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.