Jervois Global Reports Positive Drilling Results at Idaho Cobalt Operations
JRV (JRV) Share Update July 2024 Tuesday 30th
Jervois Announces Positive Resource Growth Potential at Idaho Cobalt Operations
Jervois Global Limited (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) has announced encouraging results from its recent drilling program at the Idaho Cobalt Operations (ICO), funded by the U.S. Department of Defense (DoD). The results indicate significant potential for resource growth, particularly in cobalt, copper, and gold mineralization.
Instant Summary:
- U.S. DoD-funded drilling at Jervois' Idaho Cobalt Operations shows positive resource growth potential.
- Deepest drilling to date demonstrates strong cobalt-copper-gold mineralization outside existing resource wireframes.
- Four extensional drillholes completed, all intersecting the main mineralized horizon.
- Notable analytical results include: 1.10% Co, 1.18% Cu, and 0.69 g/t Au over 1.8m CTW (Hole JU24-093).
- Significant hangingwall intercepts observed, indicating continuity of semi-parallel mineralization.
- ICO's mineral resource remains the largest and highest grade confirmed cobalt orebody in the U.S.
Drilling Program and Results
Jervois Global Limited has reported positive results from its U.S. Department of Defense (DoD) Defense Production Act (DPA) Title III funded extensional drilling program at the Idaho Cobalt Operations (ICO). The drilling, aimed at resource expansion, has shown promising indications of cobalt, copper, and gold mineralization beyond the existing resource wireframes.
The deepest drilling to date at ICO has demonstrated strong mineralization over mineable widths, with four extensional drillholes completed, all intersecting the main mineralized horizon (MMH). Analytical results from these drillholes include:
- Hole JU24-093: 1.10% Co, 1.18% Cu, and 0.69 g/t Au over 1.8m CTW
- Hole JU24-095: 0.18% Co, 0.34% Cu, and 0.10 g/t Au over 4.8m CTW
- Hole JU24-096: 0.48% Co, 0.60% Cu, and 0.86 g/t Au over 2.1m CTW
- Hole JU24-097: 0.61% Co, 1.35% Cu, and 1.51 g/t Au over 5.5m CTW
Hangingwall Intercepts
In addition to the main mineralized horizon, significant hangingwall (HW) intercepts were observed in several drillholes, indicating positive continuity of semi-parallel HW mineralization. Notable HW intercepts include:
- Hole JU24-093: 0.48% Co, 1.74% Cu, and 1.13 g/t Au over 3.8m CTW
- Hole JU24-095: 0.38% Co, 0.22% Cu, and 0.27 g/t Au over 2.7m CTW
- Hole JU24-096: 1.40% Co, 1.38% Cu, and 2.23 g/t Au over 5.2m CTW
Resource Potential and Strategic Implications
Prior to this drilling, ICO's mineral resource was already the largest and highest-grade confirmed cobalt orebody in the U.S. The new results further enhance the potential for resource growth, particularly with the development of significant HW intercepts. Jervois has temporarily paused its underground drilling program while working with the U.S. Forest Service on recommencing underground activities.
The extensional drilling was conducted from a single underground drilling platform within existing mine workings, with collar coordinates and intercept grades detailed in the company's announcement. The results show continuity of prospective mineralization across all completed holes, with step-out intercepts ranging between 100m to 175m from the nearest pre-2024 intercepts, consolidating mineralization confidence across greater than 450m down-dip along and beyond existing resource margins.
The positive drilling results at ICO are likely to have a favorable impact on Jervois' stock, as they indicate significant potential for resource growth. The confirmation of strong cobalt, copper, and gold mineralization, particularly at greater depths, enhances the company's strategic position in the cobalt market. This is especially important given the increasing demand for cobalt in battery production and other high-tech applications.
Investor Reaction:
Analysts are likely to react positively to the news, given the strong indications of resource growth and the strategic importance of cobalt. The market may see an uptick in Jervois' stock price as investors respond to the potential for increased resource estimates and future production capabilities.
Conclusion:
Investors should keep an eye on Jervois' ongoing drilling activities and future announcements regarding resource updates. The positive results from the DoD-funded drilling program at ICO underscore the company's growth potential and strategic importance in the cobalt market. Subscribing to updates and monitoring the company's progress will be crucial for making informed investment decisions.