The Formation North Project
Strategically Located in The Idaho Cobalt Belt
The Formation North Project consists of 58 Lode claims totalling approximately 1,160 acres (470 hectares). Formation North is located within 5km of eCobalt Solution’s Ram deposit and centered on the Idaho Cobalt Belt within highly prospective geology.
Historical work on the property has identified several mineralized zones, including the Bonanza Zone, where drilling returned 17.8 meters of 0.24% Co and 0.15% Cu (including 4.9 meters of 0.41% Co and 0.22% Cu) and 18.2 meters of 0.18% Co and 0.34% Cu (including 3.7 meters of 0.30% Co and 0.03 % Cu).
The Tinkers Pride Zone was also drilled in 1995 where the best drill intercept returned 6.9 meters of 0.41% Co and 2.01% Cu, and a separate 1.5-meter-wide zone of 0.76% Co and 5.15% Cu.
The two mineralized zones have only been tested with limited exploration of 7 drill holes, and there is an approximately 1.5 kilometre separation between the two zones. Additional historic work bolsters the discovery potential of the property with several wide-spread soil sample anomalies with values of greater than 150 ppm cobalt.
Although there is no record of gold assays in reports from the 1955 work, a 1982 sample taken form the Bonanza Zone by the United States Bureau of Mines (USBM) assayed 4.4 g/t Au.
The results reported herein are historic in nature and while the Company has not completed sufficient work to confirm the foregoing results, the Company considers the historic information to be both relevant and reliable.
Legal Dispute Relating to the Formation North Claims
The Company notes that some of the tenure of the Formation North claims is subject to a legal dispute as outlined below.
Arizona Lithium Company Ltd. (“Arizona Lithium”) staked the Formation North Claims on 26th to 30th September 2016, consisting of 58 lode mining claims located in Lemhi County, Idaho (referred to as the “BOCO Claims”). At the time Arizona Lithium staked the BOCO Claims, it encountered mining claim posts lying on the ground within a portion of the area encompassing the BOCO Claims. These posts, and the attached identification tags, allegedly evidenced the location of certain mining claims previously located on September 7, 2016 (referred to as the “BATT Claims”). Due to apparent inadequacies in the staking of the BATT Claims (including the failure to properly place the posts in the ground or at the corners of the claims), Arizona Lithium asserts that the BATT Claims are void and is pursuing legal action against the owner of the BATT Claims (Battery Minerals Resources, Inc.) in the United States District Court for the State of Idaho to have the BATT Claims declared invalid. Arizona Lithium has paid all BLM and registration fees on its BOCO Claims and believes its claims have been validly staked and will proceed with legal action to invalidate the competing claims.
Arizona Lithium is in the process of filing amended location notices for the BOCO Claims to cure minor deficiencies in the BOCO location notices. The amendment will not modify the filing date, nor should it impact Arizona Lithium’s ability to pursue its claims against the BATT Claims.