The ICO Property is 100% owned by Jervois Mining USA, a wholly owned subsidiary of Jervois.
At the end of 2024, Millstreet provides the secured Jervois Finland (“JFO”) Working Capital Facility (“JFO Facility”), is the majority and controlling lender of the 12.5% US$100.0 million Idaho Cobalt Operations (“ICO”) Senior Secured Bonds (“ICO Bonds”) and is the sole holder of the US$25.0 million convertible notes (“CN”) issued by the Jervois.
Under the Restructuring Support Agreement between Jervois (and certain of its subsidiaries) and Millstreet:
- Millstreet will provide US$145.0 million of pre- and post-recapitalisation new equity capital to recapitalise the Jervois group business
- Jervois will transfer the subsidiaries that operate the JFO, SMP, and ICO assets, and the CN to a reorganised parent entity, and the ICO Bonds and CN shall be converted into new equity interests in the reorganised parent entity.
- Jervois would be delisted and wound up on a solvent basis.
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Summary:
The Ram deposit is one of the two deposits part of the ICO, the other being Sunshine. Stratigraphy in the Ram deposit area is predominantly medium- to fine-grained metagreywacke (previously described as quartzite) metamorphosed to upper greenschist to amphibolite facies. Stratigraphically, the Ram deposit is subdivided into three zones: Hanging wall, Main and Footwall zones, with each zone containing distinct mineralized horizons.
Sunshine is the second deposit part of the ICO. Stratigraphy, including the BTE horizons, strikes north northwest and dips moderately to steeply to the east-northeast. Individual sulphide-bearing beds may not be continuous over a distance of a few hundred feet. Still, generally, the overall mineralized zones within the BTE horizons can be traced along strike for over 500 m (~1,500 ft).
Mineralization at the ICO is of Type 1 characterized as syngenetic, stratiform/tabular exhalative deposits; however, the presumably associated mafic sequences of the Apple Creek Formation have not been identified at this time. This mineralization is dominantly bedding concordant, and the deposits range from nearly massive to disseminated. Some crosscutting mineralization is present that may be in feeder zones to the stratiform mineralization or may be due to remobilization locally into fracture quartz veins and/or crosscutting structures.
Dominant minerals include cobaltite (CoAsS) and chalcopyrite (CuFeS2). Other minerals present in small quantities are pyrite (FeS2), pyrrhotite (FeS), arsenopyrite (FeAsS), linnaeite ((Co Ni)3S4), loellingite (FeAs2), safflorite (CoFeAs2), enargite (Cu3AsS4), and marcasite (FeS2).
Recently, rare-earth minerals have been identified in samples from the deposit as monazite, xenotime and allanite. At this time, these minerals have not been considered for potential recovery as by-products.
Hoy (1995) suggested the following “associated deposit types: Possibly Besshi volcanogenic massive sulphide deposits, Fe formations, base metal veins, tourmaline breccias.”
Mineralogy seen in the 2019 program, as well as recorded in all previous drilling campaigns, fails to mention any tangible content of IOCG related assemblages. Therefore, making it difficult to assign such deposit type to this mineralization.
The current understanding indicates that the Ram area is a Metasedimentary rock hosted Co-Cu-Au package with strata bound zones of semi-massive sulphides. The origins of these deposits are thought to be varied; a range of mineralizing processes, from diagenetic to epigenetic are thought to be involved; however, the sources of the hydrothermal fluids and metals are still enigmatic. (Bookstrom et al. 2016).