Electra Identifies New Copper Showing in Idaho and Extends Redcastle Agreement
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Figure 1. Location of the Iron Creek Property in east-central
Highlights
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Electra’s 2023 field program discovered a previously unknown copper surface showing, the Malachite Hill Copper Showing, on an unexplored boundary area of the Redcastle Agreement claims portion of the
Idaho properties.
- Electra has signed an amendment to the Redcastle Property Agreement to extend its two main exploration expenditure commitments by two years, to 2026 and 2028 respectively.
“We are taking measured steps to maximize the value of our exploration assets in
The
Historical underground development at Iron Creek includes 600 metres of drifting from three adits. A road connects Iron Creek to a state highway and the nearby towns of
The Malachite Copper Showing (“MHS”) was discovered in 2023 on the claims within the Redcastle Agreement area of interest, south adjacent to the core claims (Figure 2), in area not previously explored. Malachite occurs here in several outcrops of favourable, fine-grained meta-sedimentary rocks on a hillside. Assay results of outcrop grab samples indicate elevated copper (maximum = 2,660 parts per million copper), and low cobalt values. This finding demonstrates the presence of favourable host rocks at surface in this area of the Redcastle Property; however the extent of the surface mineralization exposure remains to be determined. Interestingly, the MHS appears to be located approximately two (2) kilometres along strike (southeast) of Electra's Ruby cobalt-copper target.
The Redcastle Property Agreement is an earn-in agreement, originally signed in
The Redcastle Property is made-up of 30 core claims owned by Borah and
Investment commitments for Electra under the Agreement were a required investment of
More recently, Electra has been strategically focused on completing the construction of North America’s first cobalt sulfate refinery at its property in
In follow-up to the very limited field work completed in 2023 at the MHS, a follow-up field mineral prospecting and geological mapping program has been proposed for the area. The area to be covered by the field program includes the MHS itself and the area between the MHS and the Ruby Deposit. The purpose of the proposed program is four-fold:
- Further confirm Electra's findings in 2023;
- Map and sample the extent and continuity of the mineralization on surface;
- Determine terrain suitability for follow-up geophysical surveys and/or drilling; and
- Trace indications of copper and cobalt mineralization along strike toward Ruby.
Execution of the Electra’s proposed field program will be subject to financing.
In
- Indicated Mineral Resource of 4.5 million tonnes grading at 0.19% cobalt for 18.4 million pounds cobalt and grading at 0.73% copper for 71.5 million pounds of copper;
- Inferred Mineral Resource of 1.2 million tonnes grading at 0.08% cobalt for 2.1 million pounds of cobalt and grading at 1.34% copper for 36.5 million pounds of copper;
- As a result of infill and step-out drilling completed to date, Electra upgraded 54% of the Inferred classification of the 2019 MRE to the Indicated classification;
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The Mineral Resources of theIron Creek Project extend approximately 1,100 metres along strike, 500 metres in thickness, and 500 metres to depth below surface. - Within the Iron Creek Property boundary, there are seven reported occurrences of metallic mineralization exposed on surface or encountered in drilling. Iron Creek is the main mineralized body and Ruby is the second most important body (Figure 3);
-
The 2023 MRE was prepared for a potential underground scenario with a
US$87.00 net smelter return (NSR) cut-off grade; and - Additional drilling was recommended to connect isolated intercepts within or along strike and at depth of the Mineral Resources, and advance Ruby to increase the Inferred Mineral Resources.
Table 1. Mineral Resource Estimate of the
Classification |
Tonnes |
Cobalt (%) |
Copper (%) |
Cobalt (lbs) |
Copper (lbs) |
NSR Value/ Tonne (US$) |
Indicated |
4,451,000 |
0.19 |
0.73 |
18,364,000 |
71,535,000 |
123.65 |
Inferred |
1,231,000 |
0.08 |
1.34 |
2,068,000 |
36,485,000 |
118.48 |
Notes:
-
The effective date of the 2023 MRE is
January 27, 2023 . -
The independent and qualified persons for the 2023 MRE are
Martin Perron ,P. Eng . andMarc R. Beauvais ,P.Eng . all ofInnovExplo Inc. - The 2023 MRE follows the CIM Standards.
- These Mineral Resources are not Mineral Reserves, because they do not have demonstrated economic viability. The results are presented undiluted and are considered to have reasonable prospects of economic viability.
- The estimate encompasses one large, mineralized envelope using the grade of the adjacent material when assayed or a value of zero when not assayed. Dilution zones encompassing all mineralized zones were created as part of the mineralized domain to reflect the dilution within the constraining shapes.
- High-grade capping supported by statistical analysis was done on raw assay data before compositing and established on a per-metal basis, having a limiting value at 1% for cobalt and 10% for copper. Composites (1.5 m) were calculated within the zones using the grade of the adjacent material when assayed or a value of zero when not assayed.
- The MRE was completed using a sub-block model in Surpac 2022. A 4m x 4m x 4m parent block size was used.
- Grade interpolation was obtained by Inverse Distance Squared (ID2) using hard boundaries. Dynamic anisotropy was used for the interpolation of the mineralized domain.
- A density value of 2.78 g/cm3 was assigned to the mineralized domain.
- The MRE is classified as Indicated and Inferred. The Inferred classification is defined with a minimum of three drill holes within the areas where the drill spacing shows reasonable geological and grade continuity at the maximum range of the modelized semi-variogram. The Indicated classification is defined with a minimum of three drill holes within the areas where the drill spacing shows reasonable geological and grade continuity at half the range of the modelled semi-variogram.
-
The 2023 MRE is locally constrained within Deswik Stope Optimizer shapes using a minimal mining width of 2.0m for a potential underground LH. An NSR-based cut-off grade was calculated using the following parameters: mining cost =
US$55.00 /t; processing cost =US$22.00 /t; G&A =US$10.00 /t. The cut-off grade should be re-evaluated in light of future prevailing market conditions (metal prices, mining costs, etc.). - The number of metric tonnes was rounded to the nearest thousand, following the recommendations in NI 43-101 and any discrepancies in the totals are due to rounding effects. The metal contents are presented in pounds of in-situ metal rounded to the nearest hundred.
- The independent and qualified persons for the 2023 MRE are not aware of any known environmental, permitting, legal, political, title-related, taxation, socio-political, or marketing issues that could materially affect the MRE.
A copy of Electra’s 2023 updated MRE and Technical Report is available under the Company’s profile on www.sedarplus.ca.
Qualified Person Statement
The scientific technical content of this press release that relates to mineral exploration and the 2023 Mineral Resource Estimate has been reviewed and approved by Mr.
About
Electra is a processor of low-carbon, ethically-sourced battery materials. Currently focused on developing North America’s only cobalt sulfate refinery, Electra is executing a phased strategy to onshore the electric vehicle supply chain and provide a North American solution for EV battery materials refining. In addition to building North America’s only cobalt sulfate refinery, its strategy includes integrating black mass recycling, potential cobalt sulfate processing in
Neither the
Cautionary Note Regarding Estimates of Resources
Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements are based on certain assumptions, and involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Among the bases for assumptions with respect to the potential for additional funding. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for
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Vice President, Investor Relations & Corporate Development
info@ElectraBMC.com
1.416.900.3891
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