First Cobalt to spend A$9m on new project
PERTH (miningweekly.com) – ASX- and TSX-listed First Cobalt has approved a A$9-million works programme at the Iron Creek project, in the US.
First Cobalt acquired the Iron Creek project through its takeover of US Cobalt in June.
The company said on Tuesday that its 2018 drill campaign at Iron Creek would cover some 30 000 m and will consist of 70 holes aimed at extending the known mineralisation along strike, and to bring a portion of the inferred mineral resource estimate into the measured and indicated categories.
A mineral resource estimate is expected in October this year.
“First Cobalt acquired US Cobalt because we believe that Iron Creek is one of the most prospective and advanced projects in North America,” said CEO and president Trent Mell.
“With a historic resource estimate, patented land and 600 m of underground development, Iron Creek is a prized high grade primary cobalt asset in a great mining jurisdiction. Today’s budget and work programme is a testament to our conviction about this cobalt/copper projects’ ability to be expanded and ultimately fast-tracked for future production in North America.”
In addition to drilling, the 2018 work programme will also include surface sampling of bedrock exposures to explore known cobalt/copper prospects away from the Iron Creek mineralisation. Bore-hole geophysical surveys will also be completed on selected drill holes for magnetic and electromagnetic data collection.
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