(TheNewswire)
Highlights:
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- Jervois has commenced undergroundconstruction of its 100%-owned Idaho Cobalt Operations(“ICO”).
- During the last quarter Jervois hasconducted portal bench construction and extension work to enabledevelopment of the mine to start in Q4 2021.
- The start of undergroundconstruction marks the fi rsttime in decades the United States will have a primary cobaltmine.
- With Jervois’s commencement ofunderground work, the United States has taken an important leapforward toward a secure cobalt supply chain.
- Jervois is committed to building anethical, sustainable and secure Western alternative to the currentcobalt supply chain, and to working with its diverse customer baseacross key strategic industries in the United States, Europe andJapan.
- I CO construction, procurement andengineering schedule remains on track, with commissioning and firstproduction of cobalt concentrate expected from mid-2022.
- Separate copper concentrates alsoexpected to be produced and sold to North American customers inparallel, with current copper prices significantly above the US$3.00per lb applied in the ICO Bankable Feasibility Study(“BFS”).
TheNewswire - 19 October 2021 - Jervois Global Limited (“ Jervois ” or the“ Company ”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) is pleased to advisethat underground construction of its 100%-owned Idaho CobaltOperations (“ ICO ”) in the state of Idaho, United States, has commenced.
This historic step marks the first time in decades thatthe United States will have a primary cobalt mine within its borders. With Jervois’s commencement of underground work, the United Stateshas taken an important leap forward toward a secure cobalt supplychain. The Biden Administration recently discussed the periloussituation faced by the United States related to cobalt in itshigh-profile review of supply chain vulnerabilities. Jervois looksforward to continuing its work with political leadership in the UnitedStates, particularly with Governor Brad Little to consolidate onstrong support received by the Company from Idaho and itscongressional delegation.
Cobalt is a crucially important material for bothdefense and civilian applications. The electrification of the UnitedStates and global transportation sectors are currently and expected tocontinue driving exceptional cobalt demand growth. Jervois Global iscommitted to building an ethical, sustainable and secure Westernalternative to the current cobalt supply chain, and to working withits diverse customer base across a wide range of key strategicindustries in the United States, Europe and Japan.
Over the last three months portal bench constructionand extension work has been conducted as part of the early workspackage which has enabled the mine to start in Q4 2021. Constructionconsisted of highwall exposure and cut and fill and compaction duringQ3 2021, completed by local contractor Scarrow Excavation. WesternUnited States underground mining contractor, Small Mine Development(“ SMD ”), completed bolting and meshing of the highwall above theeast and west portal as well as the installation of a rock fall fenceto protect critical infrastructure.
Initially a 2-foot advance blast was initiated on thewest portal (see attached photographs). The blast was designed toprotect the portal face as part of the development of the mine. Prior to the blast, a 62-foot advance pilothole was drilled and confirmed dry, reaffirming the decision toinitiate development of the early works construction to access the RAMdeposit, the initial orebody underpinning Jervois’s publishedBankable Feasibility Study (“BFS”) on the development of ICO inSeptember 2020. First ore is anticipated to be reached in Q12022.
Broader site construction activity continues, and firstdraw down of the US$100 million bond offering continues to beanticipated in Q4 2021. ICO construction, procurement andengineering schedule remains on track, with commissioning and firstproduction of cobalt concentrate expected from mid-2022. Separatecopper concentrates also expected to be produced and sold to NorthAmerican customers in parallel, with current copper pricessignificantly above the US$3.00 per lb applied in the ICO BFS.
On behalf of Jervois
Bryce Crocker, CEO
For further information, please contact:
Investors and analysts: James May Chief Financial Officer 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 the timingconstruction activities at ICO, the timing of productions at IC,future demand for cobalt and certain other factors or information.Such statements represent Jervois’ current views with respect tofuture events and are necessarily based upon a number of assumptionsand estimates that, while considered reasonable by Jervois, areinherently subject to significant business, economic, competitive,political and social risks, contingencies and uncertainties. Manyfactors, both known and unknown, could cause results, performance orachievements to be materially different from the results, performanceor achievements that are or may be expressed or implied by suchforward-looking statements. Jervois does not intend, and does notassume any obligation, to update these forward-looking statements orinformation to reflect changes in assumptions or changes incircumstances or any other events affections such statements andinformation other than as required by applicable laws, rules andregulations.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
West Portal – Post Blast
West Portal working faceexposed
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