United States

Idaho Cobalt Operations (ICO) Project

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Categories

Overview

Mine TypeUnderground
StatusTemporary Suspension
Commodities
  • Cobalt
  • Copper
  • Gold
Mining Method
  • Back stoping
  • Sill mining
Backfill type ... Lock
Mine Life... Lock
SnapshotMarch 30, 2023 - Jervois suspends final construction at Idaho Cobalt Operations (“ICO”) due to continuing low cobalt prices and United States (the “U.S.”) inflationary impacts on construction costs, to prudently preserve the value of ICO's ore body.

Owners

SourceSource
CompanyInterestOwnership
Jervois Global Ltd. 100 % Indirect
The ICO Property is 100% owned by Jervois Mining USA, a wholly owned subsidiary of Jervois.

Deposit type

  • Vein / narrow vein
  • Sediment-hosted

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).

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityProductUnitsAvg. AnnualLOM
Cobalt Payable metal kt 9.3
Copper Payable metal t 15,081
Gold Payable metal oz 30,527
Cobalt Metal in concentrate kt 1.9
Copper Metal in concentrate t 2,900
Gold Metal in concentrate oz 6,700

Operational metrics

Metrics
Daily ore mining rate  ....  Subscribe
Daily milling capacity  ....  Subscribe
Tonnes milled, LOM  ....  Subscribe
* According to 2020 study.

Production Costs

CommodityUnitsAverage
Credits (by-product) Cobalt USD  ....  Subscribe
Cash costs (sold) Cobalt USD  ....  Subscribe
Cash costs (sold) Cobalt USD  ....  Subscribe
Assumed price Cobalt USD  ....  Subscribe
Assumed price Copper USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2020 study / presentation.
** Net of By-Product.

Operating Costs

Currency2020
UG mining costs ($/t milled) USD 53.7 *  
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2020 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
UG OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 52
G&A costs $M USD 33.2
Total OpEx $M USD  ......  Subscribe
Mining Taxes $M USD  ......  Subscribe
Income Taxes $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
Operating margin, %  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 10% $M USD  ......  Subscribe
Pre-tax NPV @ 8% $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 8% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNamePhoneProfileRef. Date
....................... Subscription required ....................... Subscription required ........... Subscription required Subscription required Jan 3, 2024
....................... Subscription required ....................... Subscription required Subscription required Jan 20, 2020
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Total WorkforceYear
...... Subscription required 2020

Aerial view:

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