The acquisition of 68 claims in the Idaho cobalt belt expands the holdings of Formation Capital (VSE) at its Sunshine project.
Three main target areas — Sunshine, Lion and Northfield — now combine to host 14 separate zones of stratabound, high-grade cobalt mineralization, along with significant copper and gold showings.
The Sunshine mine includes the Sunshine Lode, which occurs within a wide belt of siliceous, stratabound exhalites which contain high-grade and lower-grade cobalt-copper-gold mineralization. Drill-indicated reserves stand at 400,000 tons grading 1.1% cobalt, 0.26% copper and 0.025 oz. gold per ton. The total resource is estimated to exceed 1 million tons.
The Lion target area includes the Horseshoe zone, which hosts 298,000 tons of geological reserves grading 0.67% cobalt and 0.74% copper. An additional, lower-grade reserve grades 0.41% cobalt and 0.23% copper.
Consulting firm Roscoe Postle Associates is preparing an engineering report on the Sunshine project, as well as on Formation’s Black Pine project (about 9 miles to the southeast).
Be the first to comment on "Formation adds to Sunshine holdings"