(TheNewswire)
Highlights:
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Jervois commences US$2.4 millionsurface drilling campaign at Sunshine deposit, fully-refundable by theUnited States (“U.S.”) Government per the previously announcedDepartment of Defense (“DoD”) Defense Production Act (“DPA”)Title III US$15.0 million funding agreement
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Sunshine is an historic resourceadjacent to Jervois’ 100% owned ICO deposit; work will focus ondelineating it to modern geological standards
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ICO’s mineral resource and reserveis the largest and highest grade confirmed cobalt orebody in the U.S.
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Cobalt is a critical mineral asdeclared by the U.S. Government due to cobalt’s defense, militaryand energy transition applications
Australia - TheNewswire - 2 August 2023 - Jervois Global Limited (“ Jervois ”) (ASX:JRV)(TSX-V:JRV) (OTC:JRVMF) commences its surface drilling campaign at theSunshine deposit adjacent to Idaho Cobalt Operations (“ ICO ”) in Idaho,United States. Mobilisation is underway with drilling expected tocommence at the start of September 2023, pending final U.S. ForestService (“ USFS ”) approval.
Drilling will occur under the previously announced theU.S. Department of Defense US$15.0 million funding agreement (the“ AgreementFunding ”). The Agreement Funding is under theManufacturing Capability Expansion and Investment Prioritizationoffice of Industrial Base Policy using the U.S. Defense Production ActTitle III authorities and utilises funds from the Additional UkraineSupplemental Appropriations Act.
Jervois expects to spend US$2.4 million to completeapproximately 2,000 metres of drilling from surface, designed tointersect the Sunshine deposit with the results expected to enable thedeposit to be upgraded to a modern mineral resource. Sunshine is aunique brownfield exploration opportunity, with a significanthistorical dataset which has underpinned design of this upcomingprogramme. Sunshine is an historic deposit adjacent to Jervois’s100% owned ICO, within short trucking distance of the recentlyconstructed processing facilities. The drilling campaign directexpenditure and associated Jervois programme supervision andadministration is fully-refundable under the previously announced U.S.Department of Defense US$15.0 million Agreement Funding.
Jervois’ team in Salmon, Idaho is also planning anunderground drill programme at its RAM deposit within ICO. Jervoisexpects to provide further updates on this additional programme as itprogresses.
On behalf of Jervois.
Bryce Crocker, Chief Executive Officer
For further information, please contact:
Investors and analysts: Alicia Brown Group Manager – External Affairs Jervois Global | Media: Nathan Ryan NWR Communications nathan.ryan@nwrcommunications.com.au Mob: +61 420 582 887 |
Forward-LookingStatements
This news release may containcertain “Forward-Looking Statements” within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 andapplicable Canadian securities laws. When used in this news release,the words “anticipate”, “believe”, “estimate”,“expect”, “target, “plan”, “forecast”, “may”,“schedule”, “expected” and other similar words or expressionsidentify forward-looking statements or information. Theseforward-looking statements or information may relate to timing ofdrilling by ICO, the reimbursement of drilling costs by the DoD, thereceipt of the drilling permit from the USFS; future drillingprograms; and certain other factors or information. Such statementsrepresent Jervois’ current views with respect to future events andare necessarily based upon a number of assumptions and estimates that,while considered reasonable by Jervois, are inherently subject tosignificant business, economic, competitive, political and socialrisks, contingencies and uncertainties. Many factors, both known andunknown, could cause results, performance or achievements to bematerially different from the results, performance or achievementsthat are or may be expressed or implied by such forward-lookingstatements.
These forward-looking statements arebased on assumptions and contingencies that are subject to changewithout notice and involve known and unknown risks, uncertainties andother factors, many of which are beyond the control of the Company andits related bodies corporate and affiliates (and each of theirrespective directors, securityholders, officers, employees, partners,agents, advisers and management), and could cause results, performanceor achievements to be materially different from the results,performance or achievements that are or may be expressed or implied bysuch forward-looking statements or any projections and assumptions onwhich those statements are based.
Forward-looking statements areprovided as a general guide only and should not be relied on as anindication or guarantee of future performance. These statements mayassume the success of the Company’s business strategies, the success of whichmay not be realised within the period for which the forward-lookingstatements may have been prepared, or at all.
The forward-looking statements arebased on information available to the Company as at the date of thisannouncement. Except as required by applicable laws, rules orregulations, none of the Company, its representatives or advisersintends to, or undertakes to, or assumes any obligation to, provideany additional information, update or revise the statements in thisannouncement, whether as a result of a change in expectations orassumptions, new information, future events, results orcircumstances.
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