Electra Battery Materials Corporation (TSX-V:ELBM, OTCQX:ELBMF) said that drill results to the west of its Iron Creek cobalt-copper project have successfully extended mineralization by 130 meters (m) along strike and by 110m at depth.
"Drill results from the western side of the deposit confirm that we have continuity of mineralization in an area that has been historically underexplored," said Dan Pace, principal geologist, in a statement.
"The extension of mineralization at depth was expected though the high-grade cobalt intercepts in this copper-rich area of the deposit are a nice surprise and lends support to the view that cobalt is not confined to the east and that we could identify new high-grade cobalt lenses with further drilling west and at depth."
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Iron Creek is a high-grade cobalt-copper underground deposit located on private land within the Idaho Cobalt Belt, an underexplored and highly prospective cobalt and copper belt extending 60 kilometers (km) along strike that could help America reduce reliance on foreign supply of a mineral that is critical to the electric vehicle (EV) revolution.
Highlights include:
- Broad widths of copper mineralization continue to be intercepted along with high-grade cobalt intercepts (all widths reported are true widths)
- 29m of 0.70% copper (Cu), including 0.51% cobalt (Co) over 1.5m and 2.19% Cu over 3m
- 25m of 0.63% Cu, including 0.27% Co over 1.2m and 1.72% Cu over 3.7m
- 17m of 0.42% Cu, including 2.18% Cu over 1.5m
- Cobalt mineralization in the footwall area of the deposit indicates that lenses of high-grade cobalt mineralization remain open at depth
- Extends known strike extent from 900m to over 1km, with mineralization open along strike and not offset by faulting; mineralization also extended by 110m at depth, with multiple high-grade copper lenses in the hangingwall
- Awaiting drill results from the eastern extension of the deposit, where higher grade cobalt mineralization is frequently encountered
"At a time of heightened geopolitical tensions, American must commit to securing a domestic supply of critical minerals for the green energy transition," said Electra CEO Trent Mell.
"Idaho is arguably the most prospective location in the world to identify new primary sources of cobalt outside the DRC (Democratic Republic of the Congo). Electra's ultra-low carbon refinery in Canada will create the first domestic supply of battery-grade cobalt for EVs later this year and Idaho can become an important part of a continental onshoring strategy that is both in the national interest and good for the environment."
At Iron Creek, the company completed 30,000m of drilling from 2017 to 2019 before pausing exploration to focus on developing its battery materials park in Canada, which will be commissioned in phases starting in the fourth quarter of 2022.
Contact the author: patrick@proactiveinvestors.com
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