(TheNewswire)
Highlights:
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Underground drilling progresses atIdaho Cobalt Operations (“ICO”) with 10,000 feet completed sinceFebruary 2022; aiming to improve ICO’s resource model ahead ofmining commencement
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Jervois is using results from thedrilling to update its ICO resource model in Q4 2022
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Jervois Board has now approved anadditional US$3.6 million drilling campaign to further define andexpand the RAM deposit at ICO – from both additional undergroundpositions, and also step out resource expansion holes targeting newmineralization from surface
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Once in production, ICO will be theonly mine supply of cobalt in the United States, a critical metalnecessary for industry, defense, electric vehicles and energygeneration and distribution in a carbon constrained economy
Jervois Global Limited (“ Jervois ”) (ASX:JRV)(TSXV:JRV) (OTC:JRVMF) is pleased to update its progress on furtherdefining the resource at its Idaho Cobalt Operations (“ ICO ”) in Idaho,United States.
Jervois Board of Directors has approved an additionalUS$3.6 million for drilling to complete additional in-fill and firstexpansion drilling from both surface and underground platforms tofurther define and expand its RAM deposit within ICO. This will taketotal planned drilling footage in 2022 to 46,000 ft.
The drilling campaign, expected to be completed by Q42022, will continue to reduce drill hole spacing in the resourceplanned for early production, and will target expansion down dip ofthe currently defined and known deposit.
This program is a continuation of the previouslyannounced US$1.2 million program approved in February 2022, set to becompleted in August of this year. This will improve ICO’s resourcemodel and used to develop a production block model for both short- andmedium-term mining operations.
Expansion of the resource is important if ICO is tooperate for longer than its initial mine life, or at higher productionrates than contained in the ICO Bankable Feasibility Study. The RAMdeposit remains open at depth and along strike, and Jervois hasconfidence that there exists a strong potential of both resource andreserve expansion.
On behalf of Jervois Global Limited
Bryce Crocker, Chief Executive Officer
For further information, please contact:
Investors and analysts: James May Chief Financial Officer Jervois Global james.may@jervoisglobal.com | Media: Nathan Ryan NWR Communications nathan.ryan@nwrcommunications.com.au Mob: +61 420 582 887 |
Forward-Looking Statements
This news release may contain certain“Forward-Looking Statements” within the meaning of the UnitedStates Private Securities Litigation Reform Act of 1995 and applicableCanadian 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 expressions identifyforward-looking statements or information. These forward-lookingstatements or information may relate to the timing of drillingoperations at ICO, the outcome of the drilling program, timing of anupdated resource model and certain other factors or information. Suchstatements represent Jervois’ current views with respect to futureevents and are necessarily based upon a number of assumptions andestimates that, while considered reasonable by Jervois, are inherentlysubject to significant business, economic, competitive, political andsocial risks, contingencies and uncertainties. Many factors, bothknown and unknown, could cause results, performance or achievements tobe materially different from the results, performance or achievementsthat are or may be expressed or implied by such forward-lookingstatements. Jervois does not intend, and does not assume anyobligation, to update these forward-looking statements or informationto reflect changes in assumptions or changes in circumstances or anyother events affections such statements and information other than asrequired by applicable laws, rules and regulations.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
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