TORONTO, Feb. 20, 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 length and width of the mineralized zones to the
east of the current resource area as well as downdip a further 100
metres.
Highlights
- Mineralization extended another 75 metres to the east with
cobalt grades comparable to the Inferred resource estimate, such as
6.9m of 0.20% Co, including
1.3m of 0.30% Co
- Mineralization also extended a further 100 metres downdip in
the centre portion of the current resource with broad intercepts of
higher grade cobalt:
-
- 13.1m of 0.27% Co,
including 2.4m of 0.51%
Co
- 10.2m of 0.24% Co
- 9.7m of 0.20% Co,
including 1.2m of 0.60% Co
- Mineralization now extends nearly 900 metres, nearly double the
2018 Inferred resource estimate, and remains open along strike and
downdip.
Trent Mell, President & Chief
Executive Officer, commented:
"We are very pleased that the higher grade cobalt
mineralization we have seen in Adit#1 continues to extend to depth.
Equally impressive is the doubling of the strike extent since the
September 2018 resource estimate,
with cobalt and copper mineralization spanning over a 900-metre
area. I look forward to delivering an updated resource estimate to
our investors at the end of next month."
The holes reported today were drilled from the eastern extent of
the current resource area (Figure 1). Three holes were drilled
below Adit#1 and extend mineralization downdip an additional
100m beyond the 200m already identified this year, to a total of
300m and mineralization remains open
at depth. The other two holes were drilled to test beyond the
resource area to the east. These holes returned grades comparable
to those of the 2018 Inferred resource estimate and extend
mineralization an additional 75m to
the east.
Extending mineralization along strike and at depth continues to
suggest favourable tonnage potential for an updated resource
estimate. Mineralization has now been traced along a continuous
strike of nearly 900m, or nearly
double that of the current Inferred resource estimate.
Detailed Results
The drill results reported today are from a second phase of
drilling that was conducted during 2018. The five holes are from
the eastern portion of the Iron Creek resource.
Holes ICS18-20 and ICS18-23 tested the eastern strike extension
of mineralization and represent a significant step out to the east
from historic drilling programs. Cobalt grades in the two holes
reported here are comparable to those within the Inferred Resource
(Table 1). Mineralization has been traced by drilling for nearly
900m, a significant increase from the
2018 Resource estimate which included almost 500m of strike. Mineralization was also
intersected within the hangingwall, including 4.0m of 0.14% Co containing 1.4m of 0.24% Co, representing potential along a
separate horizon to the two main zones.
Three other holes, ICS18-13, ISC18-17 and ISC18-33, were drilled
within the eastern portion of Iron Creek targeted mineralization
below Adit#1 where higher grade cobalt (>0.4% Co) occurs as
semi-massive sulphides as part of the No Name Zone. Higher grade
cobalt intersections occur within a broad interval of
mineralization, up to 13.1m of
0.27% Co. Previous drill results announced in January also
intersected higher grade cobalt near Adit#1, including 0.51% Co
over 1.2m true width within 0.35% Co
over 4.8m (see January 22, 2019 press release). The correlation
of higher grade cobalt between all holes around Adit#1 outlines an
area of 100m of strike length and at
least 100m downdip and expands the
area previously outlined by historic resource calculations done by
Noranda Inc.
Hole ICS18-13 intersected cobalt mineralization 100m downdip of Adit #1 correlating to the No
Name Zone, extending mineralization to a depth of 300m. Extension to this depth had been previously
intersected in the west and central portions of the current
resource showing mineralization remains open downdip.
All three of these drill holes also intersected cobalt
mineralization between the No Name and Waite Zones. Grades
comparable to the Inferred resource were returned along a horizon
between the two zones. All three horizons have been traced to
300m downdip and remain open at
depth.
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
%
|
ICS18-17
|
No Name
|
185.0
|
197.1
|
12.1
|
9.7
|
31.8
|
0.20
|
0.06
|
0.20
|
|
including
|
189.6
|
191.1
|
1.5
|
1.2
|
3.8
|
0.60
|
0.06
|
0.60
|
|
Between
|
204.7
|
207.1
|
2.4
|
1.9
|
6.2
|
0.36
|
0.01
|
0.36
|
|
Between
|
212.0
|
224.2
|
12.3
|
10.2
|
33.4
|
0.24
|
0.02
|
0.24
|
ICS18-33
|
No Name
|
179.6
|
201.5
|
21.9
|
13.1
|
43.1
|
0.27
|
0.04
|
0.27
|
|
including
|
183.4
|
187.4
|
4.0
|
2.4
|
7.9
|
0.51
|
0.04
|
0.51
|
|
Between
|
208.2
|
211.2
|
3.0
|
1.8
|
5.9
|
0.30
|
0.00
|
0.30
|
ICS18-20
|
Hangingwall
|
25.9
|
30.5
|
4.6
|
4.0
|
13.2
|
0.14
|
0.00
|
0.14
|
|
No Name
|
162.0
|
163.1
|
1.1
|
1.0
|
3.2
|
0.12
|
0.30
|
0.15
|
|
Between
|
168.2
|
169.5
|
1.3
|
1.2
|
3.8
|
0.24
|
0.28
|
0.26
|
|
Waite Zone
|
174.8
|
182.6
|
7.7
|
6.9
|
22.8
|
0.20
|
0.10
|
0.21
|
|
including
|
176.6
|
178.0
|
1.4
|
1.3
|
4.2
|
0.30
|
0.00
|
0.30
|
ICS18-23
|
No Name
|
181.4
|
181.9
|
0.5
|
0.4
|
1.3
|
0.27
|
0.00
|
0.27
|
|
Waite
|
184.7
|
185.6
|
0.9
|
0.8
|
2.6
|
0.22
|
0.01
|
0.22
|
|
Footwall
|
205.3
|
207.6
|
2.3
|
2.0
|
6.7
|
0.13
|
0.01
|
0.13
|
ICS18-13
|
No Name
|
248.4
|
253.3
|
4.9
|
2.6
|
8.6
|
0.19
|
0.04
|
0.19
|
|
including
|
248.4
|
249.8
|
1.3
|
0.7
|
2.3
|
0.31
|
0.07
|
0.32
|
|
Between
|
294.2
|
295.2
|
1.0
|
0.5
|
1.7
|
0.10
|
0.00
|
0.10
|
|
Between
|
303.7
|
307.1
|
3.3
|
1.8
|
5.8
|
0.13
|
0.00
|
0.13
|
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.