First Cobalt has announced that drilling in the Canadian Cobalt Camp in Ontario has identified a second cobalt mineralization trend within the Kerr area near surface extending over a 500-metre strike length.
First Cobalt (TSXV:FCC,ASX:FCC) has announced that drilling in the Canadian Cobalt Camp in Ontario has identified a second cobalt mineralization trend within the Kerr area near surface extending over a 500-metre strike length.
According to the release, this mineralized trend is located parallel to and 400 metres north of the previously identified Kerr #2 Zone, which has been traced over 350 metres to date.
As highlighted in the press release:
- Several mineralized intervals near the historic Drummond and Kerr Lake Mines containing multiple closely spaced cobalt-silver veins.
- Intervals include 6.5m grading 0.33 percent cobalt and 133 grams per tonne (g/t) silver and 10.7m of 0.14 percent cobalt and 13.9 g/t silver, including 6.9m of 0.21 percent cobalt and 12.5g/t silver.
- Longer intervals include 26.7m of 0.05 percent cobalt and 13 g/t silver.
- Shallow areas targeted with most mineralization intercepted within 60m of surface; deeper targets will be tested at a later date
- Cobalt mineralization in both the Kerr #2 and the Drummond-Kerr areas is mainly hosted by sedimentary rocks and in some places occurs along preferred horizons where veins are well developed
President and CEO of First Cobalt, Trent Mell said:
“The results reported today are just 400 metres north of the Kerr #2 Zone, providing great encouragement to our vision of large scale open pit mining in the Cobalt Camp. We are reallocating a larger portion of the 2018 exploration budget to the Kerr area despite having a multitude of prospective targets across our land package. Results from nine drill holes are pending and additional drilling is planned.
The valuation of battery metals explorers, developers and miners have come under pressure in recent months, however First Cobalt is well positioned to capitalize as market sentiment improves. Our programs are fully-financed into 2019, work programs in Idaho and Ontario are progressing well and we own a permitted North American cobalt refinery, giving us the potential to become a near-term producer outside of the DRC and in proximity to U.S.-based lithium-ion battery manufacturers.”