TORONTO, Feb. 13, 2019 /CNW/ - First Cobalt Corp. (TSX-V:
FCC; ASX: FCC; OTCQX: FTSSF) (the "Company") is pleased to report
drill results from its Iron Creek Cobalt Project in Idaho, USA, that continue to extend the strike
and width of the mineralized zones while also identifying more
copper-rich areas to the west of the deposit.
Highlights
- Cobalt-copper mineralization extended by 120 metres westward
along strike in the Waite Zone and to a depth of 300 metres
- Extensions of particularly copper-rich mineralization have been
encountered to the west of the current resource area (all widths
reported are true widths)
-
- 13.4m of 2.22% Cu,
including 4.01% Cu over 3.0m
- 1.9m of 3.90% Cu and 0.22% Co,
including 10.37% Cu and 0.47% Co over 0.5m
- 4.0m of 2.88% Cu and 0.12% Co,
including 6.17% Cu and 0.19% Co over 1.2m
- 3.9m of 2.92% Cu
- 6.1m of 1.34% Cu
- 1.6m of 5.68% Cu
- Cobalt grades in the western extension are comparable to the
values in the September 2018 Inferred
resource estimate and include:
-
- 6.6m of 0.25% Co,
including 0.59% Co over 1.4m
- 5.3m of 0.15% Co, including 0.27%
Co over 1.9m
- Cobalt and copper mineralization between the two historic zones
continues to grow, now extending over a continuous horizon of 800
metres
Trent Mell, President & Chief
Executive Officer, commented:
"In 2018, electric vehicle sales in America were up 81%.
Worldwide, more than 2 million EVs were sold, still representing
just 2% of the global market. This upward trend is expected to
continue to gain momentum as many of the larger automotive
companies prepare to rollout new EV models over the next eighteen
months.
"The Iron Creek deposit in Idaho,
USA is one of a few primary cobalt deposits in the world and
it also derives substantial value from copper mineralization.
Today's results support our view that copper-rich areas provide
options for mine planning. There are 18 drill holes pending which
will be included in an updated mineral resource estimate that is
expected at the end of March. We anticipate a notable enhancement
over the maiden resource estimate we released in September with
still further upside, as the deposit remains open in all
directions."
The four holes reported today were drilled beyond the western
extent of the resource (Figure 1). Results from these holes have
expanded mineralization an additional 120 metres in the Waite Zone
and 60 metres in the No Name Zone. Whereas the previous resource
estimate reported mineralization 150 metres below surface, the two
westernmost holes released today trace mineralization to over 300
metres below surface, showing mineralization is open down-dip
and along the western strike extent. Together, extensions along
strike and at depth continue to suggest further tonnage potential
well beyond the boundaries of the maiden resource estimate.
The Company continues to identify rich intervals of
cobalt-copper mineralization between the No Name and Waite Zones.
Iron Creek now has a continuous horizon of mineralization between
the two zones along a strike length of approximately 800 metres
(Figure 1). This results in better continuity of mineralization
within a broader envelope that extends between 30 and 60 metres
across the three horizons.
The Iron Creek deposit is generally known to be more cobalt-rich
to the east and more copper-rich to the west. Higher grade copper
and cobalt zones within broader zones of mineralization provide
optionality for mine planning.
Detailed Results
The drill results reported today are from a second phase of
drilling that was conducted during 2018. A fan of holes drilled
southward from the same surface station tested the strike extent of
mineralization to the west of the current resource area.
Cobalt grades were similar to nearby drill holes within the
Inferred resource estimate, such as 6.6m of 0.25% Co including 1.4m of 0.59% Co in ICS18-16. Results
indicate that the western portion of the No Name Zone is
particularly copper-rich, having intercepted broad widths of copper
mineralization including 2.22% Cu over 13.4m in ICS18-12.
Results from the other two holes in this fan, ICS18-21 and
ICS18-25, show mineralization extends to the west along the No Name
and Waite Zones by 60m and
120m respectively. These two holes
also contain intersections to approximately 300m below surface, which is a substantial
increase to the known dip extent of the deposit (Figure 2). Similar
to holes ISC18-12 and ISC18-16, broad widths of high grade copper
were encountered along the No Name Zone including 2.92% Cu over
3.9m in ICS18-21.
The Waite Zone continues to the west with grades consistent with
the Inferred resource estimate including 0.27% Co over
1.9m within 0.15% Co over
5.3m as noted in ICS18-21.
Similarly, copper rich portions also occur including 2.88% Cu
and 0.12% Co over 4.0m in
ICS18-25.
Relatively rich intervals of cobalt-copper mineralization also
persist between the two known zones, including 0.22% Co and
3.90% Cu over 1.9m including
0.47% Co and 10.37% Cu over 0.5m in ICS18-21, correlating to other
drill holes further east. A continuous horizon of mineralization
between the two zones has now been traced along a comparable strike
length of approximately 800m.
Higher grade copper mineralization west of Adit#2 was previously
intersected in 2017 and 2018 drill holes. Today's results are
consistent with the previous copper grades and the continuity of
mineralization is now seen in several holes along strike and
down-dip.
Assay results from three additional holes from this surface
station are pending and may reflect extension of mineralization to
surface.
Table 1. Summary of Assay Results
Hole
ID
|
Zone
|
From
(m)
|
To
(m)
|
Drilled
Length
(m)
|
True
Width
(m)
|
True
Width
(feet)
|
Cobalt
%
|
Copper
%
|
CoEq
%
|
ICS18-12
|
No Name
|
149.2
|
175.7
|
26.5
|
13.4
|
44.1
|
0.01
|
2.22
|
0.23
|
|
Including
|
156.7
|
162.8
|
6.0
|
3.0
|
10.0
|
0.01
|
4.01
|
0.41
|
|
Between
Zones
|
255.8
|
257.0
|
1.2
|
0.6
|
2.0
|
0.20
|
0.20
|
0.22
|
|
Between
Zones
|
276.2
|
276.9
|
0.7
|
0.3
|
1.1
|
0.23
|
0.31
|
0.26
|
|
Between
Zones
|
282.9
|
283.9
|
1.0
|
0.5
|
1.7
|
0.13
|
0.20
|
0.15
|
|
Between
Zones
|
292.0
|
295.1
|
3.1
|
1.6
|
5.1
|
0.25
|
0.67
|
0.32
|
|
Between
Zones
|
315.6
|
317.1
|
1.5
|
0.7
|
2.4
|
0.24
|
0.17
|
0.26
|
|
Between
Zones
|
323.3
|
324.1
|
0.8
|
0.4
|
1.3
|
0.21
|
0.17
|
0.23
|
|
Between
Zones
|
336.9
|
338.5
|
1.6
|
0.8
|
2.6
|
0.46
|
0.18
|
0.48
|
|
Including
|
336.9
|
337.8
|
0.9
|
0.4
|
1.4
|
0.71
|
0.29
|
0.74
|
|
Waite
|
349.8
|
351.3
|
1.5
|
0.8
|
2.5
|
0.18
|
0.09
|
0.19
|
|
Waite
|
354.5
|
355.7
|
1.2
|
0.6
|
1.9
|
0.19
|
0.51
|
0.24
|
|
Footwall
|
387.6
|
388.3
|
0.8
|
0.4
|
1.3
|
0.22
|
0.46
|
0.27
|
ICS18-16
|
No Name
|
195.2
|
201.2
|
6.0
|
2.8
|
9.2
|
0.01
|
2.02
|
0.21
|
|
Between
Zones
|
218.1
|
220.2
|
2.0
|
0.9
|
3.1
|
0.02
|
2.47
|
0.26
|
|
Between
Zones
|
277.6
|
278.6
|
1.0
|
0.5
|
1.7
|
0.15
|
0.06
|
0.15
|
|
Between
Zones
|
296.6
|
298.2
|
1.5
|
0.8
|
2.6
|
0.20
|
0.13
|
0.22
|
|
Between
Zones
|
307.0
|
308.5
|
1.5
|
0.8
|
2.6
|
0.22
|
1.85
|
0.41
|
|
Between
Zones
|
345.8
|
350.9
|
5.1
|
2.7
|
8.7
|
0.14
|
0.03
|
0.14
|
|
Waite
|
362.0
|
373.9
|
11.9
|
6.6
|
21.6
|
0.25
|
0.01
|
0.26
|
|
Including
|
365.0
|
367.5
|
2.5
|
1.4
|
4.5
|
0.59
|
0.01
|
0.59
|
ICS18-21
|
No Name
|
195.1
|
197.5
|
2.3
|
1.1
|
3.7
|
0.01
|
2.07
|
0.21
|
|
No Name
|
211.9
|
219.8
|
7.9
|
3.9
|
12.9
|
0.01
|
2.92
|
0.31
|
|
Including
|
211.9
|
212.7
|
0.9
|
0.4
|
1.4
|
0.01
|
2.49
|
0.26
|
|
Including
|
216.2
|
219.3
|
3.2
|
1.6
|
5.2
|
0.02
|
5.68
|
0.59
|
|
Between
Zones
|
245.4
|
247.3
|
1.9
|
1.0
|
3.2
|
0.02
|
1.61
|
0.18
|
|
Between
Zones
|
261.1
|
264.8
|
3.7
|
1.9
|
6.3
|
0.22
|
3.90
|
0.61
|
|
Including
|
263.8
|
264.8
|
1.0
|
0.5
|
1.7
|
0.47
|
10.37
|
1.50
|
|
Between
Zones
|
269.3
|
276.3
|
7.0
|
3.6
|
11.9
|
0.12
|
0.22
|
0.14
|
|
Including
|
271.9
|
272.8
|
0.9
|
0.5
|
1.6
|
0.31
|
0.33
|
0.35
|
|
Between
Zones
|
312.8
|
316.0
|
3.2
|
1.9
|
6.2
|
0.12
|
0.12
|
0.13
|
|
Including
|
312.8
|
314.0
|
1.2
|
0.7
|
2.3
|
0.19
|
0.17
|
0.21
|
|
Between
Zones
|
323.0
|
324.0
|
1.0
|
0.6
|
1.9
|
0.38
|
0.13
|
0.39
|
|
Between
Zones
|
326.1
|
326.7
|
0.7
|
0.4
|
1.3
|
0.23
|
0.09
|
0.24
|
|
Waite
|
360.9
|
369.5
|
8.6
|
5.3
|
17.4
|
0.15
|
0.05
|
0.15
|
|
Including
|
360.9
|
363.9
|
3.0
|
1.9
|
6.1
|
0.27
|
0.07
|
0.28
|
|
Footwall
|
374.0
|
375.8
|
1.8
|
1.1
|
3.7
|
0.17
|
0.02
|
0.17
|
|
Footwall
|
402.7
|
405.3
|
2.6
|
1.7
|
5.6
|
0.16
|
0.02
|
0.16
|
|
Footwall
|
434.6
|
435.6
|
0.9
|
0.6
|
2.0
|
0.16
|
0.10
|
0.17
|
ICS18-25
|
No Name
|
189.9
|
199.3
|
9.4
|
6.1
|
20.1
|
0.01
|
1.34
|
0.14
|
|
Including
|
192.2
|
193.5
|
1.3
|
0.9
|
2.9
|
0.05
|
3.70
|
0.42
|
|
Including
|
197.5
|
198.7
|
1.2
|
0.8
|
2.5
|
0.00
|
2.56
|
0.26
|
|
Between
Zones
|
256.9
|
259.7
|
2.8
|
2.0
|
6.5
|
0.00
|
1.48
|
0.15
|
|
Waite
|
280.9
|
286.5
|
5.6
|
4.0
|
13.2
|
0.12
|
2.88
|
0.41
|
|
Including
|
283.2
|
284.8
|
1.6
|
1.2
|
3.9
|
0.19
|
6.17
|
0.80
|
|
Footwall
|
317.5
|
321.8
|
4.3
|
3.1
|
10.3
|
0.00
|
1.00
|
0.10
|
|
Footwall
|
326.1
|
328.1
|
2.0
|
1.5
|
4.8
|
0.01
|
1.96
|
0.21
|
True thickness estimated from 3D geological model also
considering drill holes on strike. Cobalt equivalent is calculated
as %CoEq = %Co + (%Cu/10) based on US$30/lb Co and US$3/lb Cu. No metallurgical recoveries were
applied to either metal as it is expected that the metallurgical
recoveries will be similar for both metals. Flotation tests support
the Company's opinion that both cobalt and copper are of sufficient
grade to be recovered.
Iron Creek Project
First Cobalt announced on September 26,
2018 an Inferred Resource estimate at Iron Creek of 26.9
million tonnes grading 0.11% cobalt equivalent (0.08% Co and 0.30%
Cu containing 46.2 million pounds of cobalt and 176.2 million
pounds of copper) under a base case scenario pit constrained and
deeper mineral resource. An alternative underground-only scenario
results in 4.4 million tonnes grading 0.23% Co and 0.68% Cu (0.30%
CoEq) using a cutoff underground grade of 0.18% CoEq and containing
22.3 million pounds of cobalt and 66.7 million pounds of copper.
The Inferred resource is based on drilling over a strike length of
approximately 500 metres and a dip extent of over 150 metres.
Preliminary metallurgical testing concludes that simple flotation
methods are applicable, yielding recoveries of 96% for cobalt and
95% for copper in rougher floatation. Historic underground
development includes 600 metres of drifting in three adits and an
all-weather road connecting the project to a state highway.
Quality Assurance and Quality Control
First Cobalt has implemented a quality control program to comply
with 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 North American pure-play cobalt company whose
flagship asset is the Iron Creek Cobalt Project in Idaho, USA, which has Inferred mineral
resources of 26.9 million tonnes grading 0.11% cobalt equivalent.
The Company also owns the only permitted cobalt refinery in
North America and 50
past-producing mines in the Canadian Cobalt Camp.
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 Estimates of
Resources
Readers are cautioned that mineral resources are not economic
mineral reserves and that the economic viability of resources that
are not mineral reserves has not been demonstrated. The estimate of
mineral resources may be materially affected by geology,
environmental, permitting, legal, title, socio-political, marketing
or other relevant issues. The mineral resource estimate is
classified in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum's "2014 CIM Definition Standards on
Mineral Resources and Mineral Reserves" incorporated by reference
into NI 43-101. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies or economic studies except for Preliminary Economic
Assessment as defined under NI 43-101. Readers are cautioned not to
assume that further work on the stated resources will lead to
mineral reserves that can be mined economically. An Inferred
Mineral Resource as defined by the CIM Standing Committee is "that
part of a Mineral Resource for which quantity and grade or quality
are estimated on the basis of limited geological evidence and
sampling. Geological evidence is sufficient to imply but not verify
geological and grade or quality continuity. An Inferred Mineral
Resource has a lower level of confidence than that applying to an
Indicated Mineral Resource and must not be converted to a Mineral
Reserve. It is reasonably expected that the majority of Inferred
Mineral Resources could be upgraded to Indicated Mineral Resources
with continued exploration."
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.
SOURCE First Cobalt Corp.