First Cobalt Adds Two Drill Rigs to Idaho ProjectView this email in your browser?
TSX.V: FCC ASX: FCC OTCQX:FTSSF
First Cobalt Adds Two Drill Rigs to Idaho Project
TORONTO, ON — (July 12, 2018) – First Cobalt Corp. (TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the “Company”) today announces that two additional drill rigs have been mobilized at its Iron Creek Cobalt Project in Idaho, USA to accelerate drilling activities. The Company is now drilling both from surface and underground.
Highlights
Drilling will test down dip extensions of known cobalt-copper zones to over 300 metres below surface and test lateral strike over one kilometre to extend mineralization beyond the current 520 metres
81 holes and over 29,000 metres have been planned, primarily from new surface drilling stations constructed earlier this year
Maiden NI 43-101 mineral resource estimate expected by October 2018
New mineralized zones in the footwall are being targeted to test extensions to surface
Close-spaced drilling on two mineralized zones to bring a portion of the expected Inferred Mineral Resource estimate into Measured and Indicated Resource category in a second resource estimate
Trent Mell, President & Chief Executive Officer, commented:
“Our confidence level in the growing footprint of the Iron Creek project warrants an acceleration of drilling activities. A maiden resource estimate is underway and will be available by October. We believe Iron Creek is an important part of the pipeline of cobalt concentrate we intend to feed into the First Cobalt Refinery in Ontario and the addition of two more drill rigs will significantly speed up activities.”
First Cobalt previously announced a fully-funded $9 million work program for the Iron Creek Project, which it acquired on June 4, 2018. Drilling is designed to extend the strike length of the mineralized zone to 1,032 metres from the current 520 metres and test down dip extensions of known cobalt-copper zones to over 300 metres below surface. Results reported to date have encountered cobalt-copper mineralization in both the No Name and the Waite Zones.
The addition of two surface rigs will accelerate drilling results and supplement ongoing underground drilling from existing adits. Surface drilling stations were constructed earlier this year and both rigs are already in operation.
In 2017, drilling from surface focused primarily on the No Name Zone and Q1 2018 drilling from underground targeted the lesser known Waite Zone. Results from that work program are currently being compiled and will form the basis of a maiden NI 43-101 mineral resource estimate expected by October 2018. The current drill program will support a second resource estimate anticipated in early 2019 and is expected to support a conversion of a portion of the expected Inferred Mineral Resource estimate into a Measured and Indicated Resource estimate.
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