- Electra Battery Materials Corp (ELBM) has discovered a strong anomaly on the Iron Creek Project
- An open-ended anomaly at the Ruby area was defined by a recent survey
- East of Ruby showed mineralization that is similar to the nearby Iron Creek deposit
- Additional drilling is planned to the west to target the strongest part of the anomaly
- Data suggest that Ruby could be an important new mineralized cobalt and copper target
- Electra Battery Materials Corporation (ELBM) is up 4.80 per cent trading at $5.24 per share as of 3:50 p.m. ET
Electra Battery Materials Corp (ELBM) has discovered a strong anomaly during its exploration program at its Ruby prospect on the Iron Creek Project in Idaho.
According to the company, an open-ended anomaly at Ruby was defined by a recent survey, which measured the chargeability of the subsurface to determine the presence of sulphide minerals.
Further to this, drilling east of the Ruby target area intersected mineralization that is texturally like the nearby Iron Creek deposit. Additional drilling is planned to the west to target the strongest part of the identified anomaly.
“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… the similarities to our Iron Creek cobalt and copper deposit validate our view that the underexplored Idaho Cobalt Belt remains prospective for new discoveries,” Trent Mell, CEO of Electra, said.
Electra stated its data suggest that Ruby could be an important new mineralized cobalt and copper target and could play an important role in the onshoring of the EV battery supply chain by providing the U.S. with a domestic supply of cobalt.
Drill samples have been sent for testing, and the company is expecting to see the assay results before the end of its third financial quarter this year. Electra also shared it has already sampled surface exposure of cobalt mineralization at Ruby which returned several high-grade cobalt values.
Electra Battery Materials Corporation (ELBM) is up 4.80 per cent trading at $5.24 per share as of 3:50 p.m. ET.
