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://nnw.fm/9Ln8d
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://nnw.fm/FTSSF
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