Idaho Champion Gold Mines Canada has completed acquisition of 822 federal US mining claims in four blocks, spanning around 6,871 hectares, in Lemhi County, Idaho from American Cobalt in the Idaho Cobalt Belt, collectively known as the “Champion Projects.”
Image: Idaho Champ Cobalt Land Map. Photo: courtesy of Idaho Champion Gold Mines.
The acquisition of the four Champion Projects represents a transformative acquisition for the Company. The acquisition places Idaho Champion with key land in the Idaho Cobalt Belt.
The Company believes that the Idaho Cobalt Belt represents the premier district for primary Cobalt discoveries in North America. The region hosts a rich endowment of mineral resources only beginning to be unlocked due to recent exploration activity driven by the price of Cobalt. Modern exploration techniques have proven fruitful in expanding historic resources and making new discoveries.
The four projects are summarized as follows:
Victory Project – (Dup Claims) 201 claims totaling 1,627 Hectares
The DUP Claims, located 6 km south of the Blackbird Mine, sit adjacent to, on-trend and immediately south of International Cobalt’s Blackbird Creek Project. Three copper-cobalt occurrences exist on the project; the French Gulch Mine, Victory, and Dupuis.
Fairway Project (SC Claims) 144 Claims totaling 1,165 Hectares
The SC Claims are located one km north of eCobalt’s Blackpine copper-cobalt Project. The SC Project is host to stratiform sulphide mineralization found in massive sections which typically contain pyrite and chalcopyrite. Aside from the copper rich strata, there are several narrower cobalt-gold rich arsenopyrite-bearing beds present in the copper mineralized section.
Twin Peaks Project – (TP and Badger Claims) 377 Claims totaling 2,600 Hectares
The TP claims are host to the Twin Peaks Copper mine and are surrounded by the Badger claims located in Badger Basin. The historical Twin Peaks mine has been described as having broad shear zones of modest grade copper mineralization.
The TP and Badger claims lie approximately 3 km east of US Cobalt’s Iron Creek Project, recently acquired by First Cobalt Corporation (TSX-V: FCC) for a total implied equity value of approximately C$149.9 million on a fully-diluted in-the-money basis at the time of entering the agreement. Please refer to First Cobalt Press Release on March 14, 2018.
Ulysses Project – (IP and GS Claims) 100 Claims totaling 809.4 Hectares
The IP and GS Claims are 2 km north of the Ulysses Mine, a historical gold/silver producer located in the Yellowjacket Formation which is associated with Cobalt mineralization in the Region.
Two Cobalt occurrences have already been identified south of the Ulysses Project, which attest to the prospective nature of this area. The Yellowjacket Formation in this area is located outside of the prolific “Idaho Cobalt Belt” but is interpreted to have similar geological potential to host cobalt-copper-gold mineralization.
ACQUISITION TERMS
Idaho Champion has received notice from American Cobalt (seller) and the Bureau of Land Management (BLM) that the claims have been registered to Idaho Champion Cobalt USA, a 100% owned subsidiary of Idaho Champion Gold Mines Canada Inc.
As compensation for the Champion Projects, Idaho Champion will issue 3,000,000 shares today and will issue an additional 1,000,000 shares on January 20, 2019. Idaho Champion Cobalt USA now owns 822 claims, a total of approximately 6,871 Hectares.
Source: Company Press Release