Electra Battery Materials Corporation (TSX-V:ELBM, NASDAQ:ELBM) has provided an update on its 2022 exploration program at its Ruby prospect, located 1.5 kilometers (km) from its primary Iron Creek cobalt-copper deposit in the Idaho Cobalt Belt.
The Toronto-based processor of low-carbon battery materials said a “strong and open-ended anomaly” at Ruby was defined by a 7.6-kilometer pole-dipole 3D Induced Polarization (IP) survey, which measures the chargeability of the subsurface to determine the presence of sulphide minerals.
Drilling on the eastern margin of the Ruby target area intersected mineralization that is texturally similar to the Iron Creek deposit, highlighted the company. Two drill holes have been completed for a total of 824 metres (m) on the eastern side of the target.
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Both holes intercepted strong zones of pyrite mineralization spatially coincident with the upper edge of the target zone. Additional drilling will move west and target the strongest portion of the anomaly, added the company.
Electra previously sampled surface exposure of cobalt mineralization at Ruby across a 295m strike extent, returning several high-grade values, such as 10.7m at 0.24% cobalt (including 1.5m at 0.48% cobalt) and 7.6m at 0.26% cobalt.
Surface sampling, geophysical surveys and drilling completed to date suggest that Ruby could be an important new mineralized cobalt and copper target in proximity to Electra's Iron Creek deposit, noted the company.
"It is a testament to the Electra team that our maiden drill campaign at Ruby intersected mineralization exactly where the geophysical survey predicted it would be," Electra Battery Materials CEO Trent Mell said in a statement. “These are early days for this target, but the similarities to our Iron Creek cobalt and copper deposit validate our view that the underexplored Idaho Cobalt Belt remains prospective for new discoveries. Idaho could play an important role in the onshoring of the EV battery supply chain by providing a domestic supply of cobalt in America."
Meanwhile, the firm said drill samples have been sent for testing at a third-party laboratory, with assay results expected before the end of third quarter 2022.
Along with covering Ruby, an IP survey was completed on the Redcastle property 1.2 km southeast of Ruby. The Redcastle project covers similar stratigraphy to Ruby and Iron Creek occurrences and is being explored for additional zones of sulfide mineralization, said the company.
The single IP line did not identify any significant chargeability anomalies, however, additional exploration is planned on the Redcastle property. In 2021, Electra entered a joint venture on the 224 hectares Redcastle property with Phoenix Copper.
Separately, Electra's main Iron Creek project in the Idaho Cobalt Belt has completed 30,000m of drilling. The company is also developing its battery materials park in Canada, which will be commissioned in phases starting in 4Q 2022.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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