Jervois Global Approves Underground Drilling Campaign at ICO

Strong points:

  • The campaign will reduce drill hole spacing to improve knowledge of ore bodies, the robustness of mineral resource and reserve estimates, and will be used to underpin and de-risk initial mining, planned from the third quarter of 2022.

  • Planning is also underway for surface and underground drilling programs, due for completion in 2022, which will focus on resource expansion beyond the limits of the current ICO mineral resource.

  • Once commissioned, ICO will be the only mine supplying cobalt in the United States, a critical metal needed for industry, defense, electric vehicles, and power generation and distribution in a low carbon economy.

TheNewswire – January 31, 2022 – The board of directors of Jervois Global Limited (“Jervois”) (ASX: JRV) (TSXV: RV) (OTVS:JRVMF) has approved an initial infill drilling program at Idaho Cobalt Operations (“ICO”) in Idaho, USA, starting in the first quarter of 2022.

In 2022, Jervois plans a drilling program both above and below ground. The initial underground section of this plan aims to improve the robustness of the resource model which will generate a production block model for the start of mining later this year. Planning is also underway to determine which resource extension targets can be drilled from underground positions.

Jervois has committed US$1.2 million to complete approximately 5,800 meters of underground drilling at its RAM deposit within ICO. The infill drilling campaign in 2022 will reduce drill hole spacing in the underground resource ahead of first production later this year. Underground drilling is expected to begin later in the first quarter of 2022.

Although not part of this initial approval, the Jervois team at ICO is also planning a surface resource expansion drilling program between April and November 2022, when site conditions permit. Resource expansion is important if ICO is to operate longer than its original life of mine, or at production rates higher than those contained in ICO’s bankable feasibility study. The RAM deposit remains open at depth and Jervois believes there is strong potential for resource and reserve expansion. Further details on this additional program will be communicated once finalized and approved by the Jervois Board of Directors later in the first quarter of 2022.

Development of small mines (“CMS”), a regional underground mining contractor committed to ICO, is pursuing development below the surface. Construction is progressing according to plan and the first underground drilling bay was delivered during the month of January.

First ore to ICO is scheduled for August 2022 and Jervois expects to achieve sustainable commercial production from December 2022.

In the name of Jervois

Bryce Crocker, CEO

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Forward-looking statements

This press 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 press release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “anticipate”, “may”, “plan “, “expect” and similar words or phrases identify forward-looking statements or information. Such forward-looking statements or information may relate to the timing of construction activities at ICO, the timing of productions at ICO, the timing of the drilling program and the results of such drilling program, and certain other factors or information. These statements represent the current views of Jervois regarding future events and are necessarily based on a number of assumptions and estimates which, while considered reasonable by Jervois, are inherently subject to significant business risks, contingencies and uncertainties. , economic, competitive, political and social. . Many factors, known and unknown, could cause actual results, performance or achievements to differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Jervois does not intend, and undertakes no obligation, to update such forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other event affecting such statements and information other than as required. by applicable laws, rules and regulations. .

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

Bonny J. Streater