TORONTO, Oct. 24, 2018 /CNW/ - First Cobalt Corp.
(TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the "Company") is pleased to
report new drill results from its Iron Creek Cobalt Project in
Idaho, USA. Results reported today
demonstrate thicker cobalt mineralized zones as well as
mineralization between the two recognized zones.
Highlights
- All drill holes reported contain mineralization over long
widths and grades above the Inferred Resource average grade,
including:
-
- 25.7m of 0.35% Co and 0.62 Cu
(0.42% CoEq) in hole ICS18-03
- 22.6m of 0.34% Co and 0.59% Cu
(0.40%CoEq) in hole IC18-29
- 27.8m of 0.27% Co and 1.09% Cu
(0.38% CoEq) in hole ICS18-02
- Higher grade mineralization occurs within the broader zones of
mineralization, including 8.0m of
0.45% Co and 2.07% Cu (0.65%CoEq) in hole
ICS18-02
- Several mineralized intersections occur in between the No Name
and Waite Zones, including 3.8m of
0.30% Co in hole IC18-28
- Further drilling for an additional 300m along strike to the east of the current
resource is planned to test extension of mineralization
Trent Mell, President & Chief
Executive Officer, commented:
"Today's drill results from our flagship asset support the
development vision for the future of the Iron Creek Project. We now
have three drill rigs on site for infill and extensional drilling
as we work towards updating the mineral resource estimate in early
2019."
Assay results reported today infill previous drilling in the
eastern portion of both the No Name and Waite Zones (Figure 1).
Drilling specifically targeted mineralization near surface around
Adit#1 using a relatively tight spacing of less than 20m, which could be considered appropriate for
Indicated Resource estimation (Figure 2).
Surface and underground drilling from the eastern extent of the
resource identified higher grades of cobalt and copper
mineralization (up to 0.61% Co and 2.02% Cu over 2.7m true width) within broader intervals of
mineralization in the No Name Zone.
All six holes intersected cobalt and copper mineralization in
between the two recognized zones, No Name and Waite. Based on the
current drilling data, these mineralized intervals between the
zones in the eastern portion of Iron Creek support development
vision of the Company's pit constrained maiden resource estimate
(see September 26 press release).
More infill drilling is planned to test the continuity of
mineralization in this area.
Assay results from each hole show a strong overlap of higher
grade cobalt and copper mineralization in this area (Table 1).
Overlapping intercepts of both cobalt and copper mineralization
with higher grades contained within broader zones include 0.61%
Co and 2.02% Cu over 2.7m in
IC18-27 within 12.3m of 0.38% Co
and 1.63% Cu and 0.60% Co and 1.38% Cu over 2.4m in IC18-28 within 18.0m of 0.30% Co and 1.21% Cu (Figure
2).
In all drill holes, copper mineralization typically occurs with
cobalt in both the No Name and Waite Zones. As seen in Adit#1,
intersections of massive pyrite lenses are one to two metres thick
as host to higher grades of cobalt. Massive sulphide mineralization
characterizes the No Name Zone in this area. Chalcopyrite is also
prominent with pyrite and as centimetre-sized veins in higher grade
copper intervals.
Table 1. Assay Results
Hole
ID
|
Mineralized
Zone
|
From
(m)
|
To
(m)
|
Drilled
Length
(m)
|
True
Width
(m)
|
True
Width
(feet)
|
Cobalt
(%)
|
Copper
(%)
|
CoEq
(%)
|
IC18-26
|
No Name
|
0.0
|
18.6
|
18.6
|
15.4
|
50.5
|
0.28
|
1.18
|
0.40
|
|
including
|
5.0
|
6.9
|
1.8
|
1.5
|
5.0
|
0.60
|
0.89
|
0.69
|
|
Between
Zones
|
29.9
|
32.9
|
3.0
|
2.6
|
8.4
|
0.09
|
0.28
|
0.11
|
|
|
42.8
|
44.1
|
1.3
|
1.1
|
3.6
|
0.24
|
0.21
|
0.26
|
|
Waite
|
57.3
|
61.9
|
4.6
|
3.9
|
12.7
|
0.30
|
0.41
|
0.34
|
|
Footwall
|
89.2
|
94.6
|
5.4
|
4.6
|
15.0
|
0.11
|
0.01
|
0.11
|
IC18-27
|
No Name
|
0.0
|
13.8
|
13.8
|
12.3
|
40.2
|
0.38
|
1.63
|
0.54
|
|
including
|
10.4
|
13.4
|
3.0
|
2.7
|
8.9
|
0.61
|
2.02
|
0.81
|
|
Between
Zones
|
19.4
|
23.3
|
3.8
|
3.4
|
11.3
|
0.04
|
1.07
|
0.14
|
|
|
32.2
|
33.2
|
1.1
|
1.0
|
3.2
|
0.12
|
0.27
|
0.15
|
|
|
88.4
|
89.6
|
1.2
|
1.2
|
3.8
|
0.17
|
0.10
|
0.18
|
|
Waite
|
101.8
|
106.4
|
4.6
|
4.3
|
14.2
|
0.21
|
0.00
|
0.21
|
|
including
|
103.1
|
104.9
|
1.7
|
1.6
|
5.4
|
0.35
|
0.01
|
0.35
|
|
footwall
|
115.5
|
116.3
|
0.8
|
0.8
|
2.6
|
0.18
|
0.00
|
0.18
|
IC18-28
|
No Name
|
0.0
|
27.1
|
27.1
|
18.0
|
58.9
|
0.30
|
1.21
|
0.42
|
|
including
|
5.2
|
8.8
|
3.7
|
2.4
|
7.8
|
0.60
|
1.38
|
0.74
|
|
Between
Zones
|
37.5
|
40.8
|
3.4
|
2.3
|
7.6
|
0.12
|
0.04
|
0.12
|
|
|
46.9
|
49.7
|
2.7
|
1.9
|
6.2
|
0.24
|
0.11
|
0.25
|
|
|
53.6
|
59.1
|
5.5
|
3.8
|
12.4
|
0.30
|
0.09
|
0.30
|
|
including
|
53.6
|
55.8
|
2.1
|
1.5
|
4.8
|
0.57
|
0.20
|
0.59
|
|
Waite
|
67.5
|
69.5
|
2.0
|
1.4
|
4.7
|
0.21
|
0.01
|
0.21
|
|
|
106.3
|
110.9
|
4.6
|
3.6
|
11.7
|
0.23
|
0.01
|
0.23
|
IC18-29
|
No Name
|
0.0
|
44.5
|
44.5
|
22.6
|
74.1
|
0.34
|
0.59
|
0.40
|
|
including
|
4.6
|
9.1
|
4.6
|
2.3
|
7.6
|
0.48
|
1.10
|
0.59
|
|
|
19.1
|
26.2
|
7.2
|
3.6
|
11.9
|
0.65
|
0.38
|
0.68
|
|
Between
Zones
|
63.7
|
71.3
|
7.6
|
4.1
|
13.6
|
0.11
|
0.00
|
0.11
|
|
|
75.9
|
77.9
|
2.0
|
1.1
|
3.7
|
0.22
|
0.00
|
0.22
|
|
Waite
|
136.5
|
139.0
|
2.5
|
1.7
|
5.6
|
0.14
|
0.01
|
0.14
|
ICS18-02
|
No Name
|
107.0
|
139.5
|
32.5
|
27.8
|
91.2
|
0.27
|
1.09
|
0.38
|
|
including
|
127.7
|
137.1
|
9.4
|
8.0
|
26.3
|
0.45
|
2.07
|
0.65
|
|
Between
Zones
|
151.0
|
158.9
|
7.9
|
6.8
|
22.2
|
0.12
|
0.01
|
0.12
|
|
Waite
|
168.1
|
177.4
|
9.3
|
8.0
|
26.3
|
0.19
|
0.00
|
0.19
|
|
including
|
169.0
|
174.5
|
5.5
|
4.7
|
15.5
|
0.26
|
0.00
|
0.26
|
|
Waite
|
188.2
|
191.5
|
3.3
|
2.8
|
9.3
|
0.24
|
0.00
|
0.24
|
ICS18-03
|
No Name
|
124.7
|
157.9
|
33.2
|
25.7
|
84.2
|
0.35
|
0.62
|
0.42
|
|
including
|
139.0
|
141.6
|
2.6
|
2.0
|
6.6
|
0.55
|
0.66
|
0.62
|
|
|
150.9
|
157.9
|
7.0
|
5.5
|
18.1
|
0.64
|
0.19
|
0.66
|
|
Between
Zones
|
164.6
|
166.1
|
1.5
|
1.2
|
4.0
|
0.14
|
0.01
|
0.14
|
|
|
185.9
|
191.4
|
5.5
|
4.5
|
14.6
|
0.11
|
0.01
|
0.11
|
|
True thickness
estimated from 3D geological model also considering drill holes on
strike. Cobalt equivalent is calculated as %CoEq = %Co + (%Cu/10)
based on US$30/lb Co and US$3/lb Cu. No metallurgical recoveries
were applied to either metal as it is expected that the
metallurgical recoveries will be similar for both metals. Flotation
tests support the Company's opinion that both cobalt and copper are
of sufficient grade to be recovered.
|
Iron Creek Property
First Cobalt announced on September 26,
2018 an Inferred Resource estimate at Iron Creek of 26.9
million tonnes grading 0.11% cobalt equivalent (0.08% Co and 0.30%
Cu containing 46.2 million pounds of cobalt and 176.2 million
pounds of copper) under a base case scenario pit constrained and
deeper mineral resource. An alternative underground-only scenario
results in 4.4 million tonnes grading 0.23% Co and 0.68% Cu (0.30%
CoEq) using a cutoff underground grade of 0.18% CoEq and containing
22.3 million pounds of cobalt and 66.7 million pounds of copper.
The Inferred Resource is based on drilling over a strike length of
approximately 500 metres and a dip extent of over 150 metres.
Preliminary metallurgical testing concludes that simple flotation
methods are applicable, yielding recoveries of 96% for cobalt and
95% for copper in rougher floatation.
Drilling is ongoing to extend the strike length of the
mineralized zone from over 500 metres to over 1,000 metres and test
down dip extensions of known cobalt-copper zones from 150 metres to
over 300 metres below surface.
The Iron Creek property consists of patented mining claims
surrounded by unpatented mining claims covering an area of 1,698
acres. Significant infrastructure is in place to support multiple
drills and underground activity. Historic underground development
includes 600 metres of drifting in three adits and an all-weather
road connecting the project to a state highway.
Cobalt-copper mineralization occurs largely within two distinct
east-west trending zones. The No Name and Waite Zones are roughly
parallel and dip roughly 75° to the north, remaining open at depth
and open along the east and west strike extensions. 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
1m to 5m pods.
Cobalt-copper mineralization occurs as semi-massive and
disseminated pyrite and chalcopyrite along stratabound bands within
finely layered meta-sedimentary rocks consisting of interbedded
argillite and quartzite. Thin veins of sulfide minerals also cut
the bands and meta-sedimentary rocks. Quartzite units make up the
hangingwall and footwall to the mineralized meta-sedimentary
horizon. This stratigraphic sequence has been mapped at surface and
by drilling to extend along strike for at least two kilometres.
The principal mineral assemblage consists of pyrite,
chalcopyrite, pyrrhotite, and magnetite with much lesser quantities
of native copper and arsenopyrite locally. Scanning-electron and
microprobe tests indicate the cobalt occurs largely or entirely
within pyrite and there is a distinct lack of cobaltite, a common
cobalt ore mineral containing arsenic. Drill results demonstrate
that the cobalt and copper mineralization are in part separated
from each other spatially, and in part overlapping.
Corporate Update
In conjunction with the recent appointment of Ryan Snyder as Chief Financial Officer for First
Cobalt, certain directors and officers of the Company have been
granted incentive stock options to purchase an aggregate of 400,000
common shares of First Cobalt exercisable at a price of
$0.27 for a period of five years. The
grant of options remains subject to the approval of the TSX Venture
Exchange and the requirements of the Australian Securities
Exchange.
Quality Assurance and Quality Control
First Cobalt has implemented a quality control program to comply
with 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 a North American pure-play cobalt company whose
flagship asset is the Iron Creek Cobalt Project in Idaho, USA, which has Inferred mineral
resources of 26.9 million tonnes grading 0.11% cobalt equivalent.
The Company's other assets include 50 past-producing mines in the
Canadian Cobalt Camp and the only permitted cobalt refinery in
North America capable of producing
battery materials.
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 Estimates of
Resources
Readers are cautioned that mineral resources are not economic
mineral reserves and that the economic viability of resources that
are not mineral reserves has not been demonstrated. The estimate of
mineral resources may be materially affected by geology,
environmental, permitting, legal, title, socio-political, marketing
or other relevant issues. The mineral resource estimate is
classified in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum's "2014 CIM Definition Standards on
Mineral Resources and Mineral Reserves" incorporated by reference
into NI 43-101. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies or economic studies except for Preliminary Economic
Assessment as defined under NI 43-101. Readers are cautioned not to
assume that further work on the stated resources will lead to
mineral reserves that can be mined economically. An Inferred
Mineral Resource as defined by the CIM Standing Committee is "that
part of a Mineral Resource for which quantity and grade or quality
are estimated on the basis of limited geological evidence and
sampling. Geological evidence is sufficient to imply but not verify
geological and grade or quality continuity. An Inferred Mineral
Resource has a lower level of confidence than that applying to an
Indicated Mineral Resource and must not be converted to a Mineral
Reserve. It is reasonably expected that the majority of Inferred
Mineral Resources could be upgraded to Indicated Mineral Resources
with continued exploration."
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.
SOURCE First Cobalt Corp.