TORONTO, July 12, 2018 /CNW/ - First Cobalt Corp. (TSX-V: FCC;
ASX: FCC; OTCQX: FTSSF) (the "Company") today announces that two additional drill rigs have been mobilized at its Iron Creek
Cobalt Project in Idaho, USA to accelerate drilling activities. The Company is now drilling both
from surface and underground.
Highlights
- Drilling will test down dip extensions of known cobalt-copper zones to over 300 metres below surface and test lateral
strike over one kilometre to extend mineralization beyond the current 520 metres
- 81 holes and over 29,000 metres have been planned, primarily from new surface drilling stations constructed earlier this
year
- Maiden NI 43-101 mineral resource estimate expected by October 2018
- New mineralized zones in the footwall are being targeted to test extensions to surface
- Close-spaced drilling on two mineralized zones to bring a portion of the expected Inferred Mineral Resource estimate into
Measured and Indicated Resource category in a second resource estimate
Trent Mell, President & Chief Executive Officer, commented:
" Our confidence level in the growing footprint of the Iron Creek project warrants an acceleration of drilling
activities. A maiden resource estimate is underway and will be available by October. We believe Iron Creek is an important
part of the pipeline of cobalt concentrate we intend to feed into the First Cobalt Refinery in Ontario and the addition of two more drill rigs will significantly speed up activities."
First Cobalt previously announced a fully-funded $9 million work program for the Iron Creek
Project, which it acquired on June 4, 2018. Drilling is designed to extend the strike length of the
mineralized zone to 1,032 metres from the current 520 metres and test down dip extensions of known cobalt-copper zones to over
300 metres below surface. Results reported to date have encountered cobalt-copper mineralization in both the No Name and the
Waite Zones.
The addition of two surface rigs will accelerate drilling results and supplement ongoing underground drilling from existing
adits. Surface drilling stations were constructed earlier this year and both rigs are already in operation.
In 2017, drilling from surface focused primarily on the No Name Zone and Q1 2018 drilling from underground targeted the lesser
known Waite Zone. Results from that work program are currently being compiled and will form the basis of a maiden NI 43-101
mineral resource estimate expected by October 2018. The current drill program will support a second
resource estimate anticipated in early 2019 and is expected to support a conversion of a portion of the expected Inferred Mineral
Resource estimate into a Measured and Indicated Resource estimate.
The work program previously announced targeted a dip extent of 200m and a strike length of
900m (see June 11, 2018 press release). Due to ongoing success, the
drill target area continues to grow, and the Company is now targeting 300m of dip and a strike
length of 1,032 across the two zones (Figure 1).
The No Name and Waite Zones are roughly parallel and strike along a 290° azimuth and dip roughly 75° to the north, remaining
open at depth. Additional mineralization has been encountered during drilling and some holes in the 2018 program are intended to
confirm the potential for additional mineralized zones beyond No Name and Waite. The No Name Zone and the Waite Zone have true
widths between 10m and 30m. Mineralization also occurs between the No
Name and Waite Zones as 1 to 5m pods.
A total of 81 holes have been planned and an additional 12 holes are being considered to explore extensions to mineralized
intercepts from previous drilling and down-dip extensions to the known mineralized zones below 300m.
Underground drilling has moved from Adit #2 to Adit #1 to provide more detailed data from within the No Name and Waite Zones,
in part validating the drill spacing required for a Measured and Indicated Resource calculation (Figure 2). Adit #1 was sampled
in detail in 2017 and material was sourced from Adit #1 for preliminary metallurgical tests. Drilling and sampling assays along
the walls of Adit #1 done in 2017 returned comparable cobalt and copper grades to results reported pre-1970 (Table 1).
Table 1: 2017 assay results previously reported from surface drilling
near Adit #1.
|
Hole ID
|
Mineralized
Zone
|
From
(m)
|
To
(m)
|
Width
(m)
|
True Thickness
(m)
|
True
Thickness
(ft)
|
Cobalt
(%)
|
Copper
(%)
|
IC17-06
|
No Name
|
89.9
|
122.0
|
32.0
|
|
|
0.38
|
0.05
|
|
includes
|
93.0
|
106.7
|
13.7
|
|
|
0.54
|
0.07
|
IC17-08
|
No Name
|
100.6
|
120.1
|
19.5
|
|
|
0.51
|
0.01
|
|
includes
|
111.3
|
120.1
|
8.8
|
|
|
0.73
|
0.01
|
IC17-10
|
No Name
|
30.5
|
59.5
|
29.0
|
|
|
0.31
|
0.91
|
|
includes
|
39.0
|
54.9
|
15.9
|
|
|
0.4
|
1.4
|
IC17-14
|
No Name
|
18.9
|
73.2
|
54.3
|
17.8
|
58.3
|
0.11
|
0.23
|
|
includes
|
64.0
|
73.2
|
9.1
|
3.2
|
10.6
|
0.12
|
0.92
|
IC17-16
|
Waite
|
125.0
|
164.6
|
39.6
|
25.1
|
82.2
|
0.15
|
<0.01
|
|
includes
|
143.3
|
149.4
|
6.1
|
3.8
|
12.5
|
0.25
|
<0.01
|
IC17-29
|
No Name
|
113.1
|
143.6
|
30.5
|
23.9
|
78.4
|
0.35
|
0.53
|
|
includes
|
122.9
|
134.7
|
11.7
|
9.2
|
30.2
|
0.46
|
0.92
|
Note: True thickness is estimated from 3D modelling of the zone
considering intersections and interpreted orientation of the surrounding drill holes. True thickness was not
calculated on the first drill holes when reported due to insufficient data at the time.
|
The Iron Creek property consists of mining patents and exploration claims with significant infrastructure already in place to
support multiple drills and underground activity. Historic underground development includes 600 metres of drifting from three
adits and an all-weather road connecting the project to a state highway.
Several inferred resource calculations were made in the 1980s and 1990s by Noranda Inc., Inspiration Mines and Cominco Ltd.
These estimates only considered the No Name Zone, where historic drilling was most dense. Historic drilling, pre-1960, traced the
No Name Zone for over one kilometre of strike length.
Quality Assurance and Quality Control
First Cobalt has implemented a quality control program to comply with common industry best practices for sampling, chain of
custody and analyses. Blanks, duplicates and standards are inserted at the core processing site as part of the QA/QC program.
Samples are prepared and analyzed by American Assay Laboratories (AAL) in Sparks, Nevada. Over
15% of the samples analyzed are control samples consisting of checks, blanks, and duplicates inserted by the Company; in addition
to the control samples inserted by the lab. Drill core samples are dried, weighed crushed to 85 % passing -6 mesh, roll crushed
to 85% passing -10 mesh, split 250 gram pulps, then pulverized in a closed bowl ring pulverizer to 95 % passing -150 mesh, then
analyzed by a 5 acid digestion for ICP analysis. All samples have passed QA/QC protocols.
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 a vertically integrated North America pure-play cobalt company. First Cobalt
has three significant North American assets: the Iron Creek Project in Idaho, which has a
historic mineral resource estimate, non-compliant with NI 43-101; the Canadian Cobalt Camp, with more than 50 past producing
mines; and the only permitted cobalt refinery in North America capable of producing battery
materials. The Iron Creek Project is, subject to First Cobalt's buy-out rights, leased from Chester Mining Company.
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. 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.
Historic Estimates
First 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
First 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. First 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. First Cobalt believes that the historical estimates
are relevant to guide exploration on the Iron Creek property.
SOURCE First Cobalt Corp.
View original content with multimedia: http://www.newswire.ca/en/releases/archive/July2018/12/c6431.html