Jervois Mining boosts Idaho Cobalt Operations resource, uncovers gold and copper in Uganda

Advanced cobalt explorer Jervois Mining (ASX: JRV) has boosted the measured resource at its US-based Idaho Cobalt Operations by 22%, while revealing high-grade gold and copper assays from its recent drilling campaign at its Ugandan Kilembe asset.

At a 0.15% cobalt cut-off, measured resources for the Idaho project now total 2.92 million tonnes at 0.45% cobalt for 26.2 million pounds of contained cobalt.

The combined measured and indicated resource is 5.77Mt at 0.44% cobalt for 50.1Mlb of the metal.

Additionally, the measured and indicated resource includes 80.1Mlb of copper and 89,000oz of gold credits.

Underpinning the updated resource was a 19-hole 3,125m diamond drilling campaign, with results also fed into a bankable feasibility study which remains on track for completion by the end of March along with a reserve estimate.

“Jervois’ confidence in the economic potential of the Idaho Cobalt Operations continues to grow as more information is generated for the updated bankable feasibility study,” the company stated.

“Mine design and scheduling are progressing, as is plant design.”

Jervois also anticipates there is “significant potential” to operate at higher production rates than outlined in previous studies.

A scoping study on a domestic cobalt refinery in the US is continuing, with Jervois also planning another drilling program in the current quarter to further expand the resource.

Exploring for copper, gold and cobalt in Uganda

Over in Uganda, Jervois has now received results from drilling at the Kilembe and Bujagali properties.

At Kilembe in central Uganda, Jervois targeted gold and copper mineralisation through a 1,905m drilling program for 17-holes.

Partial results from the phase one campaign were 9.9m at 1.37 grams per tonne gold from 29m, including 0.45m at 9.98g/t gold and 0.1% copper from 34.05m.

Other highlight results were 2m at 723g/t silver and 0.15% copper from 127m and 0.8m at 6.26g/t gold and 0.36% copper from 50.7m.

Ground work at the property led to the identification of mineralisation over 6km of strike, with only 1.5km of that tested to-date.

Collection of rock chips from surface over the 6km strike led to high-grade results of 41g/t gold, 20.5g/t gold, 10.3g/t gold and 9.85g/t gold.

Results from these programs will be used to plan exploration activities across the project during the first half of this year.

At the western Ugandan Bujagali property, exploration focused on the Waragi anomaly and comprised 1,740m of diamond drilling.

Although mineralisation was intercepted, Jervois noted it was not high-grade or thick enough to underpin a potentially economic resource.

Better results were 1m at 0.20% cobalt and 1.5m at 0.23% cobalt.

At market open, shares in Jervois were at $0.225.