TORONTO, May 15, 2018 /CNW/ - First Cobalt Corp. (TSX-V: FCC;
ASX: FCC; OTCQX: FTSSF) (the "Company") is pleased to announce it has expanded its review of muckpile material to include third
party muckpile material from the Canadian Cobalt Camp. This expanded review is intended to assess processing opportunities using
the First Cobalt mill and refinery complex. First Cobalt and Cobalt Power Group Inc. (TSX-V:
CPO; OTC Pink: CBBWF) will collaborate on a review of historic waste rock on Cobalt Power's land package to identify its
suitability as potential feedstock.
Trent Mell, President & Chief Executive Officer, commented:
"We are pleased to share our knowledge with Cobalt Power as they undertake a sampling program of historic waste rock from
past mining operations. The First Cobalt Refinery is the only permitted cobalt refinery in North American capable of producing
battery materials and we welcome the opportunity to work together with our neighbours in the Camp towards the objective of
accelerating our timeline to potential production."
First Cobalt announced an extensive sampling program in 2017 at a number of historic mining
operations in the Cobalt Camp (see press release November 15, 2017). The program is intended to
provide insights into the distribution of cobalt, silver, nickel and copper from underground waste material brought to surface at
historic mining operations. The Company has agreed to share the preliminary results and methodology employed with Cobalt Power to
assist with a sampling program of muckpile material located on their properties. The intent is to identify potential feed for
processing using the mill equipment and the First Cobalt Refinery.
Muckpiles are mine rocks that have been broken by blasting during mining operations (Image 1). The majority of historic mines
in the Cobalt Camp were narrow underground operations and muck not considered high grade silver ore was generally left on surface
as uneconomic waste rock. First Cobalt has reported numerous high grade cobalt and other base
metal assays from selective sampling programs near past mining operations, including grades of up to 3.9% cobalt, up to 1.63%
zinc, and up to 4,990 g/t silver from the Juno and Drummond mines (see press releases
October 26, 2017 and December 4, 2017) and high grade cobalt values
in fracture and disseminated material, including grades of up to 3.76% cobalt from near Bellellen mine (see press release
September 28, 2017).
![Image 1. Muckpile material at Keeley mine. (CNW Group/First Cobalt Corp.) Image 1. Muckpile material at Keeley mine. (CNW Group/First Cobalt Corp.)](https://mma.prnewswire.com/media/691227/First_Cobalt_Corp__First_Cobalt_Expands_Review_of_Muckpile_Mater.jpg)
The First Cobalt Refinery is the only permitted cobalt refinery in North America designed to
produce battery materials. The facility is a hydrometallurgical cobalt-silver-nickel refinery located approximately five
kilometres east of Cobalt, Ontario. The facility is located on a 40-acre property that can be
expanded to 120 acres. The facility is fully permitted for processing feed containing elevated concentrations of arsenic, such as
those from the Canadian Cobalt Camp, the Idaho Cobalt Belt and elsewhere in North America.
The flowsheet and timeline for a potential restart of the Refinery are the focus of a recently announced study, following the
announcement of a friendly merger with US Cobalt Inc. (TSX-V: USCO, OTCQB: USCFF) (see press releases April 19, 2018 and March 14, 2018). US Cobalt's
primary asset is the Iron Creek cobalt project in Idaho, which has a historic mineral resource
estimate (non-compliant with NI 43-101) of 1.3 million tons grading 0.59% cobalt and 0.3% copper. A 10,700 metre drill program
was recently completed at Iron Creek to confirm this historic estimate and a current mineral resource estimate is expected during
2018. US Cobalt's securityholders will vote on the proposed transaction on May 17, 2018.
Qualified and Competent Person Statement
Peter Campbell, P.Eng., is the Qualified Person as defined by National Instrument 43-101 who
has reviewed and approved the contents of this news release. Mr. Campbell is also a Competent Person (as defined in the JORC
Code, 2012 edition) who is a practicing member of the Professional Engineers of Ontario (being a
'Recognised Professional Organisation' for the purposes of the ASX Listing Rules). Mr. Campbell is employed on a full-time basis
as Vice President, Business Development 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 aims to create the largest pure-play cobalt exploration and development company
in the world. The Company controls over 10,000 hectares of prospective land covering over 50 historic mines as well as mineral
processing facilities in the Cobalt Camp in Ontario, Canada. The First Cobalt Refinery is the
only permitted facility in North America capable of producing cobalt battery materials.
First Cobalt seeks to build shareholder value through new discovery, mineral processing and
growth opportunities, with a focus on North America.
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 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. In particular,
forward-looking information included in this news release includes, without limitation, the anticipated closing date of the
Transaction, the receipt of final court approval and other regulatory approvals. 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 each of First Cobalt and US Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt and US Cobalt believe 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 and US Cobalt disclaim any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information, future events or otherwise.
Historic Estimates
US Cobalt considers the cobalt and copper tonnage and grade estimates above as historical
estimates. The historical estimates do not use categories that conform to current CIM Definition Standards on Mineral Resources
and Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") and
have not been redefined to conform to current CIM Definition Standards. They were prepared in the 1980s prior to the adoption and
implementation of NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current
mineral resources and US Cobalt is not treating the historical estimates as current mineral resources. More work, including, but
not limited to, drilling, will be required to conform the estimates to current CIM Definition Standards. Investors are cautioned
that the historical estimates do not mean or imply that economic deposits exist on the Iron Creek property. US Cobalt has not undertaken any independent investigation of the historical estimates nor has it independently
analyzed the results of the previous exploration work in order to verify the accuracy of the information. US Cobalt believes that the historical estimates are relevant to continuing exploration on the Iron Creek
property.
SOURCE First Cobalt Corp.
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