First Cobalt (FCC.V) drill results show ‘high-grade mineralization’

11/21/2018

Assay results continue to show promise for First Cobalt (FCC.V).

New core samples reveal deep mineralization of both cobalt and copper. First Cobalt says the samples, from their Iron Creek cobalt project, also reveal mineralization between their two current production areas in addition to mineralization in the footwall of the Waite zone.

“These results confirm the continuity and consistency of mineralization predicted by our geological model,” said First Cobalt president and CEO Trent Mell. He said the new results “add further support for the development vision for the future of the project.”

That development vision, which is the plan for how FCC will forge ahead with its Iron Creek project, will be included in a resource estimate update slated for release in early 2019.

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“Today’s results infill and extend mineralization at depth between the eastern and western extents of the known resource area. We also continue to intercept higher-grade mineralization between the two main zones,” Mell added.

Samples reveal mineralization down to 50 metres below the current project’s charted mineral deposit zone. The samples also reveal cobalt mineralization in other areas between lode zones.

Highlights from First Cobalt’s recent assay results

  1. Broad widths of high-grade mineralization continue to be intercepted in the eastern portion of the current resource area:
    1. 32.3 metres of 0.31 percent cobalt and 0.31 percent copper in ICS18-06B;
    2. 21.1 m of 0.32 percent cobalt and 0.20 percent cobalt in ICS18-05 (true widths);
  2. Massive sulphide intercepts between the main zones, including 1.6 m of 1.12 percent cobalt within 5.3 m of 0.49 percent cobalt (true width), enhance the continuity and size of higher grade cobalt mineralization near the underground workings;
  3. Mineralization extended an additional 50 m below the central portion of the current resource area at grades comparable with the resource estimate;
  4. Three drill rigs on site to accelerate timing of updated resource estimate in early 2019.

The company is currently drilling to extend the strike length of the project’s mineralized zone, aiming to increase it from its current length of more than 500 metres.

First Cobalt will also be testing down dip extensions of known cobalt-copper zones from 150 metres to over 300 metres below surface. These drill results include the three holes near the center of the Iron Creek resource and three holes at its eastern end.

Assay results and information courtesy firstcobalt.com.

Recent drilling at Iron Creek has revealed new “lenses of cobalt mineralization,” First Cobalt reports. These lay between the “massive sulphide horizons,” as well as within the rock that sits on top of the cobalt ore (hanging wall) of Iron Creek’s No Name zone and the rock underneath the ore (footwall) in the Waite zone.

Intercepts in the eastern portion show 32.3 m of 0.31 percent cobalt and 0.31 percent copper in hole ICS18-06B (true width). Intercepts also show 21.1 m of 0.32 percent cobalt and 0.20 percent cobalt in hole ICS18-05. The massive sulphide intercepts between the main zones, including 1.6 m of 1.12 percent cobalt within 5.3 m of 0.49 percent cobalt, enhance the continuity and size of higher-grade cobalt near the underground workings.

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Lower-grade cobalt halos have also been discovered around the sulphide horizons. These halos could be bulk mined in the future. First Cobalt said they’ll be drilling in these areas to determine the size of these lower-grade halos. They’ll also be drilling to determine the depth of the massive sulphide horizons.

Bedrock geology and surface expression of cobalt-copper mineralization at Iron Creek. Map courtesy firstcobalt.com.

Drill holes in both the Waite and No Name zones proved the lode veins run down past current estimates. The metal zoning at depth in the No Name zone shows higher-grade copper in the hanging wall. The metal zoning at depth in the Waite zone shows higher-grade cobalt in the footwall.

Backgrounder on Iron Creek

First Cobalt announced on Sept. 26, 2018, an inferred resource estimate at Iron Creek of 26.9 million tonnes grading 0.11 percent cobalt equivalent—0.08 percent cobalt and 0.30 percent copper 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.

The Iron Creek property consists of patented mining claims surrounded by unpatented mining claims covering an area of 1,698 acres. Significant infrastructure is in place to support multiple drills and underground activity. Historic underground development includes 600 metres of drifting in three passages and an all-weather road connecting the project to a state highway.

Full disclosure: First Cobalt is not an Equity Guru marketing client.

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