RCKS Talk

28-Sep-2018

First Cobalt Corp.

Iron Creek Resource Starts the Transition to Developer

Impact: Positive

First Cobalt released the results of an updated mineral resource estimate for its recently acquired Iron Creek Project in Idaho. We view the resource positively, as it delivers a 277% increase in tonnes (underground scenario) over the historic resource with 10,800m of drilling and starts the companies transition from explorer to developer, making it easier for investors to value to the company.
  • Resource presents to possible development scenarios, open-pit (26.9 Mt grading 0.11% CoEq or 1.1% CuEq) and underground (4.9 Mt at 0.30% CoEq or 3.0% Cu), we view both as possible as the project is located on patented land which should ease the permitting process
  • Tonnes are up over the historic underground only resource but grades are down (78%). However, there has been a substantial increase in the cobalt price (~388%) since the historic resource making lower grades more economic
  • Initial metallurgy looks very favourable, as few primary cobalt projects outside the Democratic Republic of Congo have limited arsenic association. Preliminary rougher floatation tests resulted in 96% Co and 95% Cu recoveries
  • 30,000m drill program is underway targeting a doubling of the strike length (450m to 900m) and to depth ahead of an updated resource and PEA in early 2019
Based on the updated resource, First Cobalt trades at, C$0.65/lb CoEq, this compares to other primary cobalt explorers/developers at C$0.46/lb CoEq. We view the premium as warranted given the company’s dominant land position in the Cobalt Camp and its ownership of the only permitted cobalt refinery in North America.

01-Sep-2017

RCKS Talk Blog Archive

September 2017

We updated the look & feel of our RCKS Talk Research Blog in March 2018.

To access the historical archives of our original blog format, please click on the link(s) below to be re-directed. Please note that we no longer update those archive blog pages.

Click here to access the RCKS Talk Blog Archive for September 2017



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