TORONTO, July 12, 2018 /CNW/ - First Cobalt Corp. (TSX-V:
FCC; ASX: FCC; OTCQX: FTSSF) (the "Company") today announces that
two additional drill rigs have been mobilized at its Iron Creek
Cobalt Project in Idaho, USA to
accelerate drilling activities. The Company is now drilling both
from surface and underground.
Highlights
- Drilling will test down dip extensions of known cobalt-copper
zones to over 300 metres below surface and test lateral strike over
one kilometre to extend mineralization beyond the current 520
metres
- 81 holes and over 29,000 metres have been planned, primarily
from new surface drilling stations constructed earlier this
year
- Maiden NI 43-101 mineral resource estimate expected by
October 2018
- New mineralized zones in the footwall are being targeted to
test extensions to surface
- Close-spaced drilling on two mineralized zones to bring a
portion of the expected Inferred Mineral Resource estimate into
Measured and Indicated Resource category in a second resource
estimate
Trent Mell, President & Chief
Executive Officer, commented:
"Our confidence level in the growing footprint of the
Iron Creek project warrants an acceleration of drilling activities.
A maiden resource estimate is underway and will be available by
October. We believe Iron Creek is an important part of the
pipeline of cobalt concentrate we intend to feed into the First
Cobalt Refinery in Ontario
and the addition of two more drill rigs will significantly speed
up activities."
First Cobalt previously announced a fully-funded $9 million work program for the Iron Creek
Project, which it acquired on June 4,
2018. Drilling is designed to extend the strike length of
the mineralized zone to 1,032 metres from the current 520 metres
and test down dip extensions of known cobalt-copper zones to over
300 metres below surface. Results reported to date have encountered
cobalt-copper mineralization in both the No Name and the Waite
Zones.
The addition of two surface rigs will accelerate drilling
results and supplement ongoing underground drilling from existing
adits. Surface drilling stations were constructed earlier this year
and both rigs are already in operation.
In 2017, drilling from surface focused primarily on the No Name
Zone and Q1 2018 drilling from underground targeted the lesser
known Waite Zone. Results from that work program are currently
being compiled and will form the basis of a maiden NI 43-101
mineral resource estimate expected by October 2018. The current drill program will
support a second resource estimate anticipated in early 2019 and is
expected to support a conversion of a portion of the expected
Inferred Mineral Resource estimate into a Measured and Indicated
Resource estimate.
The work program previously announced targeted a dip extent of
200m and a strike length of
900m (see June
11, 2018 press release). Due to ongoing success, the drill
target area continues to grow, and the Company is now targeting
300m of dip and a strike length of
1,032 across the two zones (Figure 1).
The No Name and Waite Zones are roughly parallel and strike
along a 290° azimuth and dip roughly 75° to the north, remaining
open at depth. Additional mineralization has been encountered
during drilling and some holes in the 2018 program are intended to
confirm the potential for additional mineralized zones beyond No
Name and Waite. The No Name Zone and the Waite Zone have true
widths between 10m and 30m. Mineralization also occurs between the No
Name and Waite Zones as 1 to 5m
pods.
A total of 81 holes have been planned and an additional 12 holes
are being considered to explore extensions to mineralized
intercepts from previous drilling and down-dip extensions to the
known mineralized zones below 300m.
Underground drilling has moved from Adit #2 to Adit #1 to
provide more detailed data from within the No Name and Waite Zones,
in part validating the drill spacing required for a Measured and
Indicated Resource calculation (Figure 2). Adit #1 was sampled in
detail in 2017 and material was sourced from Adit #1 for
preliminary metallurgical tests. Drilling and sampling assays along
the walls of Adit #1 done in 2017 returned comparable cobalt and
copper grades to results reported pre-1970 (Table 1).
Table 1: 2017
assay results previously reported from surface drilling near Adit
#1.
|
Hole ID
|
Mineralized
Zone
|
From
(m)
|
To
(m)
|
Width
(m)
|
True Thickness
(m)
|
True
Thickness
(ft)
|
Cobalt
(%)
|
Copper
(%)
|
IC17-06
|
No Name
|
89.9
|
122.0
|
32.0
|
|
|
0.38
|
0.05
|
|
includes
|
93.0
|
106.7
|
13.7
|
|
|
0.54
|
0.07
|
IC17-08
|
No Name
|
100.6
|
120.1
|
19.5
|
|
|
0.51
|
0.01
|
|
includes
|
111.3
|
120.1
|
8.8
|
|
|
0.73
|
0.01
|
IC17-10
|
No Name
|
30.5
|
59.5
|
29.0
|
|
|
0.31
|
0.91
|
|
includes
|
39.0
|
54.9
|
15.9
|
|
|
0.4
|
1.4
|
IC17-14
|
No Name
|
18.9
|
73.2
|
54.3
|
17.8
|
58.3
|
0.11
|
0.23
|
|
includes
|
64.0
|
73.2
|
9.1
|
3.2
|
10.6
|
0.12
|
0.92
|
IC17-16
|
Waite
|
125.0
|
164.6
|
39.6
|
25.1
|
82.2
|
0.15
|
<0.01
|
|
includes
|
143.3
|
149.4
|
6.1
|
3.8
|
12.5
|
0.25
|
<0.01
|
IC17-29
|
No Name
|
113.1
|
143.6
|
30.5
|
23.9
|
78.4
|
0.35
|
0.53
|
|
includes
|
122.9
|
134.7
|
11.7
|
9.2
|
30.2
|
0.46
|
0.92
|
Note: True
thickness is estimated from 3D modelling of the zone considering
intersections and interpreted orientation of the surrounding drill
holes. True thickness was not calculated on the first drill
holes when reported due to insufficient data at the
time.
|
The Iron Creek property consists of mining patents and
exploration claims with significant infrastructure already in place
to support multiple drills and underground activity. Historic
underground development includes 600 metres of drifting from three
adits and an all-weather road connecting the project to a state
highway.
Several inferred resource calculations were made in the 1980s
and 1990s by Noranda Inc., Inspiration Mines and Cominco Ltd. These
estimates only considered the No Name Zone, where historic drilling
was most dense. Historic drilling, pre-1960, traced the No Name
Zone for over one kilometre of strike length.
Quality Assurance and Quality Control
First Cobalt has implemented a quality control program to comply
with common industry best practices for sampling, chain of custody
and analyses. Blanks, duplicates and standards are inserted at the
core processing site as part of the QA/QC program. Samples are
prepared and analyzed by American Assay Laboratories (AAL) in
Sparks, Nevada. Over 15% of the
samples analyzed are control samples consisting of checks, blanks,
and duplicates inserted by the Company; in addition to the control
samples inserted by the lab. Drill core samples are dried, weighed
crushed to 85 % passing -6 mesh, roll crushed to 85% passing -10
mesh, split 250 gram pulps, then pulverized in a closed bowl ring
pulverizer to 95 % passing -150 mesh, then analyzed by a 5 acid
digestion for ICP analysis. All samples have passed QA/QC
protocols.
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 a vertically integrated North America pure-play cobalt company. First
Cobalt has three significant North American assets: the Iron Creek
Project in Idaho, which has a
historic mineral resource estimate, non-compliant with NI 43-101;
the Canadian Cobalt Camp, with more than 50 past producing mines;
and the only permitted cobalt refinery in North America capable of producing battery
materials. The Iron Creek Project is, subject to First Cobalt's
buy-out rights, leased from Chester Mining Company.
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 are set
forth in the management discussion and analysis and other
disclosures of risk factors for First Cobalt, 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.
Historic Estimates
First Cobalt considers the cobalt and copper tonnage and
grade estimates above as historical estimates. The historical
estimates do not use categories that conform to current CIM
Definition Standards on Mineral Resources and Mineral Reserves as
outlined in National Instrument 43-101, Standards of Disclosure for
Mineral Projects ("NI 43-101") and have not been redefined to
conform to current CIM Definition Standards. They were prepared in
the 1980s prior to the adoption and implementation of NI 43-101. A
qualified person has not done sufficient work to classify the
historical estimates as current mineral resources and First Cobalt
is not treating the historical estimates as current mineral
resources. More work, including, but not limited to, drilling, will
be required to conform the estimates to current CIM Definition
Standards. Investors are cautioned that the historical estimates do
not mean or imply that economic deposits exist on the Iron Creek
property. First Cobalt has not undertaken any independent
investigation of the historical estimates nor has it independently
analyzed the results of the previous exploration work in order to
verify the accuracy of the information. First Cobalt believes that
the historical estimates are relevant to guide exploration on the
Iron Creek property.
SOURCE First Cobalt Corp.