09:29 AM EDT, 07/25/2024 (MT Newswires) -- Electra Battery Materials Corporation ( ELBM ) was higher in US premarket trade on Thursday after it announced a new copper showing in proximity to its Iron Creek Project, and provided an update on its Idaho exploration activities.

Among highlights, Electra's 2023 field program discovered a previously unknown copper surface showing, the Malachite Hill Copper Showing, on an unexplored boundary area of the Redcastle Agreement claims portion of the Idaho properties.

Also, Electra has signed an amendment to the Redcastle Property Agreement to extend its two main exploration expenditure commitments by two years, to 2026 and 2028 respectively.

"We are taking measured steps to maximize the value of our exploration assets in Idaho, which continue to demonstrate upside potential for copper and cobalt at Iron Creek, Ruby, CAS, and now Malachite Hill," said Electra CEO, Trent Mell, in a statement. "Under the leadership of Dr. William Stone, we have applied for a 10-year exploration permit, which will enable us to advance drilling activities on up to 91 specified drilling locations without unforeseen delays. While Electra's primary focus is to complete the cobalt refinery project in Ontario, there is clear potential in the Idaho Cobalt Belt to be an important source of critical minerals to onshore the North American battery supply chain. We look forward to re-launching field exploration work and exploration drilling programs in due course."