Mr. Trent Mell reports

FIRST COBALT DOUBLES LENGTH OF KERR AREA TARGET

Results of recent drilling have doubled the strike length of the mineralized zone in First Cobalt Corp.'s Kerr area to over 200 metres. Further potential for mineralization exists along strike of this newly identified mineralized zone, located south of Kerr Lake in the Cobalt North area of the Canadian Cobalt camp. The Kerr area contains several drill targets, with the Kerr No. 2 target now a priority for follow-up.

Highlights

• New assay results confirm the mineralized zone at the Kerr No. 2 target has doubled in strike length from the previously reported 100 metres to over 200 m.
• The zone contains a polymetallic network of veins and disseminated mineralization with cobalt, silver, copper, lead and zinc.
• High-grade intercepts include 0.56 per cent Co over 1.8 m as well as 1.45 per cent Co, 940 grams per tonne Ag and 0.44 per cent nickel over 0.3 m within longer intervals of mineralization including 5.0 m of 0.10 per cent Co and 4.6 m of 0.27 per cent Co.
• A silver intercept of 8.0 m of 31 g/t Ag is part of the same vein network, highlighting the potential for undiscovered cobalt-rich areas near the historic mines.
• Mineralized zone remains open along strike and drilling in the area is continuing.

Trent Mell, president and chief executive officer, commented:

"In short order First Cobalt has doubled the strike length of a newly discovered cobalt-rich zone and there is potential to increase this further. This is a testament to the integrated geological model our team has developed and continues to update with new data. The presence of a network of veins and disseminated mineralization across more than 200 metres is encouraging for our strategy of identifying open-pit targets in this historic Canadian mining district. Our 2018 drilling program will continue targeting 15 areas containing past-producing mines, but the Kerr area is now a high priority for exploration work."

Drilling in the Kerr No. 2 target in Cobalt North has confirmed that a zone of cobalt mineralization recently identified by First Cobalt (see March 26, 2018, press release) extends across more than 200 metres, double the size initially recognized. A network of multiple veins, at various orientations, containing cobalt and several other metals has been intersected along with disseminated mineralization. Further potential for mineralization exists along strike and additional drilling will continue to test the target.

Drill holes are designed using a 3-D geological model of the entire Kerr area compiled by First Cobalt and based on digital compilation of historic mine workings, integrated with exploration drilling and surface bedrock geology maps. At the Kerr No. 2 target, elevated silver was intersected by historic drilling but not developed by underground mining. Four holes were initially planned to test this intersection along the general trend of mineralization in the area. Assay results from two holes, FCC-18-0021 and FCC-18-0023, collared over 160 m apart, showed cobalt mineralization also occurs with grades including 10.4 m of 0.15 per cent Co and 44 g/t Ag.

Mineralization in these two holes is considered continuous and is now extended by two additional holes, FCC-18-0022 and FCC-18-0032, based on oriented drill core interpretation.

Two distinct zones of mineralization were intersected in FCC-18-0032 with cobalt-bearing veins occurring along with veins containing copper, zinc and lead. Silver and nickel occur within the cobalt-bearing veins (see attached table). Assays from FCC-18-0032 returned 5.0 m of 0.10 per cent Co, including 1.45 per cent Co, 940 g/t Ag and 0.44 per cent Ni over 0.3 m. Additional intercepts include 4.6 m of 0.27 per cent Co, including 0.56 per cent Co and 11 g/t Ag over 1.8 m and 0.21 per cent Co over 0.3 m. A separate cobalt-bearing vein was also intersected containing 0.21 per cent Co and 10 g/t Ag over 0.3 m that reflects an extension of this network beyond these two zones. Within the network, veins occur in varying directions as measured in oriented core.

Hole FCC-18-0022 was collared in the same location as FCC-18-0021 drilling eastward and intersected an 8.0 m zone of fractured rock with thin calcite veins containing elevated silver along with copper, zinc and lead. This silver mineralization is considered part of the same network of veining containing cobalt in the nearby drill holes and demonstrates a similar metal zoning seen throughout the Cobalt camp.

  
Hole ID     From (m)  To (m) Width (m)    Co (%) Ag (g/t)   Ni (%) Cu (%) Pb (%)  Zn (%) 

FCC-18-0032    87.0    92.0       5.0      0.10       65     0.04   0.22   0.57    0.26
including      89.0    89.3       0.3      1.45      970     0.44   0.16   2.34    0.01
FCC-18-0032   172.7   173.0       0.3      0.21       10     0.02  <0.01   0.36    0.01
FCC-18-0032   187.4   192.0       4.6      0.27       11     0.03   0.21  <0.01    0.38
including     188.0   189.8       1.8      0.56       22     0.07   0.47  <0.01    0.68
FCC-18-0022    42.0    50.0       8.0      0.01       31     0.01   0.07   0.18    0.14

Drilling lengths are as recorded downhole and do not necessarily represent true widths 
of mineralization as multiple vein orientations have been intersected.


  

The northeast trend of the mineralized zone is roughly parallel to the trend mined at both the Kerr Lake and Drummond mines. Similarly, the trend of the contact between the Nipissing diabase and Archean sedimentary rocks occurs in the same orientation. A regional fold structure is interpreted from compiled map information also trending northeast and is considered the major control of the location of the vein network developed at Kerr Lake. North-south vein orientations similar to those occurring at the historic Hargrave mine may have developed parallel to the orientation of the sedimentary rocks. Intersections between the regional fold orientation and sedimentary rocks are high-priority targets for further exploration drilling.

Coarse cobalt minerals occur within veins with and without calcite. Nickel and silver are also concentrated within the cobalt-bearing veins. Copper, zinc and lead occur as separate minerals and are often in separate veins or disseminated within the host rocks. The host to the mineralization zones is fine-grained sedimentary rocks, considered to be part of the Archean sequence below the unconformity with the Proterozoic sedimentary rocks. In places the Archean sedimentary rocks contain up to 5 per cent disseminated iron sulphide mineralization that predates the veins.

For a table of drill hole locations and assay results to date, visit the company's website.

Cobalt North

The Kerr Lake area contains several historic mines including Crown Reserve, Kerr Lake, Lawson, Drummond, Conisil and Hargrave, and produced over 50 million ounces silver mainly between 1905 to 1950. Other historic mines owned by First Cobalt in the Cobalt North area include the Silver Banner, Juno, Silverfields, Hamilton, Ophir mines. The Kerr Lake mine consisted of 13 separate shafts with underground development over 20 kilometres. The deepest shaft was less than 200 m.

Cobalt was not previously an exploration focus in this area although some cobalt, nickel and copper were produced as secondary metals at the Kerr Lake and Drummond mines. Cobalt had not been assayed within the mines or in exploration drill holes previously, so the potential for an extensive polymetallic mineralization system remains to be explored. Limited exploration activities in the 1970s and 1980s around Kerr Lake examined copper-zinc-lead mineralization within the Archean rocks.

Silver-bearing veins are concentrated along a northeast-trending corridor beneath Kerr Lake, but north-south trending veins were also mined, specifically at the Drummond and Hargrave mines.

The 2018 Cobalt North drill program consists of 17,000 metres with over 7,000 metres in the Kerr Lake area designed to test trends in mineralization found in historic drilling and major structures interpreted to be associated with mineralization. Disseminated polymetallic cobalt-silver-copper-zinc-lead mineralization has been recognized in samples from underground material in muckpiles from the Drummond mine showing a wide range of styles occur in this area (Oct. 26, 2017, press release).

Quality assurance and quality control

First Cobalt has implemented a quality control program to comply with common industry best practices for sampling and analysis. Samples are collected from drill core from a range of 30- to 100-centimetre length. Half-core samples are submitted for analysis. 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. All results have passed QA/QC protocols. AGAT has used a sodium-peroxide fusion and ICP finish for analyses on all samples. High silver values (over 20 grams per tonne) are determined by a separate three-acid digestion and ICP finish.

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 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 Corp.

First Cobalt aims to create the largest pure play cobalt exploration and development company in the world. The company controls over 10,000 hectares of prospective land covering over 50 historic mines as well as mineral processing facilities in the Cobalt camp in Ontario, Canada. The First Cobalt refinery is the only permitted facility in North America capable of producing cobalt battery materials.

We seek Safe Harbor.