eCobalts’ Feasibility Study Maintains Critical Path

VANCOUVER, Sept. 22, 2016 /PRNewswire/ – eCobalt Solutions Inc. (TSX:ECS) (formerly Formation Metals Inc.) wishes to provide its stakeholders with a progress update on its Idaho Cobalt Project (“the ICP”). This past June, eCobalt commissioned a Feasibility Study (“FS”) on the ICP with Micon International Limited (“Micon”) and SNC-Lavalin with the final report expected in Q1 2017. Management is excited to see the results of the FS based on the progress to date and the results from the April 29, 2015 Preliminary Economic Assessment (the “PEA”). In conjunction with the work on the FS, the Company is also pursuing CAPEX financing strategies which also includes marketing its products for offtake arrangements and mitigate revenue risks for the project.
“Our engineers have reported that they are pleased with the current progress of the FS and that the study is maintaining its critical path”, commented Paul Farquharson, President & CEO of eCobalt. He continued, “Additional interest in the project from potential financiers can be expected as the Feasibility Study progresses”.

The resource model has been re-evaluated based on the creation of a wire frame model from the existing block model used in the PEA. This wireframe model will allow Micon to further refine the mine schedule and design to a higher degree of certainty suitable for the FS.
Design of the modified flow sheets at the Mill is well advanced and the engineering team is now focusing on the Cobalt Production Facility (“CPF”). Site selection of the CPF is in the final stages with geotechnical drilling of the desired sites to be completed within the next couple of weeks.
Management has also commissioned a 2,600 foot metallurgical drill program on the Ram deposit of the ICP to obtain samples of mineralized material for further evaluation and bench testing. The drill program commenced this week and is expected to last two to three weeks. Mineralized core from the drill program will be used in metallurgical test work designed to provide additional data on concentrate recoveries, hydrometallurgical processing and cobalt sulfate heptahydrate crystal production. These results are expected to compliment the results from the metallurgical program that was recently completed in March 2016.
The final products produced from this metallurgical drill program are intended to provide potential offtakers with samples for due diligence to pursue offtake arrangements. An added benefit is expected to be derived from the location of the drill holes, which will be drilled between pre-existing drill collars with results expected to provide potential offtakers and debt providers, if required, with additional confidence in the resource model for CAPEX financing.
Connect with eCobalt Solutions Inc. (TSX:ECS) (formerly Formation Metals Inc.) to receive an Investor Presentation.