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Jervois Commits Further US$3.6 Million to ICO Drilling

2022-06-23 20:46 ET - News Release

(via TheNewswire)



Highlights:

  • Underground drilling progresses at Idaho Cobalt Operations ("ICO") with 10,000 feet completed since February 2022; aiming to improve ICO's resource model ahead of mining commencement

  • Jervois is using results from the drilling to update its ICO resource model in Q4 2022

  • Jervois Board has now approved an additional US$3.6 million drilling campaign to further define and expand the RAM deposit at ICO - from both additional underground positions, and also step out resource expansion holes targeting new mineralization from surface

  • Once in production, ICO will be the only mine supply of cobalt in the United States, a critical metal necessary for industry, defense, electric vehicles and energy generation and distribution in a carbon constrained economy

Jervois Global Limited (" Jervois ") (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) is pleased to update its progress on further defining the resource at its Idaho Cobalt Operations (" ICO ") in Idaho, United States.

Jervois Board of Directors has approved an additional US$3.6 million for drilling to complete additional in-fill and first expansion drilling from both surface and underground platforms to further define and expand its RAM deposit within ICO. This will take total planned drilling footage in 2022 to 46,000 ft.

The drilling campaign, expected to be completed by Q4 2022, will continue to reduce drill hole spacing in the resource planned for early production, and will target expansion down dip of the currently defined and known deposit.

This program is a continuation of the previously announced US$1.2 million program approved in February 2022, set to be completed in August of this year. This will improve ICO's resource model and used to develop a production block model for both short- and medium-term mining operations.

Expansion of the resource is important if ICO is to operate for longer than its initial mine life, or at higher production rates than contained in the ICO Bankable Feasibility Study. The RAM deposit remains open at depth and along strike, and Jervois has confidence that there exists a strong potential of both resource and reserve expansion.

On behalf of Jervois Global Limited

Bryce Crocker, Chief Executive Officer

For further information, please contact:

Investors and analysts:

James May

Chief Financial Officer

Jervois Global

james.may@jervoisglobal.com

Media:

Nathan Ryan

NWR Communications

nathan.ryan@nwrcommunications.com.au

Mob: +61 420 582 887

Forward-Looking Statements

This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule", "expected" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the timing of drilling operations at ICO, the outcome of the drilling program, timing of an updated resource model and certain other factors or information. Such statements represent Jervois' current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Jervois, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Jervois does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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