- Iron Creek estimates call for 45 million pounds (20,411 tonnes) of cobalt
- Drilling underway for expanded resource estimate that’s expected in 2019
- Board strengthened with appointment of CEO of electric vehicle innovator
Cobalt resource estimates in North America just got a boost, after First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF) (ASX: FCC) released the results of its first NI 43-101 Mineral Resource Estimate for its 100 percent-owned Iron Creek Cobalt Project in Idaho. The junior explorer announced Inferred Mineral Resources of 29.6 million tons (26.9 million tonnes) grading 0.11 percent cobalt equivalent, under a base case scenario, and an alternative underground-only scenario indicating 4.9 million tons (4.4 million tonnes) grading 0.30 percent cobalt equivalent (http://nnw.fm/Af2zz). As concerns about cobalt supply from Africa mount (about 60 percent of global output originates in the Democratic Republic of the Congo), this should cheer electric vehicle (EV) manufacturers. The metal is an essential component of lithium-ion batteries, which provide the motive force for such vehicles.
An “Inferred Mineral Resource” is a concentration of some mineral that appears to have a reasonable prospect for economic extraction and for which the quantity and grade has been estimated on the basis of drilling samples. The geological evidence obtained by First Cobalt points to a resource that contains…
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