First Cobalt expanded its holdings in the Iron Creek cobalt project for a second time in a matter of weeks.
The Canadian company acquired 553 more acres from Phoenix Copper, expanding First Cobalt’s land position to just shy of 4,500 acres in Lemhi County. The new property — named Redcastle — is east of First Cobalt’s Iron Creek property. It consists of 31 claims. Productivity is considered high in the new holdings, First Cobalt President and CEO Trent Mell said, because it’s very likely that the resource extends into Redcastle from the Ruby Zone, which is about 2,460 feet away.
“We believe this area shows great promise for cobalt and copper mineralization,” Mell said.
First Cobalt’s Iron Creek Project is one of the few primary cobalt deposits in the world, Mell said. It remains open to the east and west. Mell said the U.S. government’s recently announced initiatives in support of “reducing the reliance on imports of critical minerals, such as cobalt,” match up with First Cobalt’s plans to “produce the world’s most sustainable cobalt.”
First Cobalt owns the Iron Creek project in Lemhi County and multiple cobalt properties in Canada, along with the only permitted cobalt refinery in North America.