First Cobalt (TSXV: FCC; US-OTC: FTSSF) has tabled its first resource estimate for its 100%-owned Iron Creek cobalt project in Idaho.
The project contains 29.6 million tonnes grading 0.08% cobalt and 0.3% copper or 0.11% cobalt equivalent for 45 million lb. cobalt and 175 million lb. copper in pit constrained and underground resources.
The company also considered an underground-only resource containing 4.9 million inferred tonnes at 0.32% cobalt and 0.68% copper, or 0.3% cobalt equivalent.
The resource remains open along strike and at depth. First Cobalt is currently in the middle of a $9 million work program that includes drilling 30,000 metres across 70 holes. It aims to double the project’s strike length for an updated resource estimate in 2019. It will also infill drill the property to convert a portion of the inferred resource to the measured and indicated categories.
The resource is based on drilling First Cobalt conducted in 2017 and the first half of 2018.
In early September the company acquired 100% ownership of the property and bought out a 4% royalty on it by making a one-time, US$1.07 million payment to the leaseholder.
The company is also drilling 26,500 metres at its Canadian cobalt camp in Ontario. In July it identified a second mineralized cobalt trend at its Kerr zone , near surface and extending over a 500 metre strike length.
Shares of First Cobalt are currently trading at 36¢ with a 52-week range of 26¢ to $1.65. The company has a $120 million market capitalization.
As of the end of June, the company had $20 million in cash. It is fully financed to complete all its current work programs.