Published: December 16, 2022 |

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Electra Battery Materials Corporation has acquired a cobalt property in proximity to the company’s projects in Idaho and released an update on exploration activities in the Idaho Cobalt Belt, home to the largest unmined cobalt resource in the U.S.

“Sourcing domestic supply of cobalt has become even more critical with the passage of the Inflation Reduction Act,” said Trent Mell, Electra’s CEO.

“While our primary focus continues to centre on the commissioning of North American’s first cobalt sulfate refinery and launching our battery materials recycling demonstration plant in the coming weeks, advancing exploration activities in the Idaho Cobalt Belt are key to our long-term growth and efforts to onshore the EV battery supply chain,” added Mell.

Highlights
• Optioned a 5.3 km land package adjacent to the Iron Creek deposit with historic drilling highlights that include
  6.25 meters at 0.51 percent cobalt and 7.5 ppm gold from 77.5 to 83.8 meters in historic drilling
• Additional mineralization intercepted on the eastern extension of the Iron Creek resource area of 5.6 m at 0.25
  percent cobalt in IC22-01 from 228.8 to 234.3 m
• Additional mineralization intercepted at the Ruby Target, 1.5 km southeast of the Iron Creek deposit, of 4.3 m at
  0.25 percent cobalt in IC22-04 from 211.4 to 215.8 m
• Permitting underway for a 10-year, 92 drill pad plan of operations with the U.S. Department of Agriculture’s
  Forest Service (USFS) to conduct systematic exploration at the camp scale on Iron Creek, Ruby, CAS, and
  additional exploration targets within Electra’s 32.6 km land package

CAS Property

Following the success of the 2022 field season, the company concluded an option agreement to acquire the CAS property, a 5.3 square kilometer land package of lode mining claims adjacent to Electra’s Iron Creek deposit. The CAS property includes an outcropping mesothermal quartz vein swarm with cobalt and gold mineralization. Historic reports indicate 2,622 metres of drilling were completed in 19 holes. This historic drilling intercepted anomalous zones of gold and cobalt associated with the vein swarms with up to 6.25 m at 0.51 percent cobalt and 7.5 ppm gold from 77.5 to 83.8 meters. Material from historic drilling is no longer available for check assays and as these results cannot be verified by Electra, they cannot be relied upon at this time.

Rights to CAS were acquired for US$1.5 million, payable over 10 years upon completion of specific milestones. The underlying claim owner will retain a 1.5 percent NSR purchasable by Electra for US$500,000 within one year of commercial production from the CAS property. Terms to acquire CAS were reached in March 2022 and formally ratified by Electra’s board of directors this week.

Iron Creek and Ruby Drilling

Significant cobalt mineralization was intercepted in all drillholes completed by Electra in 2022 at both Iron Creek and Ruby. At Iron Creek, intercepts indicate that the Iron Creek system remains open to the east, and that the Ruby system remains open to the west. There is a possibility that Iron Creek and Ruby may be structurally dismembered portions of the same deposit. Given the potential upside that this would represent, additional exploration is warranted to explore the gap between the two target areas.

About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery materials. Currently commissioning North America’s only cobalt sulfate refinery, Electra is executing a multipronged strategy focused on onshoring the electric vehicle supply chain.  Keys to its strategy are integrating black mass recycling and nickel sulfate production at Electra’s refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho Cobalt Belt, and expanding cobalt sulfate processing into Bécancour, Quebec.

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