TORONTO, March 22, 2018 /CNW/ - First Cobalt Corp.
(TSXV: FCC) (ASX: FCC) (OTCQB: FTSSF) (the "Company") today
announces the filing of an independent NI 43-101 technical report
on its Greater Cobalt Project located near Cobalt, Ontario. This report encompasses all
the Cobalt Camp properties resulting from the 2017 merger with
Cobalt One and CobalTech.
Highlights
- Cobalt Project is located in a favorable exploration area with
a high concentration of cobalt and silver occurrences
- High exploration potential for new discoveries, especially in
under-explored areas in Central
Cobalt
- Opportunity to undertake a market study to determine the
viability of recommissioning the First Cobalt Refinery Endorses
preliminary programs for progressive remediation activities at
abandoned mine workings
- Summarizes First Cobalt's 2017 exploration program including a
review of the quality assurance and quality control program for
cobalt assay data from drilling, as well as a mapping, prospecting,
drilling and borehole geophysics synopsis
- Recommends a $4.5 million budget
and exploration program for 2018 consistent with First Cobalt's
2018 program, recognizing follow-up to 2017 drilling at Woods
Extension and Keeley South is required
Trent Mell, President & Chief
Executive Officer, commented:
"The report is a strong endorsement of the quality of First
Cobalt's Canadian assets and supports our position that the Cobalt
Camp has the potential to host new cobalt discoveries amenable to
bulk mining."
The technical report, entitled "NI 43-101 Technical Report for
the Cobalt Project" dated March 21,
2018 and effective December 31,
2017, was prepared in accordance with National Instrument
43-101 – "Standards of Disclosure for Mineral Projects" by Stéphane
Faure, P.Geo., Marc R. Beauvais,
P.Eng. and Catherine Jalbert,
P.Geo., of InnovExplo Inc., all independent "qualified persons" for
the purposes of NI 43-101. The report was intended to describe the
combined asset condition of the First Cobalt property following the
completion of the mergers with Cobalt One and CobalTech in 2017 and
does not disclose a resource estimate. A copy of the Technical
Report is available under the Company's profile on SEDAR.
About the Cobalt Project
The InnovExplo report provides a compilation of property
descriptions, past work and existing infrastructure. The Company's
Cobalt Project in Ontario, Canada
comprises a group of claims in the historic Cobalt mining district now collectively
referred to as the Cobalt Camp. The Cobalt Project covers a total
area of over 10,000 hectares including 50 historic mines.
The report also reviewed the state of the Refinery and finds it
to be in good standing, acknowledging the care and maintenance
program and environmental protections being conducted by First
Cobalt. The report recognizes the economic importance of the
Refinery to the Cobalt Project due to its capability to generate
cobalt material in the near future.
The Cobalt Project is an exploration project with historical
development and production of significant quantities of silver and
cobalt over a 100-year period. It is located in a favourable
exploration area between the Cross
Lake and Montreal River faults, where most of the
silver-cobalt mineral deposits are concentrated. Since silver was
historically the primary focus only a minor amount of cobalt was
produced, thus the full potential of cobalt mineralization has not
been realized in the existing mining area.
The area between the town of Cobalt to the north and the former town of
Silver Centre to the south hosts only a few known occurrences of
cobalt and silver but contains a similar geological setting to
these known areas and is therefore highly prospective for discovery
of new areas of cobalt mineralization.
The report recommends a 2018 exploration program that is
comparable to the approach being taken by First Cobalt,
highlighting the importance of follow-up drilling to the cobalt and
silver intersections encountered in 2017.
First Cobalt Exploration Strategy
Historically, only silver had been considered for mining and
exploration in the Camp. Cobalt,
nickel, and copper rich veins were found and selectively mined or
processed when metal prices were favourable, but in general, have
been left behind as waste rock piles on surface near the original
mine shafts.
First Cobalt's $7 million, 26,500 metre 2018 drill program has
been designed to test mineralized areas throughout the Cobalt Camp
with known historical production of cobalt and silver. These areas
include the Kerr, Drummond, Juno,
Ophir, Hamilton, Silver Banner and Silverfields mines
in Cobalt North, the Caswell mine in Cobalt Central, and the
Bellellen, Keeley and Frontier mines in Cobalt South. In the
historic mine areas, 3D geological models have been constructed to
generate individual drill targets.
Results from the 2017 drill program in Cobalt South successfully
identified three target areas that require follow-up: the Woods
Extension Zone, the Keeley South Zone and the Bellellen Mine.
Cobalt-bearing veins at Woods
Extension including the Wood's and Watson Veins extend north and
northwest beyond the underground workings of the Frontier Mine
representing a new mineralized structure. Broad disseminated cobalt
and silver mineralization and new cobalt-nickel veins were
encountered at Keeley South.
The 2018 program will also drill test several prospective areas
away from existing mines to ascertain near-surface cobalt
mineralization potential based on surface mapping, prospecting,
soil geochemistry and geophysical data interpretation.
The 2018 drilling began in January and to date, 5,300m metres of drilling have been
completed.
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.
For more information visit www.firstcobalt.com
SOURCE First Cobalt Corp.