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Global Cobalt Corp. (TSXV:GCO) has entered a lease agreement with an option to acquire the Iron Creek Cobalt Project in Idaho. Global Cobalt has leased the project for 20 years from the current owner, Chester Mining Company.
According to the press release, project highlights include:
– The Iron Creek project provides Global Cobalt with a foothold in the Idaho Cobalt Belt, the most prolific belt of cobalt mineralisation in the United States.
– Approximately 30,000 feet of diamond drilling and 1,500 feet of underground drifting has been completed exploring the project by previous operators.
– Historic literature defines “two distinct lenses of cobalt mineralization.”
– The first lens estimated to contain 1,050,000 tons grading 0.61% cobalt and 0.3% copper and having a strike length of about 750 feet.
– A second lens of high-grade cobalt mineralization extends for 600 feet of strike length, is deeper than the first lens, and averages about 0.48% Co and 0.24% Cu.
Global Cobalt CEO, Erin Chutter, said:
The addition of Iron Creek into our cobalt project portfolio is exciting and diversifies our project mix at a time when cobalt is becoming increasingly important in the battery sector. Karakul continues to be important to the company, but some shareholders are interested in projects in other regions like our Canadian Werner Lake project and now this US based asset.
Click here to read the Global Cobalt Corp. (TSXV:GCO) press release
Click here to see the Global Cobalt Corp. (TSXV:GCO) profile.