1.3 million tons grading 0.59 percent cobalt; 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.
Currently an exploration stage company, First Cobalt’s main focus is on building a diversified portfolio of assets outside the DRC to help meet demand in the fast-growing cobalt market. First Cobalt is the largest cobalt exploration organization in North America and the only company on the continent that can produce cobalt battery materials to meet this growing demand.
Following its acquisition of U.S. Cobalt and its exploration properties in Idaho, First Cobalt’s primary focus shifted to what is now its flagship asset, the Iron Creek project, where it hopes to restart extraction and production operations in a few years. The company has already taken steps to expand the Idaho project with the addition of two more drill rigs in July, and it is optimistic about initial results indicating that drilling from underground is successfully extending mineralization beyond the extent of the historic resource.
This year’s drill program at the Idaho site is designed to extend the strike length of the previously known mineralization in two zones (Waite and No Name) and determine if a third zone is present. Six drill holes completed at the western end of the cobalt-copper mineralized zones have extended the total strike length of the Waite Zone westward to 520 meters along a dip length of more than 250 meters from the surface, according to a company press release (http://nnw.fm/5AOdH).
Plans are also in motion to reopen the refinery, which was closed earlier this year. The refinery’s ability to produce battery-grade cobalt and its location in the vicinity of major U.S. auto hubs could further cement First Cobalt’s position as the leading producer of cobalt in North America.
Cobalt demand will continue to rise as the United States looks to add 14 million new plug-in electric vehicles and more than 330,000 public charging outlets by the end of 2025 in order to meet the target goals of the Paris Agreement, according to a report by the Center for American Progress (http://nnw.fm/s2nBO). There are currently only 16,000 public charging outlets across the U.S.
For more information, visit the company’s website at http://nnw.fm/FTSSF
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