Electra Battery Materials Corporation (TSX-V:ELBM, NASDAQ:ELBM) told investors it has confirmed a new zone of cobalt mineralization at the Ruby target at its Iron Creek project in Idaho following drill results.
The target sits just 1.5 kilometres (km) southeast of the company's Iron Creek deposit and the first two holes drilled hit intercepts including 6.4 metres (m) at 0.21% cobalt from a depth of 307.5m to 313.9m.
Another hole hit a length of 0.64m starting from 364.3m depth at a grade of 0.87% cobalt.
"Drill results confirmed the presence of significant cobalt mineralization identified in the chargeability anomaly imaged in this year's 3D-induced polarization survey," Dan Pace, Electra's principal geologist, said in a statement.
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"Additional drilling is warranted to evaluate the extent of the mineralization, which has a similar geophysical footprint to the Iron Creek deposit," he added.
Electra completed 1,674 metres (m) of drilling in the 2022 exploration program.
One hole was drilled targeting the eastern extension of the Iron Creek resource with results pending, while three holes and two wedge offset holes were completed on the Ruby target, it said.
The Iron Creek project is one of several cobalt-copper resources and prospects within the Idaho Cobalt Belt, which contains the largest primary resources of cobalt in the United States, according to the US Geological Survey.
Electra said it was now "aggressively" advancing permitting on a new Plan of Operations in collaboration with the Salmon-Challis National Forest to conduct additional drilling in 2023.
The aim is to systematically evaluate the Ruby zone, complete step-out drilling on the Iron Creek resource, and assess additional high-priority targets within the claim block, it said.
Electra has also been awarded a 217 acre feet water right from the State of Idaho Department of Water Resources to support exploration and mining activities on the Iron Creek property.
"We are very excited that drilling of our Ruby prospect supports our thesis that there are new cobalt targets in the Idaho Cobalt Belt,” said Electra CEO Trent Mell.
"The assay results pave the way for additional drilling and underscore the potential for Idaho to become an important source of cobalt in the U.S. and reduce North America's reliance on foreign supply."
Contact the writer at giles@proactiveinvestors.com