Tuesday, October 9, 2018

First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF) Reports Promising Initial Mineral Resource Estimate at Iron Creek Cobalt Project in Idaho

  • 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 45 million pounds (20,411 tonnes) of cobalt and 175 million pounds (79,379 tonnes) of copper for 62.9 million pounds (28,528 tonnes) of cobalt equivalent. This is much more than the company had previously hoped, but it should come as no surprise. The Iron Creek Project had already recorded a historic mineral resource estimate of 1.3 million tons grading 0.59 percent cobalt, albeit one that was non-compliant with NI 43-101, unlike the present results. The company has initiated drilling for an expanded resource estimate that’s expected in early 2019.
First Cobalt Corp., with headquarters in Canada, is a vertically integrated North American pure-play cobalt company. The company has three significant North American assets: the Iron Creek Project in Idaho; the Canadian Cobalt Camp, with more than 50 past producing mines; and the only permitted cobalt refinery in North America capable of producing battery materials.
Recently, First Cobalt announced the appointment of Henrik Fisker, chairman and CEO of California-based electric vehicle OEM Fisker Inc., to the company’s board of directors with immediate effect (http://nnw.fm/Z2sGQ). As a global automotive design icon and renowned entrepreneur, Fisker brings his unique understanding of electric vehicles and outside perspective to the company. The addition of Fisker to the company’s board of directors will allow First Cobalt to draw from his many talents as an EV pioneer, entrepreneur and successful OEM car designer.
Throughout his career in the automotive sector, Fisker has become synonymous with iconic cars and leadership in premium electric vehicle development. Fisker’s vision is behind some of the most emotionally appealing vehicles ever created, including the BMW Z8, the Aston Martin DB9/V8 Vantage, the VLF Force 1, the Fisker Karma and more. Henrik and Fisker Inc. are currently working toward the development of the next generation of electric vehicle expertise, tomorrow’s technology and compelling design for the advancement of human mobility and comfort.
For more information, visit the company’s website at http://nnw.fm/FTSSF
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