TSX-V-listed First Cobalt has announced a new high-grade mineral resource estimate for the Iron Creek project, in Idaho, US, following an infill drill programme focusing on converting inferred resources to indicated resources.
The infill drilling and limited step-out drilling resulted in a 49% conversion to the indicated category and a 12% increase in contained cobalt metal, while maintaining the average grade.
The Iron Creek project has an indicated resource of 2.2-million tonnes at 0.32% cobalt equivalent (0.26% cobalt and 0.61% copper) for 12.3-million pounds of contained cobalt and an inferred resource of 2.7-million tonnes at 0.28% cobalt equivalent (0.22% cobalt and 0.68% copper) for an additional 12.7-million pounds of contained cobalt.
First Cobalt pointed out that upgrading the resource to a higher confidence level did not result in a decrease in the resource grade, highlighting the strong continuity of mineralisation.
President and CEO Trent Mell commented that results exceeded First Cobalt’s expectations and that it confirmed that Iron Creek had a continuous deposit.
The deposit is one of the few primary cobalt deposits in America and remains open along strike and down dip.
Future work would include drilling along strike and at depth to add tonnes, as well as geophysical surveys to understand the potential of other nearby targets, including the ruby zone.
“Primary cobalt deposits are exceptionally rare around the world and we have a large and growing resource in America, where sourcing critical minerals is a priority. Identifying future sources of this critical mineral is a growing priority worldwide for both industrial and strategic purposes,” said Mell.
This year, the company’s primary focus would be to recommission the First Cobalt refinery, in Ontario, Canada.
Studies are pending, but the firm is working towards recommissioning by the fourth quarter.