TORONTO, April 28, 2021 /CNW/ - First Cobalt
Corp. (TSX-V: FCC) (OTCQX: FTSSF) (the "Company") today
announced that it has been awarded funding from the US Department
of Energy's Critical Materials Institute (CMI), an Energy
Innovation Hub, for research on innovative mineral processing
techniques for its Iron Creek copper-cobalt project in Idaho.
This interdisciplinary, collaborative research effort will be
conducted in conjunction with the Kroll Institute for Extractive
Metallurgy (KIEM) at the Colorado School of
Mines over a two-year period with the objective of
identifying more efficient and environmentally friendly methods to
process cobalt ore from pyrite material. The funding from CMI will
consist of US$600,000 over a two-year
period, with an in-kind match from the Company, as part of a total
US$1.2 million program. The work is
yet another executed step in First Cobalt's strategic plan to
become the world's most sustainable producer of battery
materials.
"Our vision in Idaho is to
build a modern underground mining operation and mineral processing
facility centered on the Iron Creek cobalt-copper deposit."
said Trent Mell, First Cobalt
President & CEO. "We can take advantage of new and emerging
technologies that reduce waste material coming out of the mine and
reduce the amount of energy required to process the ore. To
have the support of the United States Government to further a
national strategy of developing a domestic supply of cobalt further
reinforces the First Cobalt value proposition as North America's only integrated supplier of
battery materials for the electric vehicle
industry."
Cobalt is one of 35 elements identified by the United States
Department of the Interior as a "critical mineral". These minerals
are essential to the economic and national security of the US, the
supply chain of which is vulnerable to disruption. In the United States, 100% of cobalt used in
manufacturing electric vehicle batteries is imported. President
Joe Biden recently announced a
100-day review of the critical mineral supply chains to determine
how the United States Government can reduce this vulnerability to
disruption.
Project Details
First Cobalt is collaborating with the Kroll Institute for
Extractive Metallurgy at the Colorado School
of Mines to optimize the recovery of cobalt from First
Cobalt's Iron Creek Project. First Cobalt is providing matching
in-kind support utilizing representative drill core material as
well as bulk underground samples of mineralization and host rocks.
First Cobalt personnel will also guide the work to be done based on
the preliminary mineralogical and metallurgical tests previously
completed. The project is being led by KIEM Professors Corby Anderson and Erik
Spiller, currently supervising a team of four Graduate and
Undergraduate students.
Over 200kg of drill core material has been shipped to the
Colorado School of Mines to initialize
work to further characterize the physical properties of cobalt ore
to determine the range of methods that are effective for
processing. A bulk sample, over 2000kg, from underground will be
shipped during the summer to test ore sorting methods that
potentially separate cobalt and copper ore from waste host
rocks.
Results from the optimized methods will be compared to a
conventional processing system First Cobalt has demonstrated to be
effective for cobalt recovery. The improved process could reduce
costs, energy consumption and generated waste material thereby
minimizing the environmental impact of mining and mineral
processing.
Iron Creek Cobalt-Copper Resource
Iron Creek is a high grade underground primary cobalt deposit on
patented property in the United
States. It currently has 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 an 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. The resource estimate used a 0.18% cobalt
equivalent cutoff grade.
Drilling has outlined the strike extent of mineralization to
over 900 metres and down-dip to over 650 metres. Mineralization
remains open along strike and down-dip, suggesting strong potential
for significant future resource growth. Thick mineralized zones of
up to 30 metres of true thickness reflect broad stratabound
lithological controls.
About the Critical Materials Institute
Founded in 2013, the Critical Materials Institute is a DOE
Energy Innovation Hub led by Ames Laboratory that seeks to
eliminate and reduce reliance on rare-earth metals and other
materials subject to supply chain disruptions. The Critical
Materials Institute is led by the U.S. Department of Energy's Ames
Laboratory and supported by the Office of Energy Efficiency and
Renewable Energy's Advanced Manufacturing Office, which supports
early-stage applied research to advance innovation in U.S.
manufacturing and promote American economic growth and energy
security. First Cobalt was one of only four projects selected for
funding of a joint project that will cost an aggregate of
US$1.2 million in joint funding over
a two-year period.
First Cobalt became a CMI Team member in September 2020, strengthening its commitment to
environmental, social and governance (ESG) practices. The CMI
provides access to cutting edge technologies and brilliant people
who are improving metal extraction processes to make them more
energy efficient, less costly, and reduce the impact to the natural
environment.
Qualified Person Statement
Dr. Frank Santaguida, P.Geo., is
the Qualified Person as defined by National Instrument 43-101 who
has reviewed and approved the contents of this news release. Dr.
Santaguida is employed as Vice President, Exploration for First
Cobalt.
About First Cobalt
First Cobalt's mission is to be the most sustainable producer of
battery materials. The Company owns North
America's only permitted cobalt refinery, a critical asset
in the development and manufacturing of batteries for electric
vehicles. First Cobalt also owns the Iron Creek cobalt-copper
project in Idaho, USA as well as
several significant cobalt and silver properties in the Canadian
Cobalt Camp.
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 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 First Cobalt, filed on SEDAR at
www.sedar.com. Although First Cobalt 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, First Cobalt disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
SOURCE First Cobalt Corp.