- Electra Battery Materials (ELBM) released an updated resource estimate for its Iron Creek project in Idaho
- The update boasts 108 million pounds of copper and 20.5 million pounds of cobalt
- Also, the company has upgraded the inferred resource category to indicated by 54 per cent since the last estimate done in 2019
- ELBM wants to complete further drilling on targeted areas to help increase the inferred category
- Electra Battery Materials (ELBM) is down 1.19 per cent, trading at $2.49 per share as of 1:36 p.m. EST
Electra Battery Materials (ELBM) released an updated resource estimate for its Iron Creek project in Idaho.
The updated estimate boasts 108 million pounds of copper and 20.5 million pounds of cobalt.
As a result of infill and step-out drilling completed by ELBM, the company has upgraded inferred resource category to indicated by 54 per cent since the last estimate done in 2019.
The indicated resource estimate category outlined 4.4 million tonnes of feed containing 18.4 million pounds of cobalt with a grade of 0.19 per cent and 71.5 million pounds of copper grading 0.73 per cent.
For the inferred category, the company estimates 1.2 million tonnes of feed with 2.1 million pounds of cobalt at 0.08 per cent and 36.5 million pounds of copper at 1.34 per cent.
Source: Electra Battery Materials
According to the company, a 34-mile-long formation around the project contains some of the largest primary cobalt deposits in North America, which it will follow for additional exploration activities and develop a preliminary economic assessment.
Furthermore, there are seven total known occurrences of metallic mineralization within the project, which were found at the surface or by drilling. Iron Creek is the main mineralized body, and the Ruby target is the second priority anomaly.
Further drilling may increase inferred resource
ELBM stated that additional drilling can help it connect isolated intercepts and advance the Ruby target to increase the inferred mineral resource.
“Continued exploration and development of the Idaho Cobalt Belt will help to reduce North America’s reliance on foreign sources of cobalt supply, particularly as demand for critical minerals will grow exponentially in the coming years,” Trent Mell, CEO of ELBM, said.
“Our updated mineral resources estimate, which reflects the encouraging results of drill programs completed to date, paves the way for continued exploration activities and development of a preliminary economic assessment.”
Electra Battery Materials (ELBM) is down 1.19 per cent, trading at $2.49 per share as of 1:36 p.m. EST.