TORONTO, May 9, 2022
/CNW/ - Electra Battery Materials Corporation (NASDQ: ELBM)
(TSXV: ELBM) ("Electra") is pleased to announce that drilling
at its cobalt-copper mineral project in Idaho has successfully extended mineralization
by an additional 180 metres to the east of the current deposit as
well as down dip from the eastern edge of the resource zone.
HIGHLIGHTS
- Cobalt is an essential ingredient in long range electric
vehicle batteries and the U.S. automotive industry is entirely
reliant on foreign supplies of this critical mineral
- Five of six exploration holes drilled in the most recent drill
campaign intersected high grade cobalt mineralization,
including:
-
- 2.5 metres at 0.2% cobalt in hole IC21-04
- 1.4 metres at 0.4% cobalt in hole IC21-05
- 2.4 metres at 0.2% cobalt in hole IC21-05A
- Cobalt mineralization remains open along strike in both
directions and the final three holes to be reported
intersected the mineralized stratigraphy over a depth extent of 400
meters to the east of the current resource
"As expected, drill results on the eastern side of the deposit
confirm that the mineralized system has considerable growth
potential along strike and at depth" said Dan Pace, Principal Geologist. "Additional
drilling to the east of Iron Creek will target zones where the
cobalt mineralization may thicken in structural traps. Drilling is
also planned for the Ruby zone located 1.5 kilometers to the
southeast, where cobalt mineralization can be traced for
approximately 300 meters on surface, with 27 surface rock chip
samples with assays of up to 0.9%."
"At a time of heightened geopolitical risk, America has commited
to securing a domestic supply of critical minerals for the green
energy transition," said Trent Mell,
CEO. "Idaho is arguably the most
prospective location in the world to identify new primary sources
of cobalt outside the DRC. Electra's ultra low carbon refinery in
Canada will create the first
domestic supply of battery grade cobalt for EVs later this year and
Idaho can become an important part
of a continental EV supply chain strategy that is both in
the United States' national
interest and good for the environment."
Electra's Iron Creek Project is located in the Idaho Cobalt Belt
and is one of the few primary cobalt deposits in the world. The
Company completed 30,000 metres of drilling from 2017 to 2019
before pausing exploration to focus on developing its battery
materials park in Canada, which
will be commissioned in phases starting in Q4 2022.
Iron Creek is considered to be amenable to underground mining
extraction, which would result in a small footprint and minimize
environmental impact. Drilling has demonstrated multiple
mineralized horizons continuous along strike and down-dip. Thicker
zones of mineralization of up to 30 metres occur in the eastern
portions of the resource that also contain higher grades of cobalt
(Figure 1).
Iron Creek currently has an NI 43-101 compliant Mineral Resource
Estimate, outlining an Indicated Resource of 2.2 million tonnes
at 0.32% cobalt equivalent (0.26% cobalt and 0.61% copper) for
12.3 million pounds of contained cobalt and Inferred Resource of
2.7 million tonnes at 0.28% cobalt equivalent (0.22% cobalt
and 0.68% copper) for an additional 12.7 million pounds of
contained cobalt. There is potential to extend mineralization in
all directions with ongoing drilling. A copy of the technical
report is available on the Company's website at
electrabmc.com/our-business/iron-creek.
![Figure 1. Long section of the Iron Creek Deposit showing 2021 drill holes. Inclined section cut at 340 degrees azimuth dipping 70 degrees to the northeast with a 125m cutting thickness. (CNW Group/Electra Battery Materials Corporation) Figure 1. Long section of the Iron Creek Deposit showing 2021 drill holes. Inclined section cut at 340 degrees azimuth dipping 70 degrees to the northeast with a 125m cutting thickness. (CNW Group/Electra Battery Materials Corporation)](https://mma.prnewswire.com/media/1813152/Figure_1__LoNG_01.jpg)
In 2021, exploration successfully extended the known
mineralization along strike to the east and west as well as at
depth (Figure 2). Mineralization remains open in both
directions and additional infill drilling could target structural
traps within the mineralized stratigraphy where thicker zones of
cobalt mineralization may be present. Electra will explore
these targets, as well as other mineralized areas within its large
and highly prospective land position.
2022 Work Plan
In 2022, Electra plans to advance the Iron Creek project with
additional exploration drilling. Phase 1 will target
the eastern extensions to the resource area between the resource
boundary and these latest intercepts. Drillholes will explore
for thicker zones of high grade cobalt mineralization similar to
previous drill intercepts from underground adit #1, which included
25.7 metres of 0.35% Co in hole ICS18-03 (see October 24, 2018 press release).
The second phase of drilling will target the Ruby Zone located
1.5 km southeast of the known resource area at Iron Creek.
Cobalt and copper mineralization is exposed over a 315-metre strike
length, making Ruby a very prospective target. Previous chip
channel sampling returned multiple mineralized intervals,
including 10.7m of 0.24% Co
(including 1.5m of 0.48% Co) and
7.6m of 0.26% Co in a similar setting
to Iron Creek (see October 30, 2019
press release). Drilling will target the down dip extension of the
surface mineralization from three drill platforms.
Electra's Idaho Property
The Iron Creek Project is located within Electra's Idaho property, which consists of mining
patents and exploration claims over an area of 2,300 hectares
covering the strike extent of strata hosting mineralization.
Historic underground development at Iron Creek includes 600 metres
of drifting from three adits. An all-weather road connects the
property to a state highway and nearby towns, Challis and
Salmon.
Iron Creek is one of several cobalt-copper resources and
prospects within the Idaho Cobalt Belt, a prospective mineralized
system that contains the largest primary resources of cobalt in
the United States, according to
the U.S. Geological Survey. Mineralization-style throughout the
Belt is considered to be stratabound meta-sedimentary rock hosted.
Within Electra's own property boundaries, numerous satellite
targets have been identified.
Table 1. Assay Results
Hole ID
|
From
(m)
|
To
(m)
|
Drilled Length
(m)
|
True Width
(m)
|
Cobalt %
|
Copper %
|
CoEq %
|
IC21-04
|
79.4
|
82.7
|
3.3
|
2.48
|
0.18
|
0.21
|
0.21
|
IC21-05
|
417.9
|
419.4
|
1.5
|
0.64
|
0.31
|
-
|
0.31
|
IC21-05
|
440.1
|
442.3
|
2.2
|
0.92
|
0.21
|
-
|
0.21
|
IC21-05
|
450.6
|
453.8
|
3.2
|
1.37
|
0.40
|
-
|
0.40
|
IC21-05A
|
388.8
|
393.8
|
5.0
|
2.41
|
0.20
|
-
|
0.20
|
IC21-05A
|
417.5
|
419.8
|
2.3
|
1.14
|
0.25
|
-
|
0.25
|
True width estimated from the surveyed drillholes
intercept angle with the azimuth and inclination of
the grade shell in the 2019 resource model. Cobalt equivalent is
calculated as %CoEq = %Co + (%Cu/8).
Co intercepts are calculated using a minimum 1 m drilled length at
0.18% CoEq cutoff.
|
Quality Assurance and Quality
Control
Blanks, duplicates, and standards were inserted into the sample
chain at the core processing site as part of the QA/QC program. All
samples were submitted to ALS laboratories in Twin Falls, Idaho by Company staff. Drill core
samples are dried, weighed, crushed to 70% passing -2mm, split to
250g pulps crushed to 85% passing minus 75 microns. Samples were
dissolved with a sodium peroxide fusion with gravimetric dilution
in glassless labware and analyzed using super trace methods via
ICP-MS and ICP-AES. Samples over 2% Copper were analyzed with
a HF-HNO3-HClO4 digest and analyzed with ICP-AES.
Qualified Person
Statement
Dan Pace is a Registered Member
of the Society for Mining, Metallurgy & Exploration and is the
Qualified Person as defined by National Instrument 43-101 who has
reviewed and approved the contents of this news release. Mr. Pace
is employed as Principal Geologist for Electra Battery Materials
Corporation.
About Electra Battery
Materials
Electra's core strategy is to produce low carbon, ethically
sourced battery materials for the North American electric vehicle
supply chain. The Company is specifically focused on creating the
first integrated battery materials park in North America, providing refined cobalt,
nickel and recycled battery materials to North American battery
precursor manufacturers. Electra also owns the advanced
exploration-stage Iron Creek cobalt-copper project in Idaho, USA.
On behalf of Electra Battery Materials
Trent Mell
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding
Estimates of Resources
Readers are cautioned that mineral resources are not economic
mineral reserves and that the economic viability of resources that
are not mineral reserves has not been demonstrated. The estimate of
mineral resources may be materially affected by geology,
environmental, permitting, legal, title, socio-political, marketing
or other relevant issues. The mineral resource estimate is
classified in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum's "2014 CIM Definition Standards on
Mineral Resources and Mineral Reserves" incorporated by reference
into NI 43-101. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies or economic studies except for Preliminary Economic
Assessment as defined under NI 43-101. Readers are cautioned not to
assume that further work on the stated resources will lead to
mineral reserves that can be mined economically. An Inferred
Mineral Resource as defined by the CIM Standing Committee is "that
part of a Mineral Resource for which quantity and grade or quality
are estimated on the basis of limited geological evidence and
sampling. Geological evidence is sufficient to imply but not verify
geological and grade or quality continuity. An Inferred Mineral
Resource has a lower level of confidence than that applying to an
Indicated Mineral Resource and must not be converted to a Mineral
Reserve. It is reasonably expected that the majority of Inferred
Mineral Resources could be upgraded to Indicated Mineral Resources
with continued exploration."
Cautionary Note Regarding
Forward-Looking Statements
This news release may contain forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "occur" or "be
achieved". Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance, and
opportunities to differ materially from those implied by such
forward-looking statements. Factors that could cause actual results
to differ materially from these forward-looking statements are set
forth in the management discussion and analysis and other
disclosures of risk factors for Electra Battery Materials
Corporation, filed on SEDAR at www.sedar.com. Although Electra
Battery Materials Corporation believes that the information and
assumptions used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, Electra Battery Materials Corporation disclaims any
intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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