eCobalt Solutions is reporting receipt of assays for the first two of three completed resource definition diamond drill holes which confirm intercepts above the current resource grade cut-off drilled on the Company's Idaho Cobalt Project ("ICP") located near Salmon, Idaho.
Mr. Paul Farquharson, President and C.E.O. of the Company commented: "The continuation of positive results of our 2017 drilling program further demonstrates the strength and continuity of the Company's ICP resource. The demand for cobalt continues to grow – automotive companies such as Volkswagen and BMW have recently announced their intent to source cobalt from the producers themselves to secure future supply. Major cobalt producers such as Glencore PLC recently announced ramping up cobalt production - but even doubling their current cobalt production would not meet expected electric vehicle demand. World mine production of cobalt in 2016 was estimated to be 123,000 tonnes. Glencore estimated that at least 285,000 tonnes of additional cobalt production would be required to make 30 percent of new vehicles electric by 2030."
The Company has received assays for the second hole of a completed three hole, 5,000-foot drill program on schedule. Results of the second completed hole identified resource grade (>0.25% Cobalt) intercepts in four lenses comprising the Ram resource.
