TORONTO, Oct. 19, 2020 /CNW/ - First Cobalt Corp. (TSXV:
FCC) (OTCQX: FTSSF) (the "Company") today announced the resumption
of exploration activities at its Iron Creek cobalt-copper deposit
in Idaho, USA. As the cobalt
market continues to strengthen, the Company is commencing
geophysical surveys to trace extensions of mineralization and
follow up on geophysical anomalies detected by previous work.
Highlights
- Objective is to refine follow-up drill targets further east
along strike of the cobalt-rich zone intersected over a
300m vertical depth (incl. 0.20%
Co over 12.0m true thickness) as
well as the western extension of the copper-rich zone (incl.
3.40% Cu and 0.10% Co over 2.6m true thickness)
- Program will trace the Iron Creek cobalt and copper resource
below cover beyond the current 900-metre strike extent of the
deposit
- Induced polarity and resistivity measurements have proven to be
effective to detect cobalt-copper mineralization at Iron Creek
- Program will assess historic geophysical anomalies identified
within the stratigraphic footwall below the resource
- Interpretation of geophysical results is expected later this
year and will support planned resource drilling at Iron Creek in
2021 as well as further testing of nearby cobalt-copper mineralized
targets, including the Ruby zone
Trent Mell, President & Chief
Executive Officer, commented:
"Developing a domestic supply of cobalt and other critical
minerals has taken a new urgency in 2020, as North America strives to become less reliant
on foreign supply.
"The Idaho Cobalt Belt is a unique geological setting for
primary cobalt deposits unlike any other areas in the world. New
funding programs within the U.S. Department of Energy, the
Department of State and the Department of Defense underscore the
priority the U.S. government is placing on developing its domestic
critical minerals supply chain.
"Since publishing an updated cobalt and copper resource
estimate for Iron Creek earlier this year, we have had a
three-pronged focus: extending cobalt mineralization to the east,
extending copper mineralization to the west, and identifying new
targets within a 2-kilometre radius on the property. This
geophysics program will increase our confidence in existing drill
targets that could expand the Iron Creek deposit and provide new
targets.
"In 2019, we announced high grade cobalt assays up to 0.48%
cobalt at a prospect 1.5 kilometres south of Iron Creek called
Ruby. Ruby is exposed along a 300m
strike extent and represents further near-surface potential for
cobalt and copper mineralization on the First Cobalt's
property."
Geophysical Survey
The geophysical survey is expected to take three weeks to
complete and consists of induced polarity and resistivity
measurements covering the eastern and western portion of the Iron
Creek cobalt-copper mineralized zone and extending beyond and along
strike (Figure 1). In 1971, following development of 600m of underground workings that confirmed the
consistency and continuity of cobalt-copper grades, geophysical
surveys were conducted at surface to aid exploration for further
resources. This data was recovered from files and maps, then
reviewed and interpreted in light of borehole geophysical surveys
conducted in 2018 by First Cobalt. The review indicated induced
polarity and resistivity methods detect mineralization to
300m below surface, a depth at which
past drilling has intersected mineralization.
In the west, mineralization is covered at surface by the Challis
Volcanics, a relatively young rock sequence that is un-mineralized
and is 50-70m thick. The western
portion of mineralization is copper-rich consisting of 10-50cm
semi-massive bands and stringers of chalcopyrite that are typically
well detected by these electro-geophysical methods. First Cobalt
drilling also encountered mineralization in the hangingwall above
the mineralized zone in this area that will also be potentially
outlined by the geophysical survey.
The previous survey also detected a chargeable inducted polarity
anomaly in the east that corresponds to the stratigraphic footwall
below the Iron Creek resource. The upcoming program is designed to
resolve the location of the anomaly for proper drill testing to
determine if additional cobalt-copper mineralization is associated
with the geophysical response. Footwall mineralization was
encountered during resource drilling but has not been modelled for
estimation since the intersections were widely spaced.
Iron Creek Resource
Iron Creek is a high grade underground primary cobalt deposit on
patented property in the United
States. It currently has an Indicated Resource of 2.2
million tonnes at 0.32% cobalt equivalent (0.26% cobalt and
0.61% copper) for 12.3 million pounds of contained cobalt and an
Inferred Resource of 2.7 million tonnes at 0.28% cobalt
equivalent (0.22% cobalt and 0.68% copper) for an additional
12.7 million pounds of contained cobalt. The resource estimate used
a 0.18% cobalt equivalent cutoff grade.
Drilling has outlined the strike extent of mineralization to
over 900 metres and down-dip to over 650 metres. Mineralization
remains open along strike and down-dip, suggesting strong potential
for significant future resource growth. Thick mineralized zones of
up to 30 metres of true thickness reflect broad stratabound
lithological controls.
Iron Creek mineralization occurs as lenses and pods of pyrite,
the dominant phase hosting cobalt, that are primarily concordant to
the sedimentary layering in the host rocks. Chalcopyrite, the only
copper mineral phase, is disseminated and also occurs as stringers
cutting pyrite mineralization within the zone of
mineralization.
The host rocks to mineralization are a finely inter-bedded
sequence of siltstone and argillite with intermittent, less than
30cm thick, quartzite layers. Ripple and dune sedimentary
structures are well-preserved throughout the mineralized sequence.
A higher proportion of quartzite layers have been mapped above and
below the mineralized zone at surface marking the stratigraphic
hangingwall and footwall to mineralization.
Idaho Property Cobalt-Copper Mineralization
Several exposures of cobalt-copper mineralization occur within
the property. At Ruby, surface channel sampling along 146 metres of
the exposure returned several high-grade values, up to 7.6m of 0.26% Co and 10.7m of 0.24% Co, including 1.5m of 0.48% Co (previously reported
October 30, 2019). Ruby is located
1.5 km from the Iron Creek deposit and occurs within a similar
host-rock sequence that may be a structural offset to Iron Creek or
a separate stratigraphic unit.
Other exposures of mineralization in the southern portion of the
property have not been drilled tested but do demonstrate further
potential for future follow-up exploration.
Iron Creek is one of many cobalt-copper resources and prospects
within the Idaho Cobalt Belt where the United States Geological
Survey has deemed these resources to be strategically important as
a domestic supply of cobalt.
Qualified Person Statement
The contents of this news release have been reviewed and
approved by Dr. Frank Santaguida,
P.Geo., a Qualified Person as defined by National Instrument
43-101. Dr. Santaguida is a practicing member of the Association of
Professional Geologists of Ontario
and is employed by First Cobalt as Vice President, Exploration.
Quality assurance and quality control standards of cobalt and
copper values can be found in the respective press releases
previously published.
About First Cobalt
First Cobalt owns North
America's only permitted cobalt refinery. Cobalt refining is
a critical component to the development and manufacturing of
batteries for electric vehicles and forms a foundational piece of
the next generation of the North American auto sector and other
electrified consumer and industrial applications. First Cobalt owns
the Iron Creek cobalt project in Idaho,
USA and controls significant silver and cobalt assets in the
Canadian Cobalt Camp, including more than 50 past producing
mines.
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.