ORIGINAL: Fuse Cobalt Awaiting Assays from Exploration Drilling at Glencore Bucke Project, Cobalt, Ontario
2022-10-25 07:30 ET - News Release
(via TheNewswire)
October 25, 2022 - TheNewswire - Coquitlam, British Columbia - Fuse Cobalt Inc. ("the Company" or "Fuse") (TSXV:FUSE), (OTC:FUSEF), (FRA:43W3) is pleased to announce the Company is awaiting results from the recently completed drill program at the Glencore Bucke Project located just outside Cobalt Ontario and near the cobalt refinery of Electra Battery Metals Corporation (TSX-V: ELBM).
As of October 20 th , 2022, 300 samples have been sent to the assay lab including all the holes with mineralization noted in the core logging so far. Eleven of thirteen holes are fully logged. The supervising project geologist notes the following in his latest summary:
" The 2022 drill program at Fuse Cobalt's Glencore Bucke property was a success. The IP geophysical survey completed in August was integral in the planning this year's drill program. We intercepted numerous high-grade structures in the northwestern part of the property near the existing drilling from 2017 and 2018. The holes drilled in this area were targeting underneath and down-dip of known mineralization. The mineralization in this area has now been extended down and is open at depth in this area. Part of the program was planned in the southern section that borders the Glencore Bucke and Teledyne properties, near the drill hole GB22-44 from the 2018 drill program. We hit multiple high-grade structures and we believe the mineralization may trend toward the Teledyne property.
The program was 1842m in total and is now coming to a close. The drill has been fully de-mobilized, and our team is finishing up logging the last few remaining drill holes. The property has been cleaned up and will be fully reclaimed in the spring once the ground has time to dry. To date, we have sent 300 samples to the assay lab for analysis. We anticipate starting to see assay results sometime mid November."
The drill program was engineered to follow-up existing intercepts from the 2017-2018 drilling at depth as well as test the First Priority Target's outlined in the geophysical report. This year's drill program has an initial budget of $500,000.
Prior diamond drilling results from the 2017-2018 drill campaign include:
The above intervals represent core lengths, and not true widths (NI 43-101 Technical Report on the Teledyne Cobalt and Glencore Bucke Project Feb 4, 2021).
The Glencore Bucke Property consists of two patented mining claims totaling approximately 16.2 ha in area located on the west boundary of Fuse's Teledyne Cobalt Project. In 1981, Teledyne leased mining claim 585, now the "Glencore Bucke Property") from Falconbridge Nickel Mines Ltd. The company recognized the significant exploration potential that the Property had due to the possible southern extensions of veins from the Cobalt Contact Mine property adjoining to the north that could project southward onto the Property. Their work delineated two mineralized zones, named the Main Zone and Northwest Zone, measuring 500 ft (152.4 m) and 200 ft (70.0 m) in length respectively on the Glencore Bucke property.
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Figure 1: Overview of the Glencore Bucke area showing the Alpha IP lines, the geophysical anomalies, and potential target zones.
The technical contents of this news release regarding previous drilling campaigns are contained in the NI 43-101 Technical Report on the Teledyne Cobalt and Glencore Bucke Project Feb 4, 2021, by Joerg Kleinboeck P. Geo and David Jamieson P. Geo and can be found on Sedar ( www.sedar.com )
Qualified Person
The technical contents of this news release have been reviewed and approved by Gerhard Kiessling, P. Geo, who has been appointed Project Manager and is a qualified person in accordance with National Instrument 43-101.
About Fuse Cobalt Inc. https://fusecobalt.com/
Fuse Cobalt Inc. is a Canadian based exploration company that trades under the symbol FUSE on the TSX Venture Exchange. The Company's focus is on exploration for high value metals required for the manufacturing of batteries.
Ontario Cobalt Properties
Fuse owns a 100% interest its Glencore Bucke Property, situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario, subject to a back-in provision, production royalty and off-take agreement . The Glencore Bucke Property consists of 16.2 hectares and sits along the west boundary of Fuse's Teledyne Cobalt Project. The Company also owns a 100% interest, subject to a royalty, in the Teledyne Project located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agnico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt ("Co"), and 980,000 oz of silver ("Ag") (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Cobalt subject to a back-in provision, production royalty and off-take agreement
The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road .
Over $25 million Can has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world's largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board of Directors
"Robert Setter"
Robert Setter, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.
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