logo-loader

International Cobalt shares boosted as it unveils potentially transformative Idaho cobalt belt deal with ICGM

Last updated: 06:15 25 Aug 2018 EDT, First published: 03:15 23 Aug 2018 EDT

1535026634_757z468_1523846631_shutterstock_766332529
Cobalt is a buzz commodity currently, not least due to its use in manufacturing electric cars

Shares in International Cobalt Corp (CNSX: CO) shot up Wednesday as it revealed it was set to become a cornerstone investor in Idaho Champion Gold Mines Ltd as part of a potentially transformational deal, which could lift its footprint in the Idaho cobalt belt by 295%.

International Cobalt will invest US$250,000 in ICGM at US$0.20 per share as part of the latter's IPO as part of the proposed reverse takeover of GoldTrain Resources Inc.

Four projects in the belt

ICGM has four mining projects, comprising of up to 822 claims in the Idaho cobalt belt. These are collectively known as the 'Champion' projects.

The company believes the belt to be the premier district for primary cobalt discoveries in North America.

"We are delighted to be investors in ICGM and wish them all the best in their gold-focused endeavours in Idaho," said Tim Johnson, president and chief executive at International Cobalt.

He said the ROFR (right of first refusal) would allow the firm to add to its existing premier land position and become the pre-eminent player in the Idaho cobalt belt.

The region plays host to rich resources, which are only beginning to be unlocked due to recent exploration, driven by the increased price of cobalt, which has many uses including in medicine and electric car batteries.

Cornerstone investor

"We are delighted to have International Cobalt as cornerstone investors, with the possibility to partner with them on our cobalt portfolio," added Jonathan Buick, president at ICGM.

"The team at International Cobalt is excellent, they are well capitalised, and we support their strategy of unlocking value in the state of Idaho, which we feel to be among the very best jurisdictions in the world for exploration and development with strong support from all levels of government."

In summary, the four projects are the Dup claims, which lie 6km south of the Blackbird mine, sit adjacent to, on trend and immediately south of International Cobalt's Blackbird Creek project, which could significantly increase the discovery potential at Blackbird.

There is also the Blackpine North project (SC claims), 1km north of eCobalt's Blackpine copper-cobalt project.

 A non-NI 43-101-compliant historical reserve of 340,000 tons grading 3.5% copper was delineated in the 1960s. The SC claims are underlain by similar geology to that of the Black Pine project.

Also Twin Peaks

Thirdly, the Twin Peaks project (TP and Badger claims)  are host to the Twin Peaks copper mine and are surrounded by the Badger claims located in Badger Basin.

The historical Twin Peaks mine has been described as having broad shear zones of modest-grade copper mineralisation.

Finally, the Ulysses cobalt project (IP and GS claims) lie 2km north of the Ulysses mine - a  historical gold/silver producer located in the Yellowjacket formation, associated with cobalt mineralisation.

Two cobalt occurrences have already been identified south of the Ulysses project, which attests to the prospective nature of this area.

Shares in International Cobalt Corp added around 29% on Wednesday to stand at C$0.11 in Toronto.

International Cobalt reports encouraging assays from Raven prospect

Tim Johnson, president of International Cobalt Corp (CNSX:CO),  discusses with Proactive's Andrew Scott ''encouraging'' grab sample assays from their recently discovered Raven prospect at the Blackbird Creek project in Idaho, USA. The company reckons the nature of the mineralization at...

on 09/27/2018