Several areas show extensive Cu and Cu-Co-As±Au anomalies including areas not yet mapped or prospected
ePower has earned a 50% interest in the property and has the right to earn up to a 100% interest
The Panther Creek Property is adjacent to the past-producing Blackbird Copper-Cobalt Mine and contiguous with eCobalt Solution’s (“eCobalt”) Idaho Cobalt Project (“ICP”). The ICP is the only near-term, environmentally permitted primary cobalt project in the United States. eCobalt’s Ram Co-Cu-Au deposit, currently under mine construction has a Measured and Indicated Resource of 3.87 million tonnes grading 0.59% cobalt, 0.85% copper, and 0.5 gram/tonne Au (eCobalt Solutions Inc. news release February 7, 2018).
The Panther Creek Cobalt Property is located on federal land administered by the US Forest Service. The claims are, in part, situated within the Blackbird Mountain focal area which was recently excluded from the Wilderness Area evaluation because previous exploration indicates it is a “proven area” with high confidence in profitable deposits of cobalt (https://www.fs.usda.gov/Internet/FSE_DOCUMENTS/fseprd606601.pdf).
The Panther Creek road is a well-maintained, improved road, which passes through the northern portion of the claims and provides good access to the property. Salmon, Idaho is located about 30 kilometres east of the property, 50 kilometres by road. Salmon is a local supply and transportation center, with an airport. A 4 megawatt, 69 kilovolt power line extends from Salmon to the Blackbird Mine site, approximately 4 km southwest from the centre of the Panther Creek Property. The power line currently feeds only the Blackbird water treatment plant and a new tap to the ICP substation is planned.
The USA is stable politically and is expected be the largest market for batteries and cobalt. Idaho is a pro-development state with a long history of mining.
There are several historic mine workings on the Panther Creek Property including the Little Deer Creek, the Long Dike, and the Sweet Repose prospects. Channel samples by US Geological Survey from the Little Deer Creek prospect returned 1.04% cobalt and 4.14% copper across 10 feet or 3.04 metres. A USGS sample from the Sweet Repose prospect contained 0.46% cobalt and 0.27% copper. (Re: US Geol. Surv. Open File Report 98-478). The Long Dike showing has an adit with reportedly several hundred feet of underground workings exploiting a Au-bearing quartz vein system.
Surface sampling on the property by Utah Mineral Resources in 2017 returned values from trace to 0.91% cobalt and 3.63% copper, and 0.74% cobalt and 0.27% copper. The cobalt-copper mineralization is hosted in the micaceous quartzites of the Apple Creek Formation, which is a similar geological setting as the historic Blackbird Mine as well as eCobalt’s Ram Mine.
During 2018, the company’s first year of exploration, ePower Metals Inc (“ePower”) recognized seven horizons with Co-Cu-Au mineralization in three separate geological units: two at the Sweet Repose prospect, four at the Little Deer Creek prospect, and one at the Little Bear prospect.
At the Little Deer Creek prospect, four parallel mineralized horizons have been identified with surface samples returning 0.70% Cu, 0.23% Co & 0.22 g/T Au over 0.6m, 1.75% Cu, 0.37% Co & 3.1g/T Au over 1.5m, 2.70% Cu, 0.27% Co & 0.87g/T Au and 0.7% Cu, 0.23% Co & 0.22 g/T Au from a grab samples. A new highly oxidized showing (Little Bear Horizon) returned grab samples of up to 30.8% Cu and 0.27% Co as well as Au-rich samples that returned up to 17.49 g/T Au, 0.39% Cu and 0.04% Co.
Mapping and rock sampling within the Long Dike patented claims have revealed a Au-bearing quartz vein structure traced intermittently over a strike length of 500m, returning gold grades of 9.15 g/T, 7.84 g/T, 1.64 g/T and 0.39 g/T from grab samples. The ~1m wide structure is composed of a series of narrow quartz veins. This structure has at least one historic adit with partially caved underground workings. Two chip samples in 2017 from near the adit returned 5.95 g/T Au and 4.15 g/T Au over 0.9m as reported in the Company’s news release dated January 22, 2018. In a separate area, two float samples from quartz vein material returned 29.67 g/T Au and 22.68 g/T Au, respectively.
ePower has completed a property wide, regional soil sampling and several areas show high potential for new discoveries. Within central portion of the property a Co-Cu-As±Au soil anomaly extends for over 1 km east-west within the geological unit that hosts the Little Bear prospect. Further south, another Co-Cu-As-Au soil anomaly in a different geological unit is recognized. The southern portion of the property has a predominately anomalous Cu signature which extends over a nearly 1.0 km2 area. The southern-most areas have not been geologically mapped although one reconnaissance mapping traverse recognized at least three geological units that show unique geochemical responses.
In 2018, approximately 50% of the property was mapped recognizing several distinct geological units. A major NE-SW trending fault partially coincident with Little Deer creek was recognized. This structure bisects the property with most of the known mineralization and soil anomalies occurring on the western side. This structure can be traced to the SW where it appears as the southern boundary for most the Blackbird mineralized horizons. This major structure has several coincident Co-Cu-As-Au soil anomalies and may represent a new drill target where it is in contact with highly prospective geological units.
Idaho Cobalt Belt
The Idaho cobalt belt (ICB) is a northwest trending belt of cobalt (Co) ± copper (Cu)-bearing mineral deposits and prospects in the eastern Salmon River Mountains of east-central Idaho, U.S.A. The Idaho Cobalt Belt is important for the United States of America because it contains the largest known cobalt resources in the United States (Slack et al., 2012). The Blackbird deposits of Co-Cu-Au mineralization are near the center of the ICB, where it is over 10 km wide. From the Blackbird area, the ICB extends at least 25 kilometres to the southeast and northwest. Ore zones and prospects of the ICB are hosted in Mesoproterozoic metasedimentary strata of the Lemhi sub-basin of the Belt-Purcell intracratonic basin. Most are within or near the banded siltite unit of the Apple Creek Formation, which consists of about 2 km of interlayered gray siltite and argillite within a 14-km-thick section of predominantly gray fine-grained siliciclastic strata (Evans and Green, 2003). Mineral deposits in the ICB are typically strata-bound and there are both stratiform and vein type deposits. The major ore minerals are cobaltite and chalcopyrite with minor pyrite, arsenopyrite and pyrrhotite and erythrite.
The Blackbird mine complex consists of extensive underground workings on several ore zones and an open pit on the Blacktail ore zone. The mineralization generally strikes NW as stacked and faulted strata-bound horizons that trend toward the Panther Creek Property. Past production from the Blackbird mine complex amounts to approximately 1.7 million metric tonnes (Mt) of high-sulfide Co-Cu ore, mined mostly between 1945 and 1966, from which about 10 thousand metric tonnes (kt) of Co and 32 kt of Cu were recovered (E.A. Magill, U.S. Bureau of Mines, unpub. data, 1966; Hughes, 1990).
The Ram deposit is located 2 kilometres west of the Panther Creek Property, just north of the Blackbird mine. It is part of the Blackbird mineralized system just north of the Blackbird patents. The Ram deposit consists of the Hanging-wall Zone with 3 primary and 4 minor horizons, the Main Zone comprising 3 horizons, and the Footwall Zone with 3 horizons. eCobalt has recently updated their Ram deposit estimated measured and indicated resources as 3.87 million tons at 0.59% Co, 0.85% Cu and 0.017 oz/t Au with an inferred estimated resource of 1.82 million tons at 0.46% Co, 0.81% Cu and 0.015 oz/t Au (http://www.ecobalt.com/news/news-releases/ecobalt-announces-increase-in-measured-and-indicat-20180207). eCobalt also has an estimated a resource at the Sunshine deposit, located 1.0 km south of the RAM deposit, of 100,500 tons of indicated material grading 0.422% Co, 0.94% Cu and 0.014 oz/ton Au (Prenn, 2006).
The Haynes-Stellite Co-Cu mine, located 1.6 kilometres south of the Panther Creek Property, was in production from 1917 to 1921 (Bennett, 1977). Most of the 2,900 feet of underground workings are in three adits (Johnson, 1998).
50% earned (see news release December 6th, 2017)
To earn remaining 50%
payment of an additional $150,000, (in cash or shares at ePower’s option), and incurring at least $75,000 of expenditures on the Property within the first 12 months
payment of an additional $150,000, (in cash or shares at ePower’s option), and incurring at least an additional $100,000 of expenditures on the Property within 24 months
incurring at least an additional $200,000 of expenditures on the Property within 36 months
In addition, should ePower determine that proven and probable mineral resources, (as determined in compliance with NI 43-101), of at least four million tonnes grading a minimum 0.25% cobalt, are contained within any portion of the Property, on or before five years following the date of the agreement, ePower will issue to UMR an additional 2,000,000 shares. Utah Minerals will retain a 2% NSR, all values in USD