First Cobalt drills 15.7 m of 0.12% Co at Keeley

First Cobalt Corp. TSX-V: FCC has released positive drill results from its 2017 drill program, intersecting over 30 metres of disseminated cobalt mineralization in the southern part of the Canadian Cobalt camp. Multiple drill intercepts in this area demonstrate that cobalt mineralization likely occurs as a broad zone, over approximately 350 metres of strike length associated with the historically mined Woods vein and other transecting structures.

Highlights

  • Over 70 metres of anomalous cobalt (greater than 0.03 per cent) as disseminated mineralization in drill hole KF-WV-0013 in the southern portion of the historic Keeley mine starting 15 metres from surface;
  • 15.7 metres of 0.12 per cent cobalt, including 6.2 metres at 0.21 per cent Co, reflect similar mineralization in surface grab samples;
  • Evidence of a broad zone of mineralization outside of the historically mined veins that extends over a strike length of 350 metres.

Trent Mell, president and chief executive officer, commented: “A key objective of our maiden drill program has been realized. We have demonstrated that disseminated cobalt and silver mineralization exist near surface and outside the veins that were the focus of historic underground mining operations, confirming findings from our 2017 surface sampling and prospecting. Drilling is now under way at the Bellellen mine in Cobalt South and shortly thereafter we will drill targets in Cobalt North.”

First Cobalt has intersected a broad zone of cobalt mineralization in drill hole KF-KV-0013, including over 30 m of disseminated cobalt mineralization at 0.07 per cent Co, at a vertical depth of 25 metres from surface. Within this zone, 15.7 metres grade 0.12 per cent Co, including 6.2 metres at 0.21 per cent Co. The exact geometry and hence true width of the mineralized zones cannot be assuredly concluded at this time therefore core lengths are reported.

Over all, more than 70 m of anomalous cobalt (greater than 0.03 per cent) were intersected 200 m to the south of KF-K3-0001, which intersected 25 m of silver mineralization (reported Feb. 1, 2017). Anomalous cobalt and silver occur in several drill holes to the north and along strike of the Woods vein. KF-KV-0016 is 330 m due north of KF-KV-0013 and contains an eight m interval of cobalt mineralization along the Woods vein. Recent assay results from drill holes KF-KD-0005 and KF-K3-0001, which, respectively, returned 5.5 m of 0.12 per cent Co and 138 grams per tonne silver (Dec. 19, 2017, press release), and 13.7 m of 106.2 g/t Ag (Feb. 1, 2018, press release) are also along this structure and potentially highlight a broad zone of mineralization outside of the historic mine workings that extends over a strike length of 350 m.

In drill hole KF-KV-0013, cobalt mineralization is associated with highly altered mafic volcanic rocks containing chlorite, sericite and carbonate minerals. The drill core is highly fractured and broken resulting in poor core recovery in some places. Approximately two metres of core were unrecoverable in the interval between 41 and 45 m and cobalt grade is low (greater than 0.01 per cent) in the interval compared with the rest of the samples within the 30 m zone, suggesting cobalt minerals have not been recovered. Cobalt-bearing minerals are visible within a discrete interval between 45.8 m to 46.2 m grading 2.89 per cent Co without the presence of obvious calcite veins. Most drill core in the hole is variably altered and anomalous Co (greater than 0.02 per cent) occurs below the zone to 90 m downhole. Felsic and mafic dikes, typically less than one m drilling width, occur throughout the zone that are relatively unaltered and unmineralized.

            SUMMARY OF ASSAY RESULTS FROM 
            HOLES IN THE KEELEY MINE AREA 
  
              From     To Length     Co     Ag     Ni
Hole ID        (m)    (m)    (m)    (%)  (g/t)    (%)

KF-WV-0013    22.8   53.0   30.2   0.07    5.0   0.04
including     30.5   46.2   15.7   0.12    4.1   0.05
including     40.0   46.2    6.2   0.21    7.0   0.10
KF-WV-0013    49.9   50.5    0.6   0.03   63.0   0.48
KF-KD-0004   203.7  204.1    0.4   0.05    1.0   1.31
KF-WV-0016     7.0   15.0    8.0   0.04    5.6   0.07

Note 
Lengths are measured along the drill core and true 
widths of mineralization are not known at this time.
 

Nickel and silver are also contained within this 30 m zone with grades of up to 0.48 per cent Ni and 63 g/t Ag over 0.6 m. Both nickel and silver are particularly concentrated in weakly altered and fractured volcanic rocks at the bottom of the mineralized zone below the high-grade cobalt interval.

Drill hole KF-KD-0004 intersected a portion of the Woods vein within the Nipissing diabase, returning high nickel and anomalous cobalt. Core recovery was poor (less than 50 per cent) in the reported interval, however, nickel-bearing minerals (niccolite) were visible. Borehole electromagnetics detected this mineralization and indicate the veining may extend beyond the hole. This geophysical method may be applicable for further targeting using a ground survey system.

Nickel was also intersected in separate veins west of the Woods vein in KF-KD-0005 now called the KeeleyCo area (Dec. 19, 2017, press release). Variations in cobalt, silver and nickel likely reflect metal zoning within a single hydrothermal system. Although the zoning pattern is still not well established by this early phase of drilling, high cobalt or silver or nickel in one place may reflect high values of the other metals nearby. High copper was also found in surface grab samples from several historic mines in the Cobalt camp (that is, Bellellen and Drummond) and is also likely part of the metal zoning group. First Cobalt believes that both could be byproduct metals of any future cobalt and silver mine.

The assay results from KF-WV-0013 show that the mineralization likely extend beyond the Woods vein where previous mining was focused. Another nearby drill hole, KF-WV-0014, intersected anomalous Co (up to 0.02 per cent over one m) intermittently in the hangingwall of the Woods vein suggesting another transecting structure is associated with the cobalt mineralization. Surface mapping of stripped outcrops by the company in the area has shown additional east-west- and northeast-trending structures are prominent, illustrating a complex network is related to mineralization.

This initial drill program near the Keeley mine was designed to test for disseminated and stockwork-style mineralization along the north-south strike length of the Woods vein, the main silver-cobalt-bearing structure that accounted for over 80 per cent of the historic silver production in the southern end of the Cobalt camp. The company believes that this has now been demonstrated, warranting further drilling in this area.

Quality assurance and quality control

First Cobalt has implemented a quality control program to comply with common industry best practices for sampling and analyses. Samples are collected from drill core from a range of 30-to-100-centimetre length. Half-core samples are submitted for analyses. Standards and blanks are inserted every 20 samples. Duplicates are made from quarter-core splits every 20 samples. Geochemical data were received from AGAT Laboratories in Mississauga, Ont., Canada. No QA/QC issues have been noted. AGAT Laboratories has used a sodium-peroxide fusion and inductively coupled plasma finish for analyses on all samples.

Qualified and competent person statement

Dr. Frank Santaguida, PGeo, 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 practising member of the Association of Professional Geologists of Ontario (being a recognized professional organization for the purposes of the Australian Securities Exchange 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 Corp.

First Cobalt is the largest landowner in the Cobalt camp in Ontario, Canada. The company controls over 10,000 hectares of prospective land and 50 historic mines, as well as a mill and the only permitted cobalt refinery in North America capable of producing battery materials. First Cobalt began drilling in the Cobalt camp in 2017 and seeks to build shareholder value through new discovery and growth opportunities.

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