First Cobalt Corp. (TSXV: FCC) announced today an earn-in agreement with Phoenix Copper Limited for 224 hectares of property, effectively expanding the company’s position around its Iron Creek cobalt-copper project in Idaho, USA. The project now covers over 1,820 hectares within the dubbed Idaho Cobalt Belt.
The 224-hectare property, called the Redcastle property, is located east of the current Iron Creek project and currently consists of 31 exploration claims. Under the terms of the agreement, First Cobalt can take 51% stake with a US$50,000 initial payment, spending US$1.5 million in expenditures over the next 3 years, the issuance of 200,000 common shares, and US$100,000 in staged payments.
The company’s ownership can increase to 75% upon an additional US$1.5 million in expenditures on the property and a US$150,000 payment over an additional 2 years.
The Ruby Zone prospect within the project, which is exposed 750 metres west of the Redcastle property, points to high prospectivity on the Redcastle property. First Cobalt plans to conduct further geophysical surveys on the Ruby Zone and the Redcastle property for cobalt and copper mineralization extensions.
First Cobalt Corp. last traded at $0.34 on the TSX Venture.
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