Jervois Mining Limited (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) (FRA: IHS) is pleased to provide results of the 2H 2019 drilling results at its Idaho Cobalt Operations. 

Since taking ownership of Idaho Cobalt Operations in July, Jervois aggressively drilled during 2H 2019 to optimize and de-risk the bankable feasibility study underway, and to begin to assess potential mineral resource upside.  The Company completed 3,125 metres of diamond core drill drilling over 19 holes to support the bankable feasibility study currently in progress.  All holes targeting the currently modelled Ram resource intersected mineralization, representing an increase of over 20 percent of all resource grade holes undertaken on the Ram deposit.  In addition, two holes were extended to explore the footwall of the RAM deposit, successful results for both step out exploration holes were reported 15 October 2019.  The Ram deposit resource remains open at depth and along strike offering opportunities for expansion.  The initial footwall exploration results confirm an extension of the Blackbird mine horizons resulting in the opportunity to further explore the Blacktail North extension zone on strike and dip.  An extensive drill programme is planned during the US summer of 2020.

Fifteen core holes have intercepted Co-Cu mineralization re-confirming the Ram zone mineralization and extending hanging wall zones.  Ore grade intervals typically include a high grade component and medium grade zones providing a composite mineable width. Both whole and half PQ size core has been used to provide samples for ongoing metallurgical testwork and concentrate production.  Significant intercepts are summarized in Table 2 below.  Table 1 lists the drillhole collar details and Figures 1 is a plan view and Figures 2, 3 and 4 are oblique cross sections of the completed drilling.

Table 1: Drillhole Collars

Table 2: Significant Drilling Results for Holes R19-02 to R19-19. Co>0.15%

Holes R19-18 and R19-19 did not record significant cobalt as these holes were specifically targeted for oxidized material for metallurgical tests as part of the BFS, at very shallow depths – less than 20 metres below surface.  At these near surface depths, the ore zones are variably leached of cobalt and copper but typically with gold remaining in the zones.  These near surface areas will form the future crown pillar of the mine and are not considered for mining or inclusion in resources nor reserves.  Hole R19-14 encountered a shear at the expected Ram intercept resulting in oxidation and leaching of cobalt and copper.

Overall the drilling results are in line with expectations from historical drilling and the previous modelled resource.  The 2H 2019 drilling by Jervois confirms the ICO as a high-grade primary cobalt deposit with significant copper and gold credits.  Information from this drilling program will not only be used to update the resource model but also provides information for the development of the integrated resource model with structural and lithological controls which will aid with realistic resource modelling and mine design.

Metallurgical samples were taken from all Ram intercepts and are currently undergoing testwork at SGS Lakefield (Canada).  Results from these tests will be fed into the BFS update and also provide concentrate samples for marketing under the split Cobalt and Copper concentrates regime currently in place.

Confidence in the economic potential of the resource is growing as more information is generated for the updated BFS on the ICO.  This includes the potential to ultimately operate at higher production rates than currently formalised under existing feasibility studies in an environmentally responsible manner.  A domestic cobalt refinery within the United States will also be positively impacted by a mining operation delivering higher volumes of cobalt concentrate for a longer period.

Quality Assurance

Core samples or geochemical analysis are sent to ALS Elko Nevada, an independent and fully accredited laboratory in the USA for analysis for gold & multi-element Induction Coupled Plasma Spectroscopy.  Core samples from the main Ram zone are sent to SGS Lakefield, Canada for analysis as per ALS Elko and for further metallurgical testing.  Jervois also has a regimented Quality Assurance, Quality Control program where at least 10% duplicates and blanks are inserted into each sample shipment.

Qualified Person’s Statement

The technical content of this news release has been reviewed and approved by Dean Besserer, P.Geol., General Manager – Exploration for the Company and a Qualified Person as defined by National Instrument 43-101

Figure 1: Plan of completed ICO 2019 Drilling (CNW Group/Jervois Mining Limited)

Figure 2: Oblique Cross Section A – ICO 2019 Drilling (CNW Group/Jervois Mining Limited)

Figure 3: Oblique Cross Section B – ICO 2019 Drilling (CNW Group/Jervois Mining Limited)

Figure 4: Oblique Cross Section C – ICO 2019 Drilling (CNW Group/Jervois Mining Limited)