Two holes collared more than 160m apart intersected cobalt mineralisation the company believes to be continuous, based on oriented core measurements, with a highlight including 10.41m at 0.15% cobalt and 44g/t silver.

"With zones of mineralisation now identified in Cobalt South and Cobalt North, we are seeing multiple opportunities in the Cobalt Camp for future primary cobalt sources to supply the North American battery market," president and CEO Trent Mell said.

Some 3,500m of the company's 17,000m Cobalt North drilling programme will target the Kerr area.

First Cobalt controls 45% of the Cobalt Camp, including 50 past producing mines which had focused on silver.

The company, which last year completed a three-way merger with Cobalt One and CobalTech Mining, is further expanding with the friendly acquisition of US Cobalt (CN:USCO) and its Idaho project announced this month.

It raised C$30.6 million (US$23.8 million) in December, the bulk of which was at $1.10 per unit.

Shares in the company closed up C2c yesterday to $1.12, representing a drop of 9.68% year-to-date, capitalising it at $218.5 million.