Electra Battery Materials Corporation (TSX-V:ELBM, NASDAQ:ELBM) has announced that drilling at its cobalt-copper mineral project in Idaho has successfully extended mineralization by an additional 180 metres (m) to the east of the current deposit as well as down-dip from the eastern edge of the resource zone.
The pending battery materials producer said five of six exploration holes drilled in the most recent drill campaign intersected high-grade cobalt mineralization, including 1.4m of 0.4% cobalt in hole IC21-05.
“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 Battery Materials CEO Trent Mell said in a statement.
READ: Electra Battery Materials says its shares will start trading on Nasdaq on April 27
“Electra's ultra-low carbon refinery in Canada will create the first domestic supply of battery grade cobalt for EVs (electric vehicles) later this year and Idaho can become an important part of a continental EV supply chain strategy that is both in the United States' national interest and good for the environment,” Mell added.
Electra noted that cobalt mineralization remains open along strike in both directions and the final three holes to be reported intersected the mineralized stratigraphy over a depth extent of 400m to the east of the current resource.
The company also said it plans to advance the Iron Creek project, which is located within Electra's Idaho property, with additional exploration drilling, with Phase 1 expected to target the eastern extensions to the resource area between the resource boundary and these latest intercepts.
It added that drill holes will explore for thicker zones of high-grade cobalt mineralization similar to previous drill intercepts from underground adit no.1, which included 25.7m of 0.4% cobalt.
Electra also noted that the second phase of drilling will target the Ruby Zone located 1.5 kilometres southeast of the known resource area at Iron Creek, in which cobalt and copper mineralization is exposed over a 315m strike length.
The current mineral resource estimate at Iron Creek suggests an Indicated resource of 2.2 million tonnes at 0.32% cobalt equivalent, for 12.3 million pounds of contained cobalt, along with an Inferred resource of 2.7 million tonnes at 0.28% cobalt equivalent for an additional 12.7 million pounds of contained cobalt, according to the company.
Electra's core strategy is to produce low carbon, ethically sourced battery materials for the North American electric vehicle supply chain. It focuses on creating the first integrated battery materials park in North America, providing refined cobalt, nickel and recycled battery materials.
Contact Sean at sean@proactiveinvestors.com