TORONTO, ONTARIO--(Marketwired - Nov 21, 2017) - First Cobalt Corp. (TSX VENTURE:FCC)(OTCQB:FTSSF) (the "Company") is pleased
to announce several high grade cobalt outcrop and muckpile samples from the Caswell mine in the Cobalt Camp. A prospecting
program identified the high grade mineralization at surface in the Cobalt Central area of the Cobalt Camp in Ontario, Canada,
including 9.44% cobalt, 1.27% copper and 2.92% nickel.
Highlights
- Grab samples at the former Caswell mine confirm high grade cobalt at surface and at shallow depths, including cobalt grades
of 9.4%, 4.8%, 6.1% and 1.1%
- These results along with pending assays from other historic mines owned by First Cobalt have prompted a dedicated
exploration program to quickly assess near-surface high grade cobalt mineralization through shallow drilling, bore-hole
geophysical surveys near historic workings and ground geophysics over larger areas
Trent Mell, President & Chief Executive Officer, commented:
"In just six months of exploration activity in the Cobalt Camp, First Cobalt has identified cobalt mineralization styles
that have never been reported in its 110-year history, further confirming the need to re-examine the camp using modern geoscience
techniques. Recent prospecting suggests that smaller high grade historic cobalt mines like Caswell could be ideal targets for
near-term follow up. As we ramp up our activities in 2018, these new targets will be assessed in parallel with the current
exploration program focused on bulk tonnage opportunities near the former producing Bellellen, Drummond, Keeley and Frontier
mines."
Over a short period of time, First Cobalt has successfully identified several prospective targets for drilling follow-up
including Bellellen, Drummond, Silver Banner, and now Caswell. Consolidation of the Cobalt Camp by First Cobalt has led to a
district scale assessment of the different mineralization styles and the conclusion that individual vein systems may be connected
over large areas by regional structures. The Cobalt Camp has proven to be highly underexplored as modern exploration techniques
and 3D data integration have never been applied here.
The lack of exploration at Caswell highlights the prospectivity of the lesser known Cobalt Central area. With a number of
surface sampling assays still pending, it is expected there will be additional targets for the winter program.
The Caswell mine was initially developed in 1910, with two shallow shafts sunk no more than 40 metres below surface. Located
in the Cobalt Central area of the Cobalt Camp (Figure 1), the Caswell mine produced almost 5,000 pounds of cobalt and over 1,500
ounces of silver in 1936, for a remarkable cobalt-to-silver ratio of 3.3 lbs Co for each 1 oz Ag produced. There are additional
shallow shafts in the area, including the Thompson mine and La Tour mine, where trenching was last conducted in 1971. Low silver
content in these mines is believed to have precluded any significant production, making them ideal targets for First Cobalt's
Camp-wide cobalt exploration program.
To view Figure 1. Caswell mine in under-explored Cobalt Central area, please visit the following link: http://media3.marketwire.com/docs/FCC_Figure_1.pdf
Caswell Assay Results
The area surrounding Caswell contains several historic mines and exploration trenches that were sampled during an October
prospecting program (Figure 2). Samples consist of muckpile material located adjacent to the historic mine shafts as well as from
nearby outcrops. Assay results from selected samples are listed in Table 1. A complete table of assays can be found at www.firstcobalt.com/projects/surface-sampling-tables/.
Table 1. Assay results from Caswell sampling program |
Mineralization |
Co |
Ag |
Ni |
Cu |
Type |
Location |
Sample |
% |
g/t |
% |
% |
Muckpile |
Trench |
E6607121 |
0.00 |
<1 |
0.01 |
0.61 |
Muckpile |
Trench |
E6607126 |
0.91 |
<1 |
0.12 |
0.00 |
Outcrop |
Trench |
E6607122 |
0.41 |
<1 |
0.03 |
0.01 |
Muckpile |
Caswell Shaft |
E6607114 |
9.44 |
17 |
2.92 |
0.05 |
Muckpile |
Caswell Shaft |
E6607111 |
0.41 |
9 |
0.05 |
1.27 |
Muckpile |
Caswell Shaft |
E6607110 |
4.80 |
9 |
1.84 |
0.06 |
Muckpile |
Caswell Shaft |
E6607115 |
0.04 |
23 |
0.02 |
8.92 |
Muckpile |
Caswell Shaft |
E6607144 |
6.09 |
2 |
0.47 |
0.04 |
Muckpile |
Caswell Shaft |
E6607155 |
1.13 |
9 |
0.10 |
0.69 |
These results show that high grade Co occurs at surface and at shallow depths with Ni, a common association especially
prominent at Bellellen, Haileybury and Frontier in the Cobalt South area of the Camp. Cobalt-bearing veins were found exposed
near the Caswell B shaft, confirming mineralization at surface. Copper is also prominent in the Caswell samples, in some
instances along with low grade cobalt; an association previously reported both at Bellellen in Cobalt South and at Drummond in
Cobalt North. In all samples, cobalt, nickel and copper occur as minerals within calcite veins less than 1cm in width. Silver is
conspicuously low in all samples collected in the Caswell area.
The Caswell mine and other nearby targets were sampled as part of a Camp-scale prospecting program conducted on the
consolidated post-merger First Cobalt land package. The program focused on areas with known mineralization throughout the Camp to
assess cobalt grades and identify styles of mineralization that could lead to other recoverable metals. Results of this program
are being used along with other surface sampling to prioritize targets for a winter drill program and follow-up exploration for
the consolidated land package.
Mineralization sampled from outcrops at Caswell, as well as the nearby La Tour and Thompson mines returned anomalous Cu (0.05
- 0.10%) in places. Recent work has shown in some areas (such as Keeley-Frontier, Drummond and Silver Banner), Zn and Pb have
been concentrated and appear to occur distal to the Co-Ag mineralization. High values of Zn and Pb were not returned at Caswell
but may reflect the relatively small size of mineral development around the obvious veins.
To view Figure 2. Bedrock geology of the Caswell area based on government maps, please visit the following link:
http://media3.marketwire.com/docs/FCC_Figure_2.pdf
Caswell appears to be a high grade cobalt vein system similar to other targets throughout the Camp, such as Silver Banner,
although most of the high grade cobalt at Caswell is hosted by Nipissing Diabase. This is in contrast to mafic volcanic rocks
that are more commonly associated with cobalt mineralization. Based on the government maps of the Caswell area, folding is
prominent in the volcanic rocks and can be inferred in the Nipissing Diabase. In the Keeley-Frontier area some vein systems
develop along faults within fold axes therefore these are considered important structures associated with mineralization in the
Cobalt Camp.
Future Exploration Programs
A drilling campaign is planned for these high grade targets to map the extent of the veins. Shallow diamond drilling is
planned to determine dip orientations along the strike length of the mapped veins. The program would also include downhole
electric geophysical surveys to determine if Co-bearing veins are detectable nearby. Ground electric geophysical surveys will
also be conducted to test for strike and depth extensions away from the known mineralization. Exposed veins such as those seen
near Caswell B permit orientation surveys to be run to confirm if the appropriate geophysical technique or system configuration
is being used. Ground geophysical surveys can be employed to test structures controlling mineralization not exposed at
surface.
Quality Assurance and Quality Control
First Cobalt has implemented a quality-control program to comply with common industry best practices for sampling and
analyses. For this particular program, grab samples were collected to determine metal contents; as such, sampling was not
conducted systematically nor should be considered representative of the muckpile total content. Geochemical data for muckpile
samples were received from AGAT Laboratories in Mississauga, Ontario, Canada. QAQC for results were evaluated using standards and
repeat analyses and blanks. No issues have been noted. AGAT Laboratories has used a sodium-peroxide fusion and ICP finish on all
samples.
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's objective is to create the largest pure-play cobalt exploration and development company in the world. Upon
completion of the mergers with Cobalt One Ltd. and CobalTech Mining Inc., First Cobalt will control over 10,000 hectares of
prospective land and 50 historic mining operations in the Cobalt Camp in Ontario, Canada as well as a mill and a permitted
refinery facility.
On behalf of First Cobalt Corp.
Trent Mell, President & Chief Executive Officer
For more information visit www.firstcobalt.com.
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 include the reliability of the historical
data referenced in this press release and risks set out in First Cobalt's public documents, including in each management
discussion and analysis, 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.