VANCOUVER – eCobalt Solutions Inc. announced the results of an updated resource estimate for the Idaho Cobalt Project in the Idaho Cobalt Belt near Salmon, Idaho, showing increased measured and inferred resources.
The company’s Idaho Cobalt Project in east-central Idaho, is the only environmentally permitted, primary cobalt project in the United States. It is 100 percent owned by the company’s wholly owned subsidiary, Formation Capital Corp., U.S.
The update is based on results from a three-hole, 5,000-foot drill program completed in 2017, as well as a review and inclusion of past drill results not included previously, and the creation of a new three-dimensional resource model using current state of practice software and geostatistical tools. Comparing the updated resource model to the resource model dated Sept. 27, 2017, highlights include:
• Total measured and indicated resources increased to 3.87 million tons at 0.59 percent cobalt, compared to 3.44 million tons at 0.59 percent cobalt.
• Inferred resources increased to 1.82 million tons at 0.46 percent cobalt from 1.54 million tons at 0.50 percent cobalt.
These results will be incorporated into a new, optimized feasibility study planned for completion in Q2 2018. Until that study is finalized there can be no assurance that any increase in resources will result in a material change to the reserves and economics of the Idaho Cobalt Project.
“The updated resource model delineates an increase in the resources available for reserve and is in line with our expectations with regards to the targeted conversion of inferred resources to M&I,” said Floyd Varley, eCobalt’s chief operating officer, in a Feb. 7 statement. “Work is ongoing to determine the economic significance of these results, which will be incorporated into a new feasibility study and mine plan. The updated resource model also provides additional insight into the controls of mineralization. This information will help inform future drilling efforts to advance the Ram deposit, as well as planning of mine infrastructure.”
The updated resource model takes into account a minimum mining width of 6 feet. Also included are approximately 400,000 tons grading 0.5 percent cobalt containing 4 million pounds of cobalt in the M&I category located mainly in the newly drilled deeper southern end of the Ram deposit, as well as in hanging wall structures. These structures are limited by a lack of sampling in many of the Ram drill holes and warrant further definition drilling from underground.
“The work undertaken to update the resource model for the Ram deposit has provided us with an improved understanding of the deposit,” said Paul Farquharson, president and CEO of eCobalt. “The data provides additional confidence that the deposit remains open at depth and along strike and will be used to delineate future expansion drilling efforts. Another key milestone has been achieved for the company as we move towards production at the [Idaho Cobalt Project] – the only near-term primary cobalt deposit in the United States.”
eCobalt is listed on the Toronto Stock Exchange and is committed to providing clean cobalt products essential for the rapidly growing rechargeable battery and renewable energy sectors, made safely, responsibly, and transparently in the United States.