Iron Creek has an indicated 2.2 million tonne resource at 0.26% cobalt and 0.61% copper, for 12.3 million pounds of cobalt and 29Mlb of copper.
It also has an inferred 2.7Mt at 0.22% cobalt and 0.68% copper for 12.7Mlb and 40Mlb respectively.
“Cobalt demand for electric vehicles is projected to increase more than 250% by 2025 and Idaho is believed to be America’s best opportunity to develop a domestic supply of this critical mineral,” said First Cobalt president and CEO Trent Mell.
Refinery
First Cobalt is looking to develop supply as it moves to commission the expansion of its cobalt refinery in Canada’s Ontario province next year.
The company has said the project, which it is carrying out in partnership with mining and commodities trading giant Glencore (LON:GLEN), would help North America reduce its reliance on China.
The country dominates the supply chain for rechargeable lithium-ion batteries and also has two of the world’s top producers of the white metal — Tianqi Lithium and Ganfeng Lithium.
Midday Thursday, First Cobalt’s stock was up 1.6% on the TSXV. The company has a C$153 million market capitalization.
