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eCobalt Announces Increase in Measured and Indicated Resources for its Idaho Cobalt Project

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eCobalt Announces Increase in Measured and Indicated Resources for its Idaho Cobalt Project

 

 

 

 

 

 

eCobalt Solutions Inc. (TSX: ECS) (OTCQX: ECSIF) announces the results of an updated resource estimate prepared in accordance with National Instrument 43-101 for the Idaho Cobalt Project located in the Idaho Cobalt Belt near Salmon, Idaho, USA (the “Updated Resource Model”).

 

The update is based on results from a three-hole, 5,000 ft drill program completed in 2017, as well as a review and inclusion of past drill results not included previously, and the creation of a new three-dimensional resource model using current state of practice software and geostatistical tools. Comparing the Updated Resource Model to the resource model dated September 27, 2017, highlights include:

 

  • Total Measured and Indicated (“M&I”) resources increased to 3.87 million tons at 0.59% Co, compared to 3.44 million tons at 0.59% Co.
  • Inferred resources increased to 1.82 million tons at 0.46% Co from 1.54 million tons at 0.50% Co.

 

 

These results will be incorporated into a new, optimized feasibility study planned for completion in Q2 2018. Until that study is finalized there can be no assurance that any increase in resources will result in a material change to the reserves and economics of the ICP.

 

 

“The Updated Resource Model delineates an increase in the resources available for reserve and is in line with our expectations with regards to the targeted conversion of inferred resources to M&I,” stated Floyd Varley, eCobalt’s Chief Operating Officer. “Work is ongoing to determine the economic significance of these results, which will be incorporated into a new feasibility study and mine plan. The Updated Resource Model also provides additional insight into the controls of mineralization. This information will help inform future drilling efforts to advance the Ram deposit as well as planning of mine infrastructure.”

 

 

Table 1. 2018 Updated Mineral Resource Estimate for the Idaho Cobalt Project(3)(4)

 

 

Category Resource Co (%) Co Cu (%) Cu Au (oz/t) Au
(M tons) (M lbs) (M lbs) (oz)
Measured(1) 1.50 0.66 19.9 0.78 23.6 0.017 26,000
Indicated(1) 2.37 0.54 25.8 0.89 42.2 0.018 42,000
M+I 3.87 0.59 45.7 0.85 65.8 0.017 68,000
Inferred(2) 1.82 0.46 16.7 0.81 29.4 0.015 27,000

 

 

Table 2. Resource Estimate dated September 27, 2017(3)(4)

 

 

Category Resource Co (%) Co Cu (%) Cu Au (oz/t) Au
(M tons) (M lbs) (M lbs) (oz)
Measured(1) 1.73 0.54 18.6 0.76 26.3 0.014 24,300
Indicated(1) 1.71 0.64 22.0 0.71 24.1 0.017 29,900
M+I 3.44 0.59 40.6 0.73 50.4 0.016 54,200
Inferred(2) 1.54 0.51 15.6 0.68 21.0 0.012 18,700
1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The Mineral Resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
2. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature. There has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.
3. The Cobalt cut-off grade for inclusion in the resource is 0.20%, no consideration of copper or gold content was used in determination of cut-off grade.
4. Contained metal figures and totals may differ due to rounding of figures

 

 

The Updated Resource Model takes into account a minimum mining width of 6 feet. Also included are approximately 400,000 tons grading 0.5% Co containing 4 million pounds of cobalt in the M&I category located mainly in the newly drilled deeper southern end of the Ram deposit as well as in hanging wall structures. These structures are limited by a lack of sampling in many of the Ram drill holes and warrant further definition drilling from underground.

 

 

“The work undertaken to update the resource model for the Ram deposit has provided us with an improved understanding of the deposit,” stated Paul Farquharson, President and CEO of eCobalt. “The data provides additional confidence that the deposit remains open at depth and along strike and will be used to delineate future expansion drilling efforts. Another key milestone has been achieved for the Company as we move towards production at the ICP – the only near-term primary cobalt deposit in the United States.”

 

 

The Updated Resource Model was prepared for the Company by Micon International Ltd. under the guidance and supervision of Charley Murahwi, P.Geo., FAusIMM who is the independent Qualified Person (QP) responsible for the Mineral Resource for the ICP. eCobalt employed the same approach and methodology as was used for the September 2017 Mineral Resource estimate. For details see Idaho Cobalt Project Mineral Resources Update Technical Report effective date 27, September 2017.

 

 

E.R. (Rick) Honsinger, P.Geo., Senior V.P. with eCobalt, is the Qualified Person who has reviewed and approved the contents of this news release.

 

 

About eCobalt Solutions Inc.

 

eCobalt is a well-established Toronto Stock Exchange listed company committed to providing clean cobalt products essential for the rapidly growing rechargeable battery and renewable energy sectors, made safely, responsibly, and transparently in the United States. The Company’s ICP, located in East Central Idaho, is the only environmentally permitted, primary cobalt project in the United States. It is 100% owned by the Company’s wholly owned subsidiary, Formation Capital Corporation, U.S.

 

Posted February 7, 2018

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