Geophysical Survey Identifies New Drill Targets At Idaho Project
TORONTO - First Cobalt Corp. reported that a geophysical survey of its Iron Creek cobalt-copper deposit in Idaho, has identified several new drill targets. Data provides further support for a resumption of drilling to expand the Iron Creek deposit and test new targets over a 2-kilometer radius within the Property. Highlights: High chargeability zones were detected along strike of the Iron Creek cobalt-copper deposit, presents an opportunity to more than double the strike length of the current mineralization; Additional high chargeability anomalies detected in the footwall of Iron Creek, highlighting the potential for new mineralization within the resource area; and Drilling to resume to test the new targets, with a view to expanding the Iron Creek cobalt-copper resource and explore the possibility for new discoveries on the property.
Trent Mell, President & Chief Executive Officer, said, "The Idaho Cobalt Belt is America's best opportunity to rapidly develop a domestic supply of this critical mineral. With cobalt in sulfate form trading above $30/lb, this U.S. asset can become an attractive source of cobalt for the electric vehicle market. Following a remarkable year of growth in the European EV market, North America is poised to follow suit. Fast-tracking the Iron Creek Project is consistent with our strategy of producing the world's most sustainable cobalt. The geophysical survey has been successful in identifying new targets on our Idaho property and potentially extending known cobalt-copper mineralization of the Iron Creek deposit. We are excited by the prospectivity of our land package and we will resume drilling over the summer months. These anomalies will be priority drill targets along with the extensive cobalt-copper mineralization on surface at the nearby Ruby Zone, which we also control."
A total of thirteen lines were surveyed at the Idaho Property using Induced Polarity and Resistivity geophysical methods. Previous bore-hole electromagnetic surveys have shown both cobalt-rich and copper-rich mineralization are conductive. The IP and Resistivity methods were used to also detect disseminated-style mineralization to outline the full width of a potential metal resource. The Iron Creek deposit has been traced by drilling over a 900-meter strike extent. The eastern and western portions of the cobalt-copper resource were surveyed separately to test extensions to mineralization, including mineralization that was believed to extend below cover. Results indicate that the mineralization extends 700 meters beyond the copper-rich western zone and over 300 meters into the cobalt-rich eastern zone.
Some overlap of lines was completed over previously drilled areas to characterize the chargeability and resistivity responses to mineralization. The data were processed and integrated in the 3D resource model to spatially relate the geophysical response to mineralization and the metasedimentary rocks. Chargeability correlates well with cobalt-rich pyrite mineralization in areas previously drilled, demonstrating the method is applicable for direct detection of this style of mineralization. The high chargeability response near surface in the west and east of the Iron Creek deposit is considered to trace mineralization below the Challis Volcanics cover, as the anomalies persist to depth although reduced in intensity.
Nine discrete chargeability anomalies have been interpreted. The geophysical survey results are also interpreted to highlight north-south trending faults previously identified by bedrock mapping. The continuity of the high chargeability anomalies reflect a minor offset on these faults at the margins of the Challis that are interpreted to displace the mineralized zone southward. A drilling program is currently being designed to test for the extensions of the Iron Creek cobalt-copper resource. The areas with high chargeability anomalies considered to be associated with mineralization along this horizon have been prioritized for this program. Further ground geophysical surveys are also planned to better resolve the anomalies at depth below cover and cover the area between high chargeability anomalies associated with the Footwall Zone.