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First Cobalt Corp. (ASX:FCC) announced drill results from its Iron Creek Cobalt venture in Lemhi County, Central Idaho, USA. The Venture includes 90 mining claims covering 1,797 acres of land in the Blackbird copper-cobalt area, inside the 65km-long cobalt belt. According to the organization, the project is constantly broadening the strike and width of the mineralized zones while additionally distinguishing more copper-rich territories toward the west of the deposit.
Drill Results: The drill result posted by the company was from the second phase of drilling that was conducted previously in 2018. The company undertakes drilling projects to extend the strike and width of the mineralized zones. The drilling project which was taken previously in 2018 was to extend the mineralized zone from over 500 meters to over 1,000 meters and to test down dip extensions of known cobalt-copper zones from 150 metres to over 300 metres below the surface in the central portion of the Iron Creek resource and the eastern margin of the known resource. In continuation to the previous work, a fan hole drilled southward from the same surface station tested the strike extent to the west of the current mineral resource area.
The mineral cobalt grades were the same as nearby drill holes within the Inferred resource estimate and were of 6.6m of 0.25% Cobalt including 1.4m of 0.59% cobalt on drill location identified as ICS18-16. The company also identified that the western portion of a No name Zone was rich in copper with intercepted broad widths of copper mineralization including 2.22% copper over 13.4m in ICS18-12.
Results from ICS18-21 and ICS18-25 the other two holes in the fan showed mineralization extends to the west along the No name and Waite Zones by 60m and 120m. The ICS18-21 and ICS18-25 also contain intersection to approx. 300m below the surface.
ICS18-21 and ICS18-25: The Waite Zone consistent with the Inferred resource estimate contains grades such as 0.27% Co over 1.9m, 0.15% Co over 5.3m and copper-rich portions also occurs on ICS18-25 with 2.88% Cu and 0.12% Co over 4.0m. Cobalt-Copper mineralization rich intervals are also present between two known zones including 0.22% Co and 3.90% Copper over 1.9m and 0.47% Co and 10.37% Cu over 0.5m in ICS18-21. The Continuous horizon of minerals between these two zones now has approx.800m of strike length.
Demand for Cobalt and Copper: The global demand for Cobalt and Copper can see a surge amid electric vehicle revolution as these two metals serve as a basic raw material for anode construction of electricity storage battery needed and demanded by the electric vehicle players. The continuous effort by the company as stated in the announcement to expand the strike and width of mineralization can play a crucial role in the development of the company as with good production capacity the company can jump in the battery boom market.
During the writing of this report, the share of First Cobalt Corp (ASX:FCC) closed at AU$0.200 (as of 14th February), up by 14.286% from its previous close. During the trading hours, the stock made a high of AU$0.230 and a low of AU$0.180 and with an average volume of 199,924.
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