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Electra Battery Materials Identifies New Copper Showing in Idaho and Extends Redcastle Agreement
TORONTO / Jul 25, 2024 / Business Wire / Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) announces a new copper s
About this update from Electra Battery Materials Corp
[{"type":"text","content":"TORONTO / Jul 25, 2024 / Business Wire / Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) announces a new copper showing in proximity to its Iron Creek Project, and provides an update on its Idaho exploration activities. Highlights Electra’s 2023 field program discovered a previously unknown copper surface showing, the Malachite Hill Copper Showing, on an unexplored boundary area of the Redcastle Agreement claims portion of the Idaho properties. Electra has signed an amendment to the Redcastle Property Agreement to extend its two main exploration expenditure commitments by two years, to 2026 and 2028 respectively. “We are taking measured steps to maximize the value of our exploration assets in Idaho, which continue to demonstrate upside potential for copper and cobalt at Iron Creek, Ruby, CAS, and now Malachite Hill,” said Electra CEO, Trent Mell. “Under the leadership of Dr. William Stone, we have applied for a 10-year exploration permit, which will enable us to advance drilling activities on up to 91 specified drilling locations without unforeseen delays. While Electra’s primary focus is to complete the cobalt refinery project in Ontario, there is clear potential in the Idaho Cobalt Belt to be an important source of critical minerals to onshore the North American battery supply chain. We look forward to re-launching field exploration work and exploration drilling programs in due course.” Ryan McDermott, CEO, Phoenix Copper Ltd., said, “We are pleased to be continuing our collaboration with Electra Battery Materials through the extension of this agreement. We believe Electra is well-positioned to further advance the Redcastle property’s potential, and we look forward to working with the Electra team as that potential is realized.” The Idaho properties consist of mining patents and exploration claims over an area of 73.15 km2, including the Iron Creek Project, and cover the strike extent of strata hosting the cobalt-copper sulfide mineralization. Iron Creek is one of several cobalt-copper mineral resources and prospects within the Idaho Cobalt Belt, a prospective mineralized system that contains copper and the largest primary cobalt resources in the United States, according to the U.S. Geological Survey. Historical underground development at Iron Creek includes 600 metres of drifting...