VANCOUVER, British Columbia,
Jan. 11, 2021 /CNW/ -- Fuse
Cobalt Inc. ("the Company" or "Fuse") (TSXV: FUSE) (OTC: FUSEF)
(FRA: 43W3) would like to provide its shareholders with additional
information regarding the history and current status of the
Company, as well as, its proposed operating plan for 2021.
LETTER FROM THE PRESIDENT
TO OUR SHAREHOLDERS AND PARTNERS:
Since February 2020, the Company
has accomplished quite a bit during a time of global uncertainty
caused by the COVID-19 global pandemic, including a company
rebranding and financing. Now that a vaccine is on the horizon,
there has been a renewed interest on clean tech solutions,
including purchasing of electric vehicles. Tesla Inc. continues to
be one of the most valuable car companies by a long-shot and is on
the list of some of the most valuable public companies
worldwide.
We are now planning our 2021 Canadian exploration programs in
Cobalt Ontario, and plan to
further enhance and move our mineral exploration properties
forward. The Company's exploration team is in the process of
reviewing our past exploration work, to provide a realistic
exploration plan for 2021.
Mr. Setter further comments: "Recall that not that long ago, our
past drilling results on our Ontario cobalt properties revealed
Intersections of 21.9% Cobalt Over 0.36
M and 18.7% Cobalt Over 0.15 M
at Teledyne Cobalt Property (News Release Jan 18, 2018), and Intersections of 8.42%
Cobalt Over 0.30 Metres on the Glencore Bucke Property (News
Release Jan 17, 2018). These are
spectacular results. These results along with other high-grade
cobalt drill results found during past exploration programs, are
the reason why we are excited to continue to work on our
properties."
In addition to adding working capital and re-claiming 100% of
our Canadian cobalt assets over the past year, Fuse has added
several experienced people to our team which will allow the
Company to drive results on these two properties. "We look to
add to both our management team and board over the remainder of
calendar 2021, and stay tuned for these announcements," comments
Mr. Setter.
Furthermore Mr. Setter states: "Long-term, the Company believes
in the market for cobalt and we will continue to explore and
develop our mineral exploration properties in Ontario. They are great and important Company
assets largely because of the emergence of the overall Electric
Vehicle market and the need for new global sources of
cobalt. For example, a Tesla Model S needs 51 lbs of cobalt
for its battery and cobalt is an essential component in a lithium
ion rechargeable battery. Electric Vehicles are expected to
drive a large part of this increased future metal demand and are
projected to grow from a small number today to 140 million
vehicles by the year 2035. Because of this demand, our
neighbour in Ontario is restarting
North America's only licensed
cobalt refinery, alongside an investment by mining and commodities
trader giant Glencore of $45
million (Glencore Investment
News). We are excited that this
refinery, once operational, will provide a nearby facility to
refine any and all cobalt from the region, especially since we have
an existing offtake agreement in place with Glencore on these
properties. As you can see, the future for
cobalt is certainly bright and Fuse management is extremely
positive on the future demand for this metal."
These changes have positioned the Company for a bright future
for our shareholders.
"We are very happy that our shareholders continue to support our
company and our exploration programs in Canada," comments Mr. Robert Setter, President & CEO of Fuse. "The
funds that we have received recently are earmarked for our various
exploration programs in order to improve the value of what we have
underground and ultimately work towards getting these properties
closer to becoming producing cobalt properties. This will take
a lot of hard work, but our team is up for the challenge."
Thank you for joining us on this journey, and we look forward to
a great 2021.
Sincerely,
Robert Setter
President & CEO
Qualified Person
Joerg Kleinboeck, P.Geol., a qualified person within the context
of National Instrument 43-101, has reviewed this news release and
concludes it correctly reflects information as reported in the
various news releases and assessment reports from which it was
derived and approves the scientific and technical disclosure cited
in the news release.
About Glencore plc. https://www.glencore.com
Glencore plc is a leading integrated commodity producer and
trader, operating worldwide with diversified operations comprising
around 150 mining and metallurgical, oil production and
agricultural assets. Glencore's industrial and marketing activities
are supported by a global network of more than 90 offices located
in over 50 countries where they employ around 155,000 people,
including contractors. Glencore trades in and distribute physical
commodities sourced from third party producers as well as their own
production. The company also provide financing, processing,
storage, logistics and other services to commodity producers and
consumers.
About Fuse Cobalt Inc. www.fusecobalt.com
Fuse Cobalt Inc. is a Canadian based exploration company that
trades under the symbol FUSE on the TSX Venture Exchange. The
Company's focus is on exploration for high value metals required
for the manufacturing of batteries.
Ontario Cobalt Properties: Fuse owns a 100% interest
its Glencore Bucke Property, situated in Bucke Township, 6 km east-northeast of
Cobalt, Ontario, subject to a
back-in provision, production royalty and off-take agreement. The
Glencore Bucke Property consists of 16.2 hectares and sits along
the west boundary of Fuse's Teledyne Cobalt Project. The Company
also owns a 100% interest, subject to a royalty, in the Teledyne
Project which consists of 785 hectares of land and is also located
near Cobalt, Ontario. The Teledyne
Property adjoins the south and west boundaries of claims that
hosted the Agaunico Mine, a former producer of both silver and
cobalt.
Nevada Lithium Property: Fuse owns a 100% interest
in 100 placer claims covering 2000 acres (809 hectares) at Teels
Marsh, Nevada. The property, called Teels Marsh West is highly
prospective for Lithium brines and is located approximately 48
miles northwest of Clayton Valley and the Rockwood Lithium Mine.
Rockwood is North America's only producing brine-based
Lithium mine supporting lithium production since 1967. Access to
Teels Marsh is via dirt road, west of Highway 95 and northwest of
Highway 360.
On Behalf of the Board of Directors
"Robert Setter"
Robert Setter, President
&CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release may contain
forward-looking statements which include, but are not limited to,
comments that involve future events and conditions, which are
subject to various risks and uncertainties. Except for statements
of historical facts, comments that address resource potential,
upcoming work programs, geological interpretations, receipt and
security of mineral property titles, availability of funds, and
others are forward-looking. Forward-looking statements are not
guarantees of future performance and actual results may vary
materially from those statements. General business conditions are
factors that could cause actual results to vary materially from
forward-looking statements.
Contact:
Phone: +1 (236) 521-0207
FuseCobalt.com
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SOURCE Fuse Cobalt Inc.
