TORONTO, Sept. 10, 2020 /CNW/ – First Cobalt Corp. (TSXV: FCC) (OTCQX: FTSSF) (the “Company”) is pleased to announce that it has taken steps to strengthen its commitment to becoming a globally competitive player in the North American electric vehicle (EV) supply chain by joining the Critical Materials Institute as a Full Team Member. This development further underscores First Cobalt’s commitment to strengthen its Environmental, Social and Corporate Governance (ESG) practices.
The Critical Materials Institute (CMI) was launched in 2013 and is a U.S. Department of Energy Innovation Hub led by the Ames National Laboratory supporting early-stage research to advance innovation in U.S. manufacturing. The CMI focuses on technologies that make better use of materials and eliminate the need for materials that are subject to supply disruptions. Cobalt and other critical materials are essential for American competitiveness in clean energy technologies, including wind turbines, solar panels, electric vehicles, and energy-efficient lighting.
In 2017, the U.S. Government added cobalt to a list of “critical minerals” and devised an action plan to specifically address supply chain issues. The U.S. is heavily reliant on foreign sources of cobalt for military and industrial applications, including electric vehicles and aerospace.
Canada as well as a cobalt-copper deposit in the U.S. The deposit, known as Iron Creek, is located within First Cobalt’s Idaho property, which is part of a geologic belt that collectively contains the largest cobalt resources in America.
Colorado School of Mines.
Canada’s efforts under the Canada–U.S. Joint Action Plan on Critical Minerals Collaboration, advancing North America’s mutual interest in securing supply chains for the critical minerals needed for important manufacturing sectors, including communication technology, aerospace and defence, and clean technology.
Trent Mell, First Cobalt President & CEO, commented:
North America. This membership greatly improves our network of companies and research facilities that share our dedication to a clean energy future. The CMI provides access to cutting edge technologies and brilliant people who are improving metal extraction processes to make them more energy efficient, less costly, and reduce the impact to the natural environment.
Colorado School of Mines on a proposal to fund a project on improving the extraction of cobalt from ore from the Iron Creek cobalt-copper deposit in Idaho. The two-year project is aimed at modifying conventional methods of extraction to reduce the amount of waste material processed and to increase the concentration of cobalt in material to be refined. The methods to be tested will be specifically adapted to reduce energy consumption of mineral processing compared to current practices. The reduction of waste material in processing would minimize the size of tailings compounds. The project is well-aligned with First Cobalt’s commitment to provide a green and ethical supply of cobalt to the North American electric vehicle market.
Frank Santaguida, First Cobalt Vice-President, Exploration will be a guest speaker on the topic of “Establishing Domestic Cobalt Supply Chains” at the CMI Annual Meeting on September 15, 2020. The meeting is being held virtually and will bring together CMI leaders, researchers, partners, and affiliate partners from around the world.
First Cobalt’s Iron Creek project is located in the Idaho Cobalt Belt, which is known as the most prolific trend of cobalt mineralization in the U.S. and includes the historic Blackbird Mine. The property consists of mining patents and exploration claims with historic underground development that includes 600 metres of drifting from three adits and an all-weather road connecting the project to a state highway. Iron Creek has a resource estimate with an Indicated Resource of 2.2 million tonnes at 0.32% cobalt equivalent (0.26% cobalt and 0.61% copper) for 12.3 million pounds of contained cobalt and 29 million pounds of contained copper as well as an Inferred Resource of 2.7 million tonnes at 0.28% cobalt equivalent (0.22% cobalt and 0.68% copper) for an additional 12.7 million pounds of contained cobalt and 40 million pounds of contained copper.
Frank Santaguida, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the contents of this news release. Dr. Santaguida is employed on a full-time basis as Vice President, Exploration for First Cobalt.
North America’s only permitted cobalt refinery. Cobalt refining is a critical component in the manufacturing of batteries for electric vehicles, consumer electronics and industrial applications. Cobalt is a critical mineral and forms a foundational piece of the next generation of the North American auto sector. First Cobalt also owns an advanced cobalt project in the United States and controls significant cobalt-silver mineral assets in the Canadian Cobalt Camp.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.” data-reactid=”53″>This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, which relate to the proposed development of the First Cobalt Refinery, the intended processing of cobalt hydroxide feedstock at the First Cobalt Refinery and the ability to secure financing and feedstock materials necessary to commence production at the First Cobalt Refinery. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects’, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for First Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE First Cobalt Corp.
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