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Electra Battery Materials Corporation announces a significant copper discovery near its Iron Creek Project and extends its Redcastle Agreement. This new finding, named the Malachite Hill Copper Showing, was identified during the company’s 2023 field program in Idaho.
Key Highlights:
- New Copper Discovery: Malachite Hill Copper Showing found in unexplored Redcastle Agreement claims.
- Extended Redcastle Agreement: Exploration expenditure commitments extended to 2026 and 2028.
- Potential for Critical Minerals: Significant upside potential for copper and cobalt at Iron Creek, Ruby, CAS, and Malachite Hill.
- 10-Year Exploration Permit: Application submitted to advance drilling activities in Idaho.
- Cobalt Refinery Project: Focus remains on completing North America’s first cobalt sulfate refinery in Ontario.
- Strategic Collaboration: Ongoing partnership with Phoenix Copper Ltd. to explore the Redcastle property’s potential.
Electra‘s 2023 field program revealed the Malachite Hill Copper Showing on an unexplored boundary area of the Redcastle Agreement claims. This new discovery highlights the potential for copper and cobalt resources at Iron Creek, Ruby, CAS, and now Malachite Hill. CEO Trent Mell stated, “We are taking measured steps to maximize the value of our exploration assets in Idaho, which continue to demonstrate upside potential for copper and cobalt.”
In addition, Electra has extended its Redcastle Property Agreement, pushing the two main exploration expenditure commitments to 2026 and 2028. Ryan McDermott, CEO of Phoenix Copper Ltd., expressed enthusiasm about the ongoing collaboration, stating, “We are pleased to be continuing our collaboration with Electra Battery Materials through the extension of this agreement.”
The Idaho properties cover 73.15 km², including the Iron Creek Project. These properties host several cobalt-copper mineral resources and prospects within the Idaho Cobalt Belt, which contains the largest primary cobalt resources in the United States.
The Malachite Copper Showing, discovered in 2023, includes several outcrops of fine-grained meta-sedimentary rocks with elevated copper levels. This discovery is located approximately two kilometers southeast of Electra’s Ruby cobalt-copper target.
Electra’s Proposed Field Program:
- Confirm findings from 2023.
- Map and sample the extent of surface mineralization.
- Assess terrain for geophysical surveys or drilling.
- Trace copper and cobalt mineralization towards Ruby.
Execution of this program is contingent on financing. In March 2023, Electra released an updated Mineral Resources Estimate (MRE) for the Iron Creek Project, indicating significant cobalt and copper resources.
Iron Creek Project Highlights:
- Indicated Mineral Resource: 4.5 million tonnes grading at 0.19% cobalt and 0.73% copper.
- Inferred Mineral Resource: 1.2 million tonnes grading at 0.08% cobalt and 1.34% copper.
- Resource Extension: 1,100 meters along strike, 500 meters in thickness, and 500 meters depth.
- Additional Drilling Recommended: To connect isolated intercepts and advance Ruby’s resources.
Electra remains strategically focused on completing North America’s first cobalt sulfate refinery in Ontario while also pursuing significant exploration opportunities in Idaho.
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