Critical minerals company Electra Battery has updated the mineral resource estimate (MRE) for its Iron Creek cobalt/copper project, in the Idaho Cobalt Belt, paving the way for additional exploration activities and development of a preliminary economic assessment.
The project contains an indicated resource of 4.4-million tonnes, grading 0.19% cobalt for 18.4-million pounds of cobalt and grades 0.73% copper for 71.5-million pounds of copper.
The inferred resource of 1.2-million tonnes grades 0.008% cobalt for 2.1-million pounds of cobalt and 1.34% copper for 36.5-million pounds of copper.
As a result of infill and step-out drilling completed to date, Electra has upgraded 54% of the inferred resource category of the 2019 MRE to the indicated category in 2023.
The resource estimate was prepared for a potential underground scenario with a $87.00 net smelter return cut-off grade.
“Continued exploration and development of the Idaho Cobalt Belt will help to reduce North America’s reliance on foreign sources of cobalt supply particularly as demand for critical minerals will grow exponentially in the coming years,” said Electra CEO Trent Mell.