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Electra Battery Materials Acquires New Cobalt Project and Provides Update on Exploration Activities in Idaho
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today announced the acquisition of a cobalt property in proximity
About this update from Electra Battery Materials Corp
[{"type":"text","content":"Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today announced the acquisition of a cobalt property in proximity to the Company’s projects in Idaho and provided an update on exploration activities in the Idaho Cobalt Belt, home to the largest unmined cobalt resource in the U.S. Highlights Optioned a 5.3 km2 land package adjacent to the Iron Creek deposit with historic drilling highlights that include 6.25 metres at 0.51% cobalt and 7.5 ppm gold from 77.5 to 83.8 metres in historic drilling Additional mineralization intercepted on the eastern extension of the Iron Creek resource area of 5.6 m at 0.25% cobalt in IC22-01 from 228.8 to 234.3 m. Additional mineralization intercepted at the Ruby Target, 1.5 km southeast of the Iron Creek deposit, of 4.3 m at 0.25% cobalt in IC22-04 from 211.4 to 215.8 m Permitting underway for a 10-year, 92 drill pad plan of operations with the U.S. Department of Agriculture’s Forest Service (USFS) to conduct systematic exploration at the camp scale on Iron Creek, Ruby, CAS, and additional exploration targets within Electra’s 32.6 km2 land package “Sourcing domestic supply of cobalt has become even more critical with the passage of the Inflation Reduction Act,” said Trent Mell, Electra’s CEO. “While our primary focus continues to centre on the commissioning of North American’s first cobalt sulfate refinery and launching our battery materials recycling demonstration plant in the coming weeks, advancing exploration activities in the Idaho Cobalt Belt are key to our long-term growth and efforts to onshore the EV battery supply chain.” CAS Property Following the success of the 2022 field season, the Company concluded an option agreement to acquire the CAS property, a 5.3 square kilometer land package of lode mining claims adjacent to Electra’s Iron Creek deposit (Figure 1). The CAS property includes an outcropping mesothermal quartz vein swarm with cobalt and gold mineralization. Historic reports indicate 2,622 metres of drilling were completed in 19 holes. This historic drilling intercepted anomalous zones of gold and cobalt associated with the vein swarms with up to 6.25 m at 0.51% cobalt and 7.5 ppm gold from 77.5 to 83.8 metres. Material from historic drilling is no longer available for check assays and as these results cannot be verified by Electra, the...