TORONTO, Sept. 23, 2021 /CNW/ - First Cobalt
Corp. (TSXV: FCC) (OTCQX: FTSSF) (the "Company") is
pleased to announce that it commenced drilling at Iron Creek, a
wholly-owned cobalt-copper project in Idaho, USA. The Company's objective is to
double the size of the current resource over the next two years, in
light of stronger commodity prices and an acceleration of EV
adoption rates in North
America.
HIGHLIGHTS
- North American EV sales reached 325,000 units in the first half
of 2021, up 128% year-on-year from 142,000 units in the
corresponding period 2020. Nearly 100% of vehicles sold in
North America so far in 2021 were
delivered with cobalt-bearing NCM and NCA lithium-ion
batteries
- C$2.5 million budget will include
4,000 metres of drilling to test extensions to the deposit, which
is currently open to the east, to the west and at depth,
demonstrating excellent potential for resource growth
- The drill campaign follows successful meetings in Washington between executives from First
Cobalt and senior elected officials, including the Idaho delegation to Congress, and civil
servants from several departments and agencies
- Iron Creek is one of only two primary cobalt resource projects
in the United States, where cobalt
is considered a critical mineral due to America's reliance on
foreign supply of this strategic mineral
Drilling will initially focus on extending the east and west
strike extent of the cobalt-copper deposit, as well as down dip.
The Company's previous drill campaign expanded the resource along
strike to over 900m and down-dip
extensions to over 600m (see press
release dated January 15, 2020). The
Company plans to drill over 4,000 meters and expects to receive
first results by the end of Q4 2021.
"The Company recently put in place the required financing to
expand and recommission its battery materials refinery in
Canada in Q4 2022. Resuming
drilling in Idaho supports our
strategy of building a North American battery materials supply
chain and is supported by stronger commodity prices and a
constructive outlook for a domestic EV supply chain. Assuming drill
results are as expected in 2021, we anticipate an even larger drill
campaign in 2022, to fast-track our plans for domestic mine
supply," said President and CEO, Trent Mell.
Iron Creek is one of the only two advanced primary cobalt
resource projects in the United
States and is located within the Idaho Cobalt Belt, which is
recognized as the largest unmined cobalt resource in the United States. First Cobalt has identified
satellite targets proximate to Iron Creek, including the Ruby Zone
cobalt-copper prospect 1 km southeast of Iron Creek.
Following successful results from a geophysical survey campaign,
the Company identified several important targets that stretch over
a 2 km radius within the property. In May
2021, the Company doubled its land position to over 1,600
hectares, spanning approximately 10 km following the Iron Creek
host rock horizon, where the potential to find additional cobalt
and copper resources is high.
The Company completed 30,000 metres of drilling from 2017 to
2019 before pausing exploration to focus on developing its refining
business to supply EV battery makers. Iron Creek currently has an
NI43-101 compliant Mineral Resource Estimate, outlining an
Indicated Resource of 12.3 million pounds of contained cobalt and
29 million pounds of contained copper as well as an Inferred
Resource of an additional 12.7 million pounds of contained cobalt
and 40 million pounds of contained copper.
In addition to drilling, exploration activities have included
extensive bedrock sampling of outcrops along new roads constructed
for drilling access as well as bedrock mapping of the recently
acquired West Fork property. A ground magnetic geophysical survey
is planned for the Redcastle property in addition to covering the
Ruby cobalt-copper prospect to the east of the Iron Creek deposit.
In addition, metallurgical test work on cobalt ore continues to
improve the processing system for concentration.
Qualified Person Statement
Dr. Frank Santaguida, P.Geo., is
the Qualified Person as defined by National Instrument 43-101 who
has reviewed and approved the contents of this news release. Dr.
Santaguida is employed as Vice President, Exploration for First
Cobalt.
About First Cobalt
First Cobalt's mission is to be the most sustainable producer of
battery materials. The Company owns a permitted North American
hydrometallurgical refinery, a critical asset in the development
and manufacturing of batteries for electric vehicles. First Cobalt
owns the Iron Creek cobalt-copper project in Idaho, USA as well as several significant
cobalt and silver properties in the Canadian Cobalt Camp.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking
Statements
This news release may contain forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "occur" or "be
achieved". Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance, and
opportunities to differ materially from those implied by such
forward-looking statements. Factors that could cause actual results
to differ materially from these forward-looking statements are set
forth in the management discussion and analysis and other
disclosures of risk factors for First Cobalt, filed on SEDAR at
www.sedar.com. Although First Cobalt believes that the information
and assumptions used in preparing the forward-looking statements
are reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, First Cobalt disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
SOURCE First Cobalt Corp.