TORONTO, Jan. 18, 2018 /CNW/ - First Cobalt Corp. (TSX-V:
FCC, ASX: FCC, OTCQB: FTSSF) (the "Company") is pleased to announce
it has commenced drilling at the Bellellen mine in the Cobalt Camp,
Ontario. A total of 15 holes for
2,000 metres are planned at Bellellen to test the relationship
between the disseminated style of cobalt mineralization identified
in 2017 and the vein style mineralization that was traditionally
mined in the Cobalt Camp.
Highlights
- 2,000m drill program at the
historic Bellellen mine now underway
- 15 drill holes will range from 50 to 200 metres to test near
surface disseminated and vein styles of mineralization
- Downhole geophysical surveys on selected holes to identify
extensions of cobalt-bearing veins beyond the holes and veins
nearby. Televiewer surveys will also be selectively done to better
define the orientation of veins and other host-rock structures
- Additional 1,000m planned at
Keeley-Frontier to follow up on new cobalt-nickel-silver
mineralization identified in 2017 to the north and south of the
historic mines
Trent Mell, President & Chief
Executive Officer, commented:
"Bellellen is the initial focus of the 2018 drill program
because of the high values of cobalt as a disseminated ore
texture with pyrite, which has not been previously described in the
Cobalt Camp. Early work suggests that a more complex structural and
hydrothermal setting may exist here than was previously
considered."
In September 2017, grab samples
from historic muckpiles adjacent to the Bellellen mine shafts were
collected and analysed for their metal content to validate historic
observations. A significant number of samples returned high grade
cobalt mineralization, including up to 0.78% Co as disseminated
cobaltite with pyrite in altered mafic volcanic rock. Other samples
contained a fracture-controlled type mineralization with grades up
to 3.76% Co (see September 28, 2017
press release). An association of cobalt and copper within veins
was also found in samples at Bellellen with assays of up to 1.55%
Cu and 0.40% Co. Permits to drill this property were received in
late December.
The 2,000 metre drill program will test the known north-south
trending Bellellen vein system as well as the northeast trending
Frontier #2 vein system interpreted to intersect the Bellellen
vein. The Bellellen mine occurs at the northern portion of the vein
system and contains Co-rich mineralization, but its association to
the main silver-bearing veins such as the Woods and Watson veins is not known (Figure 1).
The Frontier #2 vein is interpreted to be parallel to a fold
structure, based on surface mapping. It is now believed that both
the disseminated and vein systems may be associated with these fold
structures so drill holes are also planned to test these structures
and determine the relationship of these two styles of
mineralization.
Drill holes are planned to intersect a wide area around the
known veins to test whether disseminated cobalt mineralization
occurs as a halo. The disseminated style of cobalt mineralization
associated with pyrite at Bellellen mine is distinct from the
Keeley-Frontier mine that is dominated by vein-style ore textures
and therefore holes will be extended well beyond any veins
intersected.
Drill hole lengths will range from 50 to 200 metres and multiple
holes may be collared from one drill station to identify the dip
and continuity of disseminated and vein styles of
mineralization.
Mining at the Bellellen mine began in 1909, around the same time
the Haileybury, Frontier and
Keeley mines began operations. The Bellellen mine contained high
cobalt content relative to silver, thus it struggled to be
economically viable in a silver mining era. Bellellen had
intermittent production until 1943, when 12.3 tons of ore were
shipped containing 9.25% Co and 11.55% Ni. Mined trenches and two
shafts are still visible with underground material piled
nearby.
Following the drilling at Bellellen, an additional 1,000 metres
are planned at Keeley-Frontier to test strike extensions of newly
identified cobalt-nickel-silver mineralization at the Woods
Extension area north of the Frontier mine and at the KeeleyCo area
southwest of the Keeley mine. The next 3,000 metres of drilling
will focus on the Drummond and
Kerr mines in Cobalt North to test targets generated from 3D
structural interpretations of historic mine data compilations
currently underway. The winter program will be conducted by
Laframboise Drilling from
Earlton, Ontario.
Qualified and Competent Person Statement
Dr. Frank Santaguida, P.Geo., is
the Qualified Person as defined by National Instrument 43-101 who
has reviewed and approved the contents of this news release. Dr.
Santaguida is also a Competent Person (as defined in the JORC Code,
2012 edition) who is a practicing member of the Association of
Professional Geologists of Ontario
(being a 'Recognised Professional Organisation' for the purposes of
the ASX Listing Rules). Dr. Santaguida is employed on a full-time
basis as Vice President, Exploration for First Cobalt. He has
sufficient experience that is relevant to the activity being
undertaken to qualify as a Competent Person as defined in the JORC
Code.
About First Cobalt
First Cobalt is the largest land owner in the Cobalt Camp in
Ontario, Canada. The Company
controls over 10,000 hectares of prospective land and 50 historic
mines as well as a mill and the only permitted cobalt refinery in
North America capable of producing
battery materials. First Cobalt began drilling in the Cobalt Camp
in 2017 and seeks to build shareholder value through new discovery
and growth opportunities.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking
Statements
This news release may contain forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "occur" or "be
achieved". Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance and
opportunities to differ materially from those implied by such
forward-looking statements. Factors that could cause actual results
to differ materially from these forward-looking statements include
the reliability of the historical data referenced in this press
release and risks set out in First Cobalt's public documents,
including in each management discussion and analysis, filed on
SEDAR at www.sedar.com. Although First Cobalt believes that the
information and assumptions used in preparing the forward-looking
statements are reasonable, undue reliance should not be placed on
these statements, which only apply as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed times frames or at all. Except where required by
applicable law, First Cobalt disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
SOURCE First Cobalt Corp.