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Friday, March 31, 2023

Electra Battery Materials Updates Resource Estimate at Iron Creek Project

It is reported that the indicated resource totals 4.4 million tons with a cobalt grade of 0.19%.

Electra Armored Materials Corporation announced an updated mineral resource estimate (2023 MRE) for the Iron Creek Cobalt-Cobalt-Cobalt Project, located in the Idaho Cobalt Belt, a 34-mile-long formation that contains some of the world’s primary cobalt deposits, the largest in North America. which paves the way for further exploration activities and a preliminary economic evaluation of progress.

It is reported that the indicated resource totals 4.4 million tons with a grade of 0.19% cobalt for 18.4 million pounds of cobalt and a grade of 0.73% copper for 71.5 million pounds of copper.

An inferred resource is 1.2 million tons with a grade of 0.08% cobalt for 2.1 million pounds of cobalt and a grade of 1.34% copper for 36.5 million pounds of copper.

From infinite and through-transit exercises completed to date, Electra upgraded 54% of the 2019 MRE inferred resource category to indicate in 2013.

The Iron Creek Project mineral resource area extends 1,652 meters in length to a width of 780 meters and to an elevation of 852 meters.

Within the limits of Iron Creek there are seven documented instances of metallic mineralization exposed at the surface or encountered during drilling. Iron Creek is the main mineralized body and Ruby is the second largest.

2023 MRE prepared for an underground mission with a net Smelter Return (NSR) cut-off level of US$87.00.

Additional drilling is recommended to connect isolated eastern intercepts to the deep resource area and advance to the Ruby target to increase the inferred mineral resource.

“Continued exploration and development of the Idaho cobalt belt will help reduce North America’s dependence on foreign sources of cobalt supplies, especially as demand for the critical mineral will grow exponentially in the coming years,” said Trent Mell, Electra CEO.

“Our updated mineral assessment response, which reports encouraging results from the completed exercise program to date, paves the way for continued exploration activities and a preliminary economic assessment,” he added.

Mineral Resource Evaluation Methods

Electra is engaged in InnovExplo Inc. prepare an updated Mineral Resource Estimate for the Iron Creek project and a supporting technical report.

The 2023 MRE is based on diamond drilling between 2017 and 2022 and a lithostructural model built at Leapfrog.

The diamond drilling database contains 86 surface (26,304.8 meters) and 31 underground (5,670.8 meters) diamond drill holes. The database also contains 23,308 sampled intervals from 29,481 meters of core drilled. All tested intervals for copper and cobalt are resolved. The database also includes lithological descriptions, alterations and structures and measurements taken from drill cores.

The mineral resource database covers the length of the mineral resource area at variable distances ranging from 10 to 50 meters.

In addition to the raw data tables, the mineral resource database includes tables of composite drill bits and solid wire intersections, which are necessary for the statistical evaluation and sculpting of mineral resources.

MRE 2023 has an effective date of January 27, 2023. It represents an update of the previous mineral resource estimate that was included in the technical report entitled “Updated Technical Mineral Resource Estimate for the Iron Creek Project dated November 27, 2019.” effective date November 27, 2019 Posted by Steven J. Ristorcelli, CPG, PG and Joseph Schlitt, MMSA QP (previously 2019 MRE).

InnovExplo is mining p In addition to these services, InnovExplo also employs professional consultants in Montreal, Trois-Rivières in Quebec, and Sudbury in Ontario, Canada.

About the Iron Creek Project

The Iron Creek Project consists of mining patents and exploration claims over an area of ​​3,300 hectares that cover an extension of the host mineralization layer. Historical underground development at Iron Creek includes 600 meters of three approaches.

The road connects the property to the state road and to the neighboring towns of Challis and Salmon.

Iron Creek is one of several cobalt-air resources and prospects within the Idaho Cobalt Belt, a prospective mineralized system that contains the largest primary cobalt resources in the United States, according to the US Geological Survey.

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