Jervois flags longer mine life at ICO
PERTH (miningweekly.com) – Dual-listed Jervois on Wednesday flagged a possible mine-life extension at its Idaho Cobalt Operations (ICO), in the US, following the incorporation of 10 000 m of drilling to the mineral resource estimate (MRE) for the RAMP deposit.
The company recently suspended construction at its ICO owing to falling cobalt prices and inflationary impacts on construction costs in the US, telling shareholders that not mining ICO cobalt at cyclically low prices would preserve the optionality and inherent strategic value of ICO for shareholders and key stakeholders.
In the meantime, the company has applied for funding from the US Department of Defence to accelerate drilling to increase the mineral resource and reserves at ICO, and to assess the construction of a US cobalt refinery, which will both proceed despite the suspension of construction at ICO.
The updated measured and indicated resource estimate at ICO now stands at 3.78-million tonnes, grading 0.52% cobalt, 0.84% copper and 0.54 g/t gold, while the inferred mineral resource is estimated at 1.59-million tonnes at 0.51% cobalt, 0.92% copper and 0.65 g/t gold.
The RAM orebody remains open at depth and along strike, with Jervois having identified an exploration target beyond the limits of the current MRE.
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