First Cobalt Corp (TSXV: FCC) this morning announced an exploration program at its Iron Creek cobalt-copper project. The company has undertaken the program as it looks to double the size of its resource on the property over the course of the next two drill seasons.
The program itself has been budgeted at a figure of $2.5 million, with the program to consist of field work that includes bedrock geological mapping and surveys, as well as 4,500 metres of drilling. Drilling is to focus on the western and eastern extensions of the deposit, with the company indicating it may test other targets on the property as well in search of new zones of mineralization.
In addition to the Iron Creek deposit, drilling is also to occur at the Ruby Zone, which is located 1.5 kilometres to the south. Drilling is to test mineralization exposed at surface, which has not previously been drilled. The zone will also see geophysical surveys occur.
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The property currently contains a resource of 29.1 million pounds of copper and 12.3 million pounds of cobalt on an indicated basis, as well as 39.9 million pounds of copper and 12.7 million pounds of copper on an inferred basis, which is contained in 900 metres of strike to a depth of 650 metres.
First Cobalt Corp last traded at $0.305 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
