(June 5, 2017) NEW YORK — The lithium ion battery market is expected to grow in value over the coming years, but it's the cobalt market that has been attracting a lot of attention. Cobalt is one of the main compounds implemented into rechargeable batteries, and it is a market that is facing a supply shortage, according to FinancialBuzz.com.

According to a report by Transparency Market Research, the growth of the global cobalt market can be attributed to the rising demand for lightweight electric cars, which are becoming more popular and reliable. A research by Markets and Markets projects that the lithium ion battery market is expected to be valued at $68.97 billion by 2022.

According to a report by Reuters, Consultants CRU Group said that electric cars and plug-in hybrid vehicle sales could hit 4.4 million in 2021. Also projected to be more than six million by 2025, which is 1.1 million from last year.

"Future demand for cobalt from the EV (electric vehicle) sector is looking tangible and is more positive than originally expected," as mentioned in the Reuters article of Feb. 14. "China has some aggressive plans in terms of electric vehicles. It will be a major driver behind cobalt consumption growth."

First Cobalt Corp. announced today "the completion of a borehole geophysics and televiewer program at its Keeley-Frontier project near Cobalt, Ontario."

This phase of the program consisted of taking measures from within six drill holes completed in 2011 on the Beaver Lake Fault in an area known as the Keeley Extension. The Beaver Lake Fault was previously mined but only to a limited extent. The fault is located to the west of the main silver-cobalt ore zone of the Keeley-Frontier Mine.

The program is intended to help First Cobalt improve understanding of the controlling structures in the mineralized system. The Woods vein was historically the largest productive vein for Keeley and is well understood. However, other north-trending structures and east-west cross faults were not well understood. By improving the understanding of the broader structural environment, the company anticipates it will be in a better position to predict where other vein structures may lie.

Dr. Frank Santaguida, vice president, Exploration said, "The completion of this phase of our exploration program at Keeley-Frontier is essential to our strategy to unlock the cobalt potential in this camp. These results placed into the context of the ongoing structural mapping program will provide the foundation for planning the drill program this summer, as it will help predict the location of previously unknown vein sets. I am very pleased with the hard work of the field team and we are looking forward to completing the interpretation of the geophysical data in the coming weeks."