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First Cobalt Corp
Symbol FCC
Shares Issued 339,321,827
Close 2019-01-22 C$ 0.15
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First Cobalt drills 12.1 m of 0.31% Co at Iron Creek

2019-01-22 07:22 ET - News Release

Mr. Trent Mell reports

FIRST COBALT EXTENDS IRON CREEK 100 METRES DOWNDIP IN CENTRAL AREA

First Cobalt Corp. has released drill results from its Iron Creek cobalt project in Idaho, that extend mineralization at depth and continue to demonstrate thick mineralized areas between the two known zones as well as in the footwall and hangingwall of the current resource area.

Highlights:

  • Mineralization extended an additional 100 metres to 250 m from surface in the central portion of the current resource area at grades comparable with the resource estimate;
  • Broad widths of mineralization continue to be intercepted (all widths reported are true widths):
    • 12.1 m of 0.31 per cent cobalt, including 0.69 per cent Co over 2.4 m;
    • 15.9 m at 0.18 per cent Co, including 0.30 per cent Co over 5.8 m;
    • 25.3 m of 0.16 per cent Co, including 0.38 per cent Co over 2.0 m;
    • 24.7 m of 0.15 per cent Co, including 0.37 per cent Co over 3.6 m;
  • Several new cobalt-copper intercepts occur between the main zones as well as in the footwall and hangingwall, providing further evidence that continuous mineralization extends along other horizons which could provide additional tonnage to a future resource calculation;
  • Updated mineral resource estimate planned for March 31, 2019.

Trent Mell, president and chief executive officer, commented: "Results from the drill campaign completed in December are showing very good continuity and consistency of mineralization. As expected, we have encountered mineralization at depth and in the footwall and hangingwall of the No Name and Waite zones. In addition, mineralized intercepts between the two historic zones are occurring over appreciable widths, indicating the possibility that the two zones could in fact be a single, larger zone. A total of 13,000 metres were completed in phase 2 drilling and assays received to date provide a strong indication that the company can show a significant enhancement over the maiden resource estimate.

"First Cobalt is well positioned for a rebound in the commodities sector. Important near-term catalysts for shareholders include an update on the First Cobalt refinery expected shortly and the Iron Creek resource estimate anticipated by March 31."

Results reported today are encouraging for three reasons. First, they have extended the cobalt-copper mineralization by approximately 100 m downdip in the central area of the Iron Creek cobalt project inferred resource. A historic resource estimate by Noranda and others interpreted this area as barren but First Cobalt drilling suggests otherwise. A second outcome from these results is that infill drilling has confirmed good continuity of mineralization in the central portion of the resource, both at depth and between the No Name and Waite zones. Lastly, new intersections of mineralized horizons outside of the two zones suggest further tonnage potential beyond the boundaries of the maiden resource estimate.

The phase 2 drill campaign consisted of 43 holes and over 13,000 metres and ended in December, 2018. With the seven holes released today, a total of 21 holes have been reported with an additional 22 pending. Phase 2 drilling follows the publication of the maiden resource estimate in 2018 that was based on 62 holes and over 15,000 metres of drilling. The second phase of drilling was intended to extend the strike length of the mineralized zone from over 500 metres to over 1,000 metres and test downdip extensions of known cobalt-copper zones from 150 metres to over 300 metres below surface. An updated resource estimated is expected by the end of the first quarter of 2019.

Detailed results

Three of the seven surface drill holes tested mineralization below adit No 2. Results continue to show both the No Name and Waite zones extend downdip at grades comparable with the 2018 resource estimate. In addition, mineralization between the two known zones of 15.9 m grading 0.18 per cent Co including 5.8 m of 0.30 per cent Co represent an additional continuous horizon. In this area, the Waite zone is locally thickened with higher-grade intercepts including 12.1 m of 0.31 per cent Co. In hole ICS18-14, a deep intersection of the Waite zone extends mineralization 100 m downdip in the central area of the resource. Mineralization in the footwall also continues to be intersected that can be correlated to other drill holes along strike. In the hangingwall, hole ICS18-11 intersected 2.9 m of 2.44 per cent Cu that may be associated with similar grade copper mineralization west of adit No. 2.

The other four holes were also drilled from surface and targeted a gap along the strike extent of the No Name zone previously interpreted from the historic exploration programs. Today's assay results from these four holes confirm the continuity of cobalt-copper grades and indicate mineralization extends to depth.

In all four holes, broad zones of lower cobalt grades contain intervals of higher-grade cobalt reflecting the abundance of disseminated pyrite occurring as bands within the host sedimentary rocks. In the Waite zone, hole ICS18-10A intersected a thick section of mineralization, over 25 m true thickness. Within the same hole, additional cobalt was intersected in the immediate footwall, 4.9 m of 0.28 per cent Co. Similar results exist in most drill holes in this area reflecting the potential for increased tonnage in this area. Hole ICS18-19 was drilled steeply from surface and intersected copper-cobalt in the lower portion of the existing resource model, improving the continuity of the downdip extensions of mineralization in the No Name zone. Mineralized horizons between the two zones occur over appreciable widths as intersected in ICS18-26 of 9.0 m of 0.22 per cent Co.

                                      SUMMARY OF ASSAY RESULTS
  
Hole ID        From        To  Drilled length  True width   True width    Cobalt     Copper      CoEq
                (m)       (m)             (m)         (m)       (feet)       (%)        (%)       (%)

ICS18-08      113.5     121.8             8.3         7.4         24.4      0.09       0.85      0.18
              113.5     116.0             2.5         2.3          7.4      0.13       1.80      0.31
              157.9     158.4             0.5         0.5          1.5      0.26       1.64      0.42
              163.9     166.8             2.9         2.7          8.9      0.68       0.04      0.69
              227.2     228.1             0.9         0.9          2.8      0.19       0.00      0.19
              241.3     241.8             0.5         0.5          1.6      0.23       0.00      0.23
ICS18-11      120.7     124.8             4.1         2.9          9.4      0.01       2.44      0.25
              150.3     157.9             7.7         5.4         17.8      0.10       0.09      0.11
              152.3     153.0             0.7         0.5          1.6      0.32       0.31      0.35
              171.5     192.6            21.1        15.9         52.1      0.18       0.03      0.19
              183.5     191.2             7.7         5.8         19.1      0.30       0.01      0.30
              196.4     197.4             0.9         0.7          2.4      0.31       0.15      0.32
              224.0     239.3            15.2        12.1         39.7      0.31       0.01      0.31
              224.0     225.6             1.5         1.2          4.0      0.45       0.01      0.46
              228.6     231.6             3.0         2.4          7.9      0.69       0.01      0.69
              257.6     266.0             8.4         6.7         22.1      0.14       0.00      0.14
              280.6     281.8             1.1         0.9          3.0      0.21       0.01      0.21
              288.6     290.1             1.5         1.2          4.0      0.11       0.01      0.11
              301.8     303.3             1.5         1.2          4.0      0.13       0.02      0.13
              307.3     308.8             1.5         1.2          3.9      0.19       0.04      0.20
              318.5     319.4             0.9         0.7          2.3      0.14       0.01      0.14
ICS18-14      205.4     211.5             6.1         3.1         10.1      0.19       0.04      0.20
              210.2     211.5             1.3         0.7          2.1      0.51       0.06      0.52
              271.5     307.0            35.5        18.1         59.4      0.13       0.00      0.13
              293.9     298.0             4.1         2.1          6.9      0.25       0.00      0.25
              343.7     345.9             2.3         1.2          3.8      0.32       0.00      0.32
ICS18-10A     246.4     275.2            28.8        25.3         83.1      0.16       0.07      0.17
              247.6     249.8             2.2         2.0          6.4      0.38       0.09      0.38
              305.7     313.4             7.7         7.1         23.4      0.10       0.34      0.13
              316.1     342.3            26.2        24.7         80.9      0.15       0.01      0.15
              316.1     319.9             3.8         3.6         11.7      0.37       0.08      0.38
              337.7     340.3             2.6         2.3          7.4      0.26       0.00      0.26
              356.7     361.9             5.2         4.9         16.2      0.28       0.00      0.28
              368.7     370.7             2.0         1.9          6.1      0.12       0.00      0.12
ICS18-18      173.9     179.6             5.7         4.3         14.0      0.17       0.03      0.17
              205.9     210.9             5.0         3.8         12.6      0.22       0.20      0.24
              242.4     278.0            35.5        28.4         93.3      0.10       0.01      0.10
              242.4     244.1             1.6         1.3          4.3      0.49       0.05      0.50
              276.7     278.0             1.3         1.0          3.4      0.35       0.00      0.35
              298.7     301.5             2.9         2.3          7.5      0.35       0.00      0.35
ICS18-19      214.7     223.6             8.9         4.8         15.8      0.35       0.07      0.35
              216.3     218.5             2.2         1.2          3.9      0.51       0.11      0.52
              258.7     272.9            14.1         7.6         25.1      0.29       0.02      0.29
              268.5     270.6             2.1         1.1          3.7      0.56       0.03      0.56
              273.3     274.5             1.2         0.7          2.2      0.04       4.46      0.49
ICS18-26      229.0     244.5            15.5        14.1         46.4      0.11       0.08      0.12
              255.6     285.4            29.8        27.1         88.9      0.13       0.19      0.15
              294.3     304.3             9.9         9.0         29.7      0.22       0.05      0.22
              300.5     303.4             2.9         2.6          8.6      0.42       0.03      0.42
              345.9     350.7             4.8         4.4         14.4      0.20       0.02      0.20
              370.5     384.9            14.4        13.1         42.9      0.16       0.00      0.16

True thickness estimated from 3-D geological model also considering drill holes on strike. Cobalt 
equivalent is calculated as per cent CoEq equals per cent Co plus (per cent Cu divided by 10) based 
on $30 (U.S.)/pound Co and $3 (U.S.)/pound Cu. No metallurgical recoveries were applied to either 
metal as it is expected that the metallurgical recoveries will be similar for both metals. Flotation 
tests support the company's opinion that both cobalt and copper are of sufficient grade to be 
recovered.

Iron Creek project

First Cobalt announced on Sept. 26, 2018, an inferred resource estimate at Iron Creek of 26.9 million tonnes grading 0.11 per cent cobalt equivalent (0.08 per cent Co and 0.30 per cent Cu containing 46.2 million pounds of cobalt and 176.2 million pounds of copper) under a base-case scenario pit constrained and deeper mineral resource. An alternative underground-only scenario results in 4.4 million tonnes grading 0.23 per cent Co and 0.68 per cent Cu (0.30 per cent CoEq) using a cut-off underground grade of 0.18 per cent CoEq and containing 22.3 million pounds of cobalt and 66.7 million pounds of copper. The inferred resource is based on drilling over a strike length of approximately 500 metres and a dip extent of over 150 metres. Preliminary metallurgical testing concludes that simple flotation methods are applicable, yielding recoveries of 96 per cent for cobalt and 95 per cent for copper in rougher flotation. Historic underground development includes 600 metres of drifting in three adits and an all-weather road connecting the project to a state highway.

Quality assurance and quality control

First Cobalt has implemented a quality control program to comply with industry best practices for sampling, chain of custody and analyses. Blanks, duplicates and standards are inserted at the core processing site as part of the QA/QC program. Samples are prepared and analyzed by American Assay Laboratories (AAL) in Sparks, Nev. Over 15 per cent of the samples analyzed are control samples consisting of checks, blanks and duplicates inserted by the company; in addition to the control samples inserted by the lab. Drill core samples are dried, weighed crushed to 85 per cent passing minus six mesh, roll crushed to 85 per cent passing minus 10 mesh, split 250-gram pulps, then pulverized in a closed bowl ring pulverizer to 95 per cent passing minus 150 mesh, then analyzed by a five-acid digestion for ICP analysis. All samples have passed QA/QC protocols.

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 Stock 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 a North American pure play cobalt company whose flagship asset is the Iron Creek cobalt project in Idaho, United States, which has inferred mineral resources of 26.9 million tonnes grading 0.11 per cent cobalt equivalent. The company's other assets include 50 past-producing mines in the Canadian cobalt camp and the only permitted cobalt refinery in North America capable of producing battery materials.

We seek Safe Harbor.

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