Electra Battery Materials Corporation (NASDAQ: ELBM) officially declared that it has bought a New Cobalt Project. This new property is near the Company’s projects in Idaho. Electra Battery also shared an update on exploration activities in the Idaho Cobalt Belt which is home to the largest unmined cobalt resource in the U.S.
Electra believed that with the passage of the Inflation Reduction Act, finding a domestic supply of cobalt has become increasingly important. ELBM’s primary focus is on procuring North America’s first cobalt sulphate refinery and deploying its battery materials recycling demonstration plant in the coming weeks. The company believes that progressing exploration activities in the Idaho Cobalt Belt are critical to its long-term growth and efforts to bring the EV battery supply chain onshore.
Furthermore, the Company entered into an option agreement to purchase the CAS property after the success of the 2022 field season. The CAS property consists of a 5.3-kilometer land package of lode mining claims nearby Electra’s Iron Creek deposit. Also, an outcropping mesothermal quartz vein swarming with cobalt and gold mineralization is part of the CAS property.
All drill holes executed by Electra in 2022 at Iron Creek and Ruby contained significant cobalt mineralization. Intercepts at Iron Creek demonstrate that the Iron Creek system remains open to the east and the Ruby system stays available to the west. Iron Creek and Ruby are structurally separated portions of the same deposit. Additionally, the Company is currently pursuing USFS permits for 92 drill pads comprising Iron Creek, Ruby, and CAS, which could be explored over 10 years.