First Cobalt Corp. Is On The Hunt for Cobalt: 350 Metres at Kerr Target
First Cobalt Corp. is a company whose prime focus is on its Greater Cobalt Project. The project, which began in August, 2017, encompasses over 10,000 hectares of prospective land including over 50 past producing mines, a mill and the only permitted cobalt refinery in North America capable of producing cobalt battery materials.
It’s no secret that technology is fueling the growing demand for the once-obscure element, cobalt. The rising demand for electrified vehicles could in fact lead to potential cobalt shortages. The demand for cobalt in vehicle battery materials is expected to grow more than 40 percent throughout 2018 according to U.K based cobalt trading firm Darton Commodities. Hence, many companies like First Cobalt Corp. are racing to bring relief to fears of shortages of the key element used in an array of technological devices, including cellphones, cars and defense systems.
With all that said, First Cobalt Corp. aims to create the largest pure-play cobalt exploration and development company in the world. First Cobalt seeks to build shareholder value through new discovery, mineral processing and growth opportunities, with a focus on North America. However, recently they announced a friendly merger with US Cobalt Inc., a transaction that would strategically position First Cobalt as a leading non-DRC cobalt company with three significant North American assets: the Canadian Cobalt Camp, with more than 50 past producing mines; the Iron Creek Project in Idaho; and the only permitted cobalt refinery in North America capable of producing battery materials.
Recently, First Cobalt Corp. announced even greater news in reference to the results of drilling in one of their mineralized zones in the Kerr area. The mineralized zone located south of Kerr Lake in the Cobalt North area of the Canadian Cobalt Camp was estimated to have a strike length of 200 meters, but recent assay results have extended the strike length of mineralized zone to 350 metres. The results confirm the area hosts a near-surface network of cobalt veins and disseminated mineralization associated with silver and nickel, as well as copper, zinc and lead.
“ The results have reinforced our confidence in the geological model we have developed for drill targeting in the Cobalt Camp. The Kerr area results support our thesis for the Camp that there is considerable potential for near-surface cobalt mineralization. We have extended the strike length of mineralization and established a more robust understanding of the geologic controls to cobalt mineralization that can be applied to future targeting.”
- Trent Mell, President & Chief Executive Officer of First Cobalt Corp.
The Kerr area contains several historic mines including Crown Reserve, Kerr Lake, Lawson, Drummond, Conisil and Hargrave, and produced over 50 million ounces of silver mainly between 1905 to 1950. Other historic mines owned by First Cobalt in the Cobalt North area include the Silver Banner, Juno, Silverfields, Hamilton, and Ophir mines. The Kerr Lake Mine consisted of thirteen separate shafts with underground development over 20 km. The deepest shaft was less than 200m.
Needless to say, the Greater Cobalt Project is pointing towards great economic growth and importance as it may potentially generate an abundance of cobalt material. This may put Canada in a unique position for the demand of cobalt in the near future.
Source: firstcobalt.com, cnbc.com, newswire.ca