TORONTO, Dec. 07, 2017 (GLOBE NEWSWIRE) -- First Cobalt Corp. (TSX-V:FCC) (ASX:FCC) (OTCQB:FTSSF) (the “Company”) is pleased to announce it has purchased four contiguous mining claims located in the Central Cobalt region of the Cobalt Camp in Ontario near the past producing Caswell mine.
Highlights
- The claims cover an area that may contain the extension of structures related to mineralization at the Caswell mine and the Thompson prospect
- The properties are contiguous to First Cobalt properties to the west of the Caswell and La Tour mines and the Thompson prospect in Central Cobalt, further consolidating this highly prospective area
Trent Mell, President & Chief Executive Officer, commented:
“Expansion of First Cobalt’s property into this highly prospective area increases the opportunity for regional exploration work in keeping with the Company’s intention to identify bulk cobalt mining opportunities. Cobalt Central was historically underexplored yet the Caswell mine to the east of these claims boasts one of the highest historic cobalt-to-silver ratios within the Camp making this region highly attractive for continued exploration.”
The claims, located in Cobalt Central (Figure 1), cover an area that may contain the extension of north-east trending structures related to mineralization at the Caswell mine and the Thompson prospect. A recent prospecting program at Caswell identified high grade mineralization at surface, including 9.44% cobalt, 1.27% copper and 2.92% nickel.
Caswell mine surface samples returned high grade Co-Ni-Cu mineralization hosted within calcite-quartz veins in Nipissing Diabase (announced November 21, 2017). Recent assays from samples of quartz-carbonate veins in outcrop collected at the nearby Thompson prospect returned anomalous Cu (up to 0.105%). Folding in the area is noted from government mapping and may control structures hosting mineralization. The Caswell mine was initially developed in 1910, with two shallow shafts no more than 40 metres below surface. The mine produced almost 5,000 pounds of cobalt and over 1,500 ounces of silver in 1936, for a remarkable cobalt-to-silver ratio of 3.3 lbs Co for each 1 oz Ag produced.
These claims further consolidate highly prospective properties within the Central Cobalt area and will allow for regional exploration surveys, both geochemical and geophysical, to be conducted over a larger region. First Cobalt acquired a 100% interest in four claims totaling 650 hectares in Cobalt Ontario in exchange for 224,000 common shares of First Cobalt.
Qualified and Competent Person Statement
Dr. Frank Santaguida, P.Geo., 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 practicing member of the Association of Professional Geologists of Ontario (being a ‘Recognised Professional Organisation’ 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.
