First Cobalt upgrades Iron Creek resource

First Cobalt (TSX: FCC; US-OTC: FTSSF) has released an updated resource for its 7-sq.-km Iron Creek project in Idaho, with 2.2 million tonnes at 0.32% cobalt-equivalent in the indicated category and 2.7 million tonnes at 0.28% cobalt-equivalent in the inferred category. Contained cobalt stands at 12.3 million lb. in the indicated and 12.7 million lb. in the inferred category.

This represents a 10% growth in total tonnes, at relatively consistent grades, when compared with the maiden inferred resource, released in 2018, of 4.4 million tonnes at 0.3% cobalt-equivalent.

“Results of the infill drilling campaign exceeded our expectations and confirm that we have a continuous deposit,” Trent Mell, First Cobalt’s president and CEO said in a release. “Future work will include drilling along strike and at depth to add tonnes, as well as geophysical surveys to understand the potential of other nearby targets, including the Ruby zone.”

The most recent resource report suggests that underground mining would be optimal for the deposit as drilling has traced mineralized extensions down-dip. The 2018 report outlined a combined open-pit and underground scenario.

Drilling to date has traced mineralization over 900 metres of strike and for 650 metres down-dip; it remains open on strike and down-dip.

The company’s main focus for this year will be the recommissioning of its First Cobalt Refinery in Ontario. Two feasibility studies are expected before the end of the first quarter with a possible restart by the fourth quarter.

At press time in Toronto, First Cobalt was trading at 16¢ per share with a 52-week trading range of 12¢ to 25¢ per share.

The company has 372.2 million common shares outstanding for a $57.7-million market capitalization.