FTSSF - NetworkNewsBreaks - First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF) Provides Update on Refinery Material Testing Progress
First Cobalt (TSX.V: FCC) (OTCQX: FTSSF) (ASX: FCC), a North American pure-play cobalt company, this morning reported interim results from ongoing testing of cobalt hydroxide material as potential feedstock for its First Cobalt Refinery in Ontario, Canada. According to the update, the preliminary testing demonstrated that 98% of cobalt effectively leached from cobalt hydroxide material with solvent extraction processes used to further remove deleterious elements. Additionally, cobalt extraction tests are underway and will be followed by sulphate crystallization to produce cobalt sulphate. Results are anticipated by the end of the quarter. “Today's results give us further confidence that the First Cobalt Refinery flowsheet can produce cobalt to supply the North American market. Having achieved this milestone, we are driving ahead with the next phase of testing including the production of cobalt sulphate, which we expect to have completed before the end of the quarter. The lower price of cobalt hydroxide on the market today points to increased margin potential through upgrading readily available supply of cobalt intermediates. We continue to explore sources of non-equity capital to finance the recommissioning of the Refinery, which could provide cash to finance future work at our flagship Iron Creek Cobalt Project in Idaho, USA,” First Cobalt CEO Trent Mell stated in the news release.
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About First Cobalt Corp.
First Cobalt is a North American pure-play cobalt company whose flagship asset is the Iron Creek Cobalt Project in Idaho, USA, which has Inferred mineral resources of 26.9 million tonnes grading 0.11% cobalt equivalent. The company also owns the only permitted cobalt refinery in North America and 50 past-producing mines in the Canadian Cobalt Camp. For more information, visit http://nnw.fm/FTSSF
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