TORONTO, May 25, 2021 /CNW/ - First Cobalt Corp.
(TSXV: FCC) (OTCQX: FTSSF) (the "Company") announced that it has
expanded its land position in Idaho for the second time in a month,
increasing its position around its Iron Creek cobalt-copper project
in Idaho, USA. The Company
announced an earn-in agreement with Phoenix Copper Limited for 224
hectares of property, expanding its land position to over 1,820
hectares covering the strike extent of strata hosting
mineralization.
Located in the Idaho Cobalt Belt, the Iron Creek Project is one
of the few primary cobalt deposits in the world. The deposit
remains open to the east and west along strike as well as down-dip.
To date, cobalt and copper resources have been defined by drilling
over a 900-metre strike extent. The Idaho Cobalt Belt contains the
largest primary resources of cobalt in the United States according to the US
Geological Survey.
HIGHLIGHTS
- The Redcastle property is immediately east of the Iron Creek
property consisting of 31 claims covering 224 hectares, expanding
the total size of First Cobalt's land position to over 1,820
hectares
- The Ruby Zone cobalt-copper prospect is exposed 750 metres west
of the Redcastle property and the host rock sequence to the sulfide
mineralization is interpreted to extend in the Redcastle area
cover, therefore prospectivity is considered high
- Geophysical surveys will be conducted at Ruby and within the
Redcastle property to test for cobalt and copper mineralization
extensions
"The Redcastle property is directly adjacent to our Iron
Creek Project and just east of our Ruby Zone cobalt-copper
prospect, which is exposed at surface. We believe this area shows
great promise for cobalt and copper mineralization, which would
complement our strategy of expanding the Iron Creek deposit and its
extensions." said President and CEO, Trent
Mell
The United States Government has announced several
initiatives in support of reducing the reliance on imports of
critical minerals such as cobalt. The Idaho Cobalt Belt can provide
a significant and secure domestic cobalt supply for the US market.
First Cobalt has made it its mission to produce the world's most
sustainable cobalt."
First Cobalt Idaho Property
Iron Creek is a high grade primary cobalt deposit on patented
property in the United States. The
property consists of mining patents and exploration claims.
Historic underground development at Iron Creek includes 600 metres
of drifting from three adits. An all-weather road connects the
property to a state highway and the nearby towns of Challis and Salmon. Significant infrastructure is in place
to support multiple drills and underground activity. The setting
for mineralization is well suited for underground mining
development.
Iron Creek is one of many cobalt-copper resources and prospects
within the Idaho Cobalt Belt. Mineralization-style throughout the
Belt is considered to be stratabound meta-sedimentary rock hosted.
The United States Geological Survey deems these resources in
Idaho to be strategically
important as a domestic supply of cobalt.
Redcastle Property
The Redcastle property consists of 31 exploration claims to the
east of the Iron Creek resource, an area that is particularly
enriched in cobalt and is open along strike. New geological
interpretations reflect extensions or structural repetition of the
host rock sequence toward the Ruby Zone and Redcastle property
(Figure 1). Cobalt and copper mineralization at the Ruby Zone is
exposed over a 500m strike extent.
Surface channel sampling at the Ruby Zone returned continuous
intervals of cobalt grades comparable to the Iron Creek resource
(Table 1). The style of cobalt mineralization at the Ruby Zone is
similar to the Iron Creek deposit. Copper grades were low but are
considered to be preferentially leached and removed by
weathering.
The host rocks to mineralization at Iron Creek are interpreted
to extend eastward within the Redcastle property. Future
geophysical surveys using the same methods as used over Iron Creek
are planned along with bedrock mapping and geochemical surveys
being conducted this summer.
Under the terms of the agreement, First Cobalt can earn a 51%
interest by an initial payment of US$50,000, incurring US$1.5 million in expenditures over 3 years,
issuing 200,000 shares and making staged payments of US$100,000. Ownership can increase to 75% upon
incurring an additional $1.5 million
in expenditures and making a payment of US$150,000 over an additional two years.
Iron Creek Mineral Resource
Iron Creek currently has an Indicated Resource of 2.2 million
tonnes at 0.32% cobalt equivalent (0.26% cobalt and 0.61% copper)
for 12.3 million pounds of contained cobalt and 29 million pounds
of contained copper, as well as an Inferred Resource of 2.7 million
tonnes at 0.28% cobalt equivalent (0.22% cobalt and 0.68% copper)
for an additional 12.7 million pounds of contained cobalt and 40
million pounds of contained copper. The resource estimate used a
0.18% cobalt equivalent cutoff grade.
Drilling has outlined the strike extent of mineralization to
over 900 metres and down-dip to over 650 metres. Mineralization
remains open along strike and down-dip, suggesting strong potential
for significant future resource growth. Thick mineralized zones of
up to 30 metres of true thickness reflect broad stratabound
lithological controls.
Iron Creek mineralization occurs as lenses and pods of pyrite,
the dominant phase hosting cobalt, that are primarily concordant to
the sedimentary layering in the host rocks. Chalcopyrite, the only
copper mineral phase, is disseminated and also occurs as stringers
cutting pyrite mineralization within the zone of
mineralization.
The host rocks to mineralization are a finely inter-bedded
sequence of siltstone and argillite with intermittent, less than
30cm thick, quartzite layers. Ripple and dune sedimentary
structures are well-preserved throughout the mineralized sequence.
A higher proportion of quartzite layers have been mapped above and
below the mineralized zone at surface marking the stratigraphic
hangingwall and footwall to mineralization.
Table 1. Assay results from Ruby zone sampling
program
From
(ft)
|
To
(ft)
|
Length
(ft)
|
Length
(m)
|
Co
(%)
|
Cu
(%)
|
40
|
50
|
10
|
3.0
|
0.19
|
0.01
|
85
|
110
|
25
|
7.6
|
0.26
|
0.06
|
120
|
125
|
5
|
1.5
|
0.14
|
0.02
|
210
|
245
|
35
|
10.7
|
0.24
|
0.01
|
|
Including
|
5
|
1.5
|
0.48
|
0.01
|
375
|
380
|
5
|
1.5
|
0.14
|
0.02
|
Note: sampling was conducted using a rock saw along the
near-vertical exposures at a consistent height. Sampling was
started in gossanous rock and individual samples were separated
every 5 feet from the start point. Analytical methods and results
previously reported October 29,
2019
Qualified 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 employed as Vice President, Exploration for First
Cobalt.
About First Cobalt
First Cobalt's mission is to be the most sustainable producer of
battery materials. The Company owns North
America's only permitted cobalt refinery, a critical asset
in the development and manufacturing of batteries for electric
vehicles. First Cobalt also owns the Iron Creek cobalt-copper
project in Idaho, USA as well as
several significant cobalt and silver properties in the Canadian
Cobalt Camp.
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.
SOURCE First Cobalt Corp.