TORONTO, Dec. 19, 2017 (GLOBE NEWSWIRE) -- First Cobalt Corp. (TSX-V:FCC) (ASX:FCC) (OTCQB:FTSSF) (the
“Company”) is pleased to announce new positive drill results from its 2017 drill program, confirming the presence of three cobalt
bearing veins to the southwest of the past-producing Keeley mine in the Canadian Cobalt Camp. First Cobalt’s 2017 drill campaign is
targeting cobalt mineralization over a two kilometre strike length, representing less than two percent of its land package with
several known historic cobalt-rich mines.
Highlights
- 0.12% Co over 5.50m, including 0.68% Co over 0.34m in the Woods vein system which, together
with the Watson vein, accounted for over 80% of the production in the Cobalt South area of the Cobalt Camp
- Greater than 1.00% Co over 0.42m* in the KeeleyCo#1 vein and 0.60% Co over 0.38m in the
KeeleyCo#2 vein
- KeeleyCo#1 and KeeleyCo#2 veins are two metres apart and are interpreted as parallel structures to the Woods vein, where only
minor mine workings exist
- Zinc and lead intersected as part of a hydrothermal halo around the vein systems provides another example of previously
unknown metal zoning now seen elsewhere in the Cobalt Camp
Trent Mell, President & Chief Executive Officer, commented:
“We have identified cobalt mineralization to the north and south of the historic Keeley and Frontier
silver-cobalt mines. Intersecting meaningful cobalt veins at the Woods Vein Extension and now at the southern extent of the Keeley
mine has provided important data points and insights into historic mining operations. We are learning valuable structural
information in this first drill program that will be applied to an ambitious camp-wide drill program commencing in January
2018.”
Keeley 5 Results
Assays have been received from an additional nine holes from four target areas: Keeley 5 shaft area, Keeley 2,
Haileybury and Frontier 1. The most significant results were in drillhole KF-KD-0005 which intersected three different cobalt veins
in an area south of the historic Keeley mine and to the west of the Woods Vein (Figure 1).
Table 1. Assay Results Summary for KF-KD-0005
|
From |
To |
Length |
Co |
Ag |
Ni |
Cu |
Zn |
Pb |
Vein |
m |
m |
m |
% |
g/t |
% |
% |
% |
% |
Woods |
75.00 |
80.50 |
5.50 |
0.12 |
109 |
0.03 |
0.02 |
0.06 |
0.20 |
Including |
78.42 |
78.76 |
0.34 |
0.68 |
>1,000* |
0.84 |
0.11 |
0.53 |
>1.00* |
KeeleyCo #1 |
198.62 |
199.00 |
0.38 |
0.60 |
5 |
0.06 |
0.02 |
0.01 |
0.00 |
KeeleyCo #2 |
201.00 |
201.42 |
0.42 |
>1.00* |
6 |
0.55 |
0.02 |
0.00 |
0.00 |
*Note: Over-range assays are pending for Co (1%), Ag (1000g/t), and Pb (1%)
The Keeley 5 shaft area was targeted because historic mining assays reported high values for cobalt and nickel
over several metres at the 8th Level, approximately 130 metres below surface outlining another vein system west of the Woods Vein.
Drillhole KF-KD-0005 targeted below a ten metre length of historic workings along the Woods vein, which was assumed to occur as a
single cobalt-nickel vein (Figure 2). Assays from this hole returned two additional cobalt intercepts, the KeeleyCo#1 vein and the
KeeleyCo#2 vein, suggesting more than one vein occurs in this area.
Limited workings were developed into the KeeleyCo#1 and KeeleyCo#2 veins for test mining and it is believed they
were abandoned due to the low silver, high cobalt nature of the veins. A total of five drillholes targeted this area in the current
drilling program. The grades in these new cobalt veins, ranging from 0.60% to 1.00% Co or greater, are consistent with other known
veins in Cobalt South such as Haileybury and Frontier 1. Skudderudite is the dominant Co-mineral and niccoline is the dominant
Ni-mineral; both identified in drillcore logging. Over-range assays are pending for the >1% Co value, which will be calculated
with an ICP finish.
A photo accompanying this release is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3ffdc4fa-9dba-4b85-aacc-642f37f75124
Similar cobalt-nickel mineralization to KF-KD-0005 has also been logged in KF-KD-0004 further south. Assays are
pending for this hole, but cobalt and nickel mineralization has been identified using a portable X-Ray Fluorescence (XRF) analyzer.
Both drillholes have been surveyed using borehole electromagnetics (EM) and an in-hole response was detected in
each. An off-hole response was detected in KF-KD-0004 as well, suggesting the intersections are part of a vein system developed
west of the Woods Vein. Results may indicate a multiple cobalt-bearing vein system in the area. Cobalt veining is interpreted to
extend to mineralization intersected further south and is open along strike to the north.
Follow-up drilling is planned for this area in January to test the cobalt vein system along strike and closer to
surface.
Woods Vein
Cobalt mineralization was intersected in the Woods Vein along with high grade silver. Zinc and lead were also
intersected, reflecting a broader hydrothermal system capable of transporting metals. This broader hydrothermal system was noted in
previous assay results from the Woods Vein Extension, but has not been well documented by previous companies in the Cobalt
Camp.
Drillhole KF-KD-0005 intersected 0.12% Co over 5.50m, including 0.68% Co over 0.34m. The 0.34m intercept also
assayed at >1,000 g/t Ag, 0.84% Ni, 0.53 Zn and >1.00% Pb. Presently, results have not been received for over-range assays.
Fire assay methods will be used for silver and an ICP finish for elevated Co and Pb will be completed. The Woods and Watson vein
system accounted for over 80% of the production in the Cobalt South area of the Cobalt Camp.
A photo accompanying this release is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/5fe6ee10-c65d-4950-9c4d-0a209b3c180a
The intersection of the Woods Vein appears as a zone of broken core containing abundant clay material. The host
rocks are highly silicified and brittle in nature so fracture easily. Core recovery was poor; as such the complete vein may not
have been adequately sampled.
Other Targets
First Cobalt has completed 61 holes in its maiden drill campaign in the Canadian Cobalt Camp. The 6,366 metre
diamond drilling program was designed to test vein sets mapped in outcrop in ten areas known to be cobalt-rich over a two kilometre
strike length encompassing the past producing Keeley, Frontier, Haileybury and Bellellen mines. All drill holes have been
geologically logged, sampled and submitted for assays and multi-element geochemistry; assay results have been returned from 17
holes, including those reported in this release.
At the Woods Vein Extension area, assays previously reported from four holes were returned with anomalous metals
in separate veins including 0.83% Co and 30 g/t Ag over 0.48 metres in one hole north of the Frontier Mine (see November 2, 2017
press release).
At Frontier 1, results from five of nine holes have been received, which included a previously reported new
silver-bearing vein intersected in one of the holes: 27.75 g/t Ag and 0.10% Cu over 9.53 metres (see November 2, 2017 press
release). The drilholes targeted calcite stockwork veining and cobalt mineralization mapped at surface and from historic
underground plans.
A total of seven holes were drilled at Haileybury. Assay results from four holes were previously reported and an
additional hole has also returned no significant Co values (<0.02% Co) despite intersecting calcite veins similar to the vein
exposed at surface containing Co and Ni. These results suggest the mineralizing structure here is not well developed.
At Keeley 2 in the eastern portion of the Keeley mine, assays were received from two drillholes without
significant Co values.
For a table of drill hole locations and assay results to date, visit https://firstcobalt.com/projects/greater-cobalt-project.
Next Steps
The 2017 drill program was designed to test structures to learn more about vein orientations and determine the
grades in the host rocks to known Ag-Co calcite veins and in the veins themselves. Cobalt had been identified near the Woods Vein
and Watson Vein, the main sources of silver at the Keeley and Frontier mines, as well as recorded on historic underground mine
maps, making them a logical starting point for the drill program.
All drill data, downhole geophysical surveys, bedrock geochemical surveys and interpretations from the
summer-fall mapping at the Keeley-Frontier property are being incorporated into a 3D geological model for 2018 exploration work
which will include a much larger drill campaign. Successful results from the Company’s electromagnetic surveys (announced December
12, 2017) have prompted testing of a new ground-based electromagnetic system to determine if the cobalt veins encountered by
drilling can be detected from surface.
Recent surface sampling results including the Drummond, Juno and Silver Banner mines in Cobalt North, the
Caswell mine in Cobalt Central and the Bellellen mine in Cobalt South, together with 2017 drilling assays, will be integrated into
First Cobalt’s geological model to plan the 2018 drill program.
Quality Assurance and Quality Control
First Cobalt has implemented a quality-control program to comply with common industry best practices for
sampling and analyses. Samples are collected from drill core from a range of 30 to 100cm length. Half-core samples are submitted
for analyses. Standards and blanks are inserted every 20 samples. Duplicates are made from quarter core splits every 20 samples.
Geochemical data were received from SGS Minerals laboratories in Lakefield, Ontario, Canada. No QA/QC issues have been noted. SGS
Laboratories has used a sodium-peroxide fusion and ICP finish for analyses 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 is the largest land owner in the Cobalt Camp in Ontario, Canada. The Company controls over 10,000
hectares of prospective land and 50 historic mines as well as a mill and the only permitted cobalt refinery in North America
capable of producing battery materials. First Cobalt began drilling in the Cobalt Camp in 2017 and seeks to build shareholder value
through new discovery and growth opportunities.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
For more information visit www.firstcobalt.com or contact:
Heather Smiles
Investor Relations
info@firstcobalt.com
+1.416.900.3891
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.
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