TORONTO, ON, Oct. 25, 2018 /CNW/ - First Cobalt Corp.
(TSX-V: FCC, ASX: FCC, OTCQX: FTSSF) (the "Company") is pleased to
announce the release of a corporate video profiling its flagship
asset, the 100%-owned Iron Creek Cobalt Project in Idaho, USA. The video is now available on the
Company's website
(http://www.firstcobalt.com/investors/media-gallery/videos/) and
social media sites.
The video includes interviews with the senior leadership team
describing what makes Iron Creek a unique cobalt asset. In
May 2018, the White House issued an
Executive Order designating cobalt as a critical mineral. As
federal agencies seek ways to reduce U.S dependency on foreign
sources of cobalt, projects such as Iron Creek in mining-friendly
Idaho support a strategy to reduce
American strategic vulnerability.
On September 26, 2018, the Company
announced 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 that is pit
constrained and has deeper underground resources. 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. An updated resource estimate is anticipated in early
2019.
Significant infrastructure is in place to support multiple
drills, including 600 metres of underground development and an
all-weather road connecting the project to a state highway. The
Iron Creek property consists of patented mining claims surrounded
by unpatented mining claims covering an area of 1,698 acres.
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.