TORONTO, July 19, 2018 /CNW/ - First Cobalt Corp. (TSX-V: FCC;
ASX: FCC; OTCQX: FTSSF) (the "Company") is pleased to announce that drilling from underground at the Iron Creek Cobalt Project in
Idaho, USA continues to extend mineralization beyond the extents of the historic resource.
Results from six drill holes completed at the western extension of the mineralized zones validate previously reported
intersections which have, to date, extended the total strike length of the Waite Zone to 520 metres along a dip length of more
than 250 metres.
Highlights
- 6.4m of 0.61% Co and 0.24% Cu within a broader 24.6m intercept
grading 0.28% Co and 0.22% Cu in the Waite Zone to the west of the previously drilled initial resource area
- Four holes drilled over 50m west of the previously known mineralization have traced the Waite
Zone along a dip length of 250m from surface to depth
-
- This portion of the Waite Zone is particularly copper-rich, returning up to 6.5m of 0.83%
Cu and 0.19% Co
- High-grade intercepts are contained within broader zones of lower grade cobalt-copper that, with further drilling, could be
suitable for bulk mining methods
Trent Mell, President & Chief Executive Officer, commented:
"Drilling continues to extend the strike and dip extent of the Iron Creek Project beyond the boundaries of the maiden
resource estimate expected in October. The consistency of cobalt grades across wider widths and the higher copper grades were
expected and are encouraging. These results support further testing the western strike extension of Iron Creek for a second
resource estimate in early 2019."
First Cobalt's 30,000-metre 2018 drill program for the Iron Creek Project in Idaho, USA is
designed to extend the strike length of the mineralized zone to over 1,000 metres and test down dip extensions of known
cobalt-copper zones to over 300 metres below surface. The assay results from six holes drilled underground at the western
extension of the cobalt-copper mineralized zones infill the strike and dip extensions to mineralization in the western portion of
Waite Zone (Figure 1).
Results reported today expand the extension of the western portion of the Waite Zone outside of the areas drilled in 2017 and
validate the correlation of cobalt-copper mineralization previously intersected (Table 1). Holes IC18-07 and IC18-08 connect
mineralization previously intersected by 2017 drilling, while results from another four holes, IC18-10 through IC18-13, extend
mineralization further west of the initial resource area.
An NI 43-101-compliant mineral resource estimate calculation is now underway for the initial resource area drilled in 2017 and
early 2018, results of which are expected by October of this year.
Drill holes IC18-07 and IC18-08 were drilled from the western extent of Adit #2, primarily targeting the Waite Zone, and
validate results from other holes in this area (Figure 2). Mineralization in this area occurs over broad intervals of up to
35m true widths containing 0.14% Co and 0.20% Cu (Table 2). IC18-07 was drilled above 2017 drill
intercepts of the Waite Zone, oriented toward surface. Results indicate that higher-grade cobalt-copper mineralization extends up
dip within broader zones of lower grade mineralization.
IC18-08 infills a gap from the 2017 drilling along the western margin of the initial resource area. Mineralization in IC18-08
occurs over intervals that are aligned spatially to the semi-massive mineralization containing higher grades of cobalt as seen in
IC18-07 and IC17-30, drilled in the same area.
Cobalt mineralization was also intersected in the footwall of the Waite Zone in both IC18-07 and IC18-08. Similar footwall
intercepts were encountered in the 2017 drill holes in this area. Continuity of these intersections between holes along strike
will require further testing to determine if a third zone of mineralization is present.
Drill holes IC18–10, IC18–11, IC18–12 and IC18–13 also targeted the Waite Zone and were intended to extend mineralization to
the west of previous drilling. The four holes show cobalt-copper mineralization can be traced up dip toward surface from
previously reported IC18-09 (Figure 3). The Waite Zone in IC18-09 returned up to 0.38% Co and 0.11% Cu over 3.5m (see June 19, 2018 press release). These intersections confirm the extension
of the Waite Zone to the west for a total strike length of 520 metres.
Results from an additional eight holes are pending from the current drill station in Adit #2. Mineralization previously
intersected in the hangingwall of the No Name Zone is being targeted. Two holes have also been completed in Adit#2 from a
separate drill station further targeting the mineralization intersected in IC18-07 and IC18-08. Currently the underground drill
is in Adit #1 to complete infill drilling that will be used for future resource calculations.
Table 1. New Assay results for the Waite Zone
Hole ID
|
Mineralized
Zone
|
From (m)
|
To
(m)
|
Width
(m)
|
True Thickness (m)
|
True Thickness (ft)
|
Cobalt (%)
|
Copper (%)
|
IC18-07
|
Waite
|
78.15
|
140.51
|
62.36
|
24.6
|
80.8
|
0.28
|
0.22
|
includes
|
104.15
|
111.10
|
6.95
|
3.1
|
10.1
|
0.46
|
0.37
|
includes
|
115.85
|
130.09
|
14.23
|
6.4
|
21.0
|
0.61
|
0.24
|
footwall
|
150.33
|
153.13
|
2.80
|
1.1
|
3.7
|
0.29
|
0.32
|
footwall
|
198.76
|
207.26
|
8.50
|
3.6
|
11.7
|
0.13
|
0.04
|
footwall
|
252.22
|
254.45
|
2.23
|
1.2
|
3.8
|
0.10
|
0.02
|
IC18-08
|
Waite
|
67.36
|
75.47
|
8.11
|
4.3
|
14.1
|
0.15
|
1.12
|
includes
|
73.15
|
75.47
|
2.32
|
1.2
|
4.0
|
0.31
|
1.66
|
Waite
|
79.98
|
82.39
|
2.41
|
1.3
|
4.2
|
0.11
|
0.67
|
Waite
|
101.50
|
104.55
|
3.05
|
1.7
|
5.7
|
0.34
|
0.01
|
Waite
|
129.54
|
141.98
|
12.44
|
6.2
|
20.4
|
0.11
|
0.00
|
footwall
|
163.53
|
172.82
|
9.30
|
5.0
|
16.3
|
0.15
|
0.00
|
footwall
|
185.32
|
187.45
|
2.13
|
1.2
|
3.9
|
0.18
|
0.01
|
IC18-10
|
Waite
|
67.06
|
108.81
|
41.76
|
40.6
|
133.3
|
0.11
|
0.28
|
includes
|
85.04
|
86.96
|
1.92
|
1.9
|
6.1
|
0.19
|
0.50
|
includes
|
93.76
|
95.22
|
1.46
|
1.4
|
4.7
|
0.28
|
0.28
|
IC18-11
|
Waite
|
25.09
|
31.70
|
6.61
|
6.5
|
21.2
|
0.19
|
0.83
|
includes
|
25.09
|
26.61
|
1.52
|
1.5
|
4.9
|
0.46
|
2.42
|
Waite
|
48.80
|
50.81
|
2.01
|
1.9
|
6.3
|
0.17
|
0.28
|
Waite
|
65.32
|
71.84
|
6.52
|
6.3
|
20.8
|
0.12
|
0.39
|
includes
|
69.65
|
71.84
|
2.19
|
2.1
|
7.0
|
0.15
|
0.57
|
footwall
|
155.05
|
155.45
|
0.40
|
0.4
|
1.2
|
0.28
|
0.25
|
IC18-12
|
Waite
|
55.41
|
64.62
|
9.20
|
7.1
|
23.4
|
0.25
|
0.27
|
includes
|
55.41
|
57.18
|
1.77
|
1.3
|
4.4
|
0.66
|
0.27
|
footwall
|
135.33
|
137.65
|
2.32
|
1.9
|
6.1
|
0.15
|
0.06
|
IC18-13
|
Waite
|
77.18
|
90.43
|
13.26
|
7.8
|
25.5
|
0.13
|
0.71
|
includes
|
77.18
|
81.78
|
4.60
|
2.7
|
8.8
|
0.24
|
0.43
|
footwall
|
106.44
|
111.71
|
5.27
|
3.2
|
10.5
|
0.11
|
0.89
|
footwall
|
114.39
|
116.07
|
1.68
|
1.0
|
3.3
|
0.15
|
1.14
|
footwall
|
169.68
|
177.49
|
7.80
|
4.8
|
15.7
|
0.01
|
1.67
|
Note: True thickness is estimated from 3D modelling of the zone considering intersections and interpreted orientation of the
surrounding drill holes.
Table 2. Previous drill results from this area
Hole ID
|
Mineralized
Zone
|
From
(m)
|
To
(m)
|
Length
(m)
|
True
Thickness
(m)
|
Cobalt
(%)
|
Copper
(%)
|
IC17-28
|
No Name
|
63.00
|
75.35
|
12.34
|
12.30
|
0.14
|
2.46
|
includes
|
|
63.00
|
64.92
|
1.92
|
1.90
|
0.33
|
3.97
|
includes
|
|
69.19
|
70.65
|
1.46
|
1.50
|
0.20
|
3.68
|
IC17-28
|
Waite
|
124.57
|
145.45
|
20.88
|
20.80
|
0.16
|
0.18
|
includes
|
|
131.09
|
133.05
|
1.95
|
2.00
|
0.19
|
0.56
|
includes
|
|
137.37
|
142.68
|
5.30
|
5.30
|
0.33
|
0.06
|
IC17-28
|
footwall
|
178.31
|
189.43
|
11.13
|
11.10
|
0.12
|
0.06
|
includes
|
|
187.33
|
189.43
|
2.10
|
2.10
|
0.28
|
0.28
|
IC17-30
|
No Name
|
80.77
|
96.07
|
15.30
|
12.00
|
0.07
|
2.58
|
includes
|
|
81.69
|
83.58
|
1.89
|
1.50
|
0.09
|
11.28
|
IC17-30
|
|
129.54
|
137.16
|
7.62
|
6.30
|
0.11
|
0.37
|
IC17-30
|
Waite
|
166.42
|
208.79
|
42.37
|
35.10
|
0.14
|
0.20
|
includes
|
|
170.99
|
186.11
|
15.12
|
12.50
|
0.19
|
0.44
|
includes
|
|
192.76
|
195.07
|
2.32
|
1.90
|
0.34
|
0.01
|
includes
|
|
205.53
|
208.79
|
3.26
|
2.70
|
0.21
|
0.00
|
IC17-30
|
footwall
|
217.93
|
219.46
|
1.52
|
1.20
|
0.27
|
0.00
|
Note: True thickness is estimated from 3D modelling of the zone considering intersections and interpreted orientation of the
surrounding drill holes.
Iron Creek Property
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.
On June 11, First Cobalt announced a $9M program intended to
extend the known mineralization along strike and bring a portion of the Inferred Mineral Resource estimate expected in October
into a Measured and Indicated Resource estimate. Longer holes will test cobalt-copper mineralization intersected by 2017 drilling
in the footwall, which may extend to surface. Drilling will also test the down dip extension of mineralization below the existing
underground adits.
The No Name and Waite Zones are roughly parallel 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.
Cobalt-copper mineralization occurs as semi-massive and disseminated pyrite and chalcopyrite along stratabound bands within
finely layered meta-sedimentary rocks consisting of interbedded argillite and quartzite. Cobalt is associated with pyrite. Thin
veins of chalcopyrite also cut the bands and meta-sedimentary rocks. Quartzite units make up the hangingwall and footwall to the
mineralized meta-sedimentary horizon. This stratigraphic sequence has been mapped at surface and by drilling to extend along
strike for at least two kilometres.
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.
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.
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