First Cobalt Corp is pleased to report high grade cobalt and copper assays in sulphide-style mineralization at the past producing Drummond mine near Cobalt, Ontario. These results have enhanced the prospectivity of this area for further exploration and drilling following the completion of the mergers with CobalTech Mining Inc. (TSX VENTURE:CSK) and Cobalt One Ltd.
Grab samples from muckpiles by the historic Drummond mine returned grades of up to 0.65% cobalt, 1.79% copper and 4,990 g/t silver
The disseminated texture of copper, as well as zinc and lead, in addition to the presence of cobalt-silver bearing veins would be amenable to bulk mining
This sulphide-style signature, similar to that seen at Bellellen, has not been well documented in the Cobalt Camp and provides a different type of target for future exploration compared to typical vein systems such as at Keeley-Frontier
Trent Mell, President & Chief Executive Officer, commented:
"The presence of sulphide-style mineralization in different areas of the Cobalt Camp is very encouraging for our exploration thesis. The extent and complexity of the newly assembled land package will greatly improve the chance of discovering a large deposit and we will continue to prioritize new target areas throughout the Cobalt Camp as our work progresses."
Dr. Frank Santaguida, Vice President, Exploration commented:
"The metal associations found at Drummond are interesting and require follow up work. High lead in Archean volcanic rocks is not common and copper minerals in calcite veins may suggest an association with the cobalt-bearing calcite veins. Understanding the metal relationships and the structural control of this mineralization style will be key to further exploration work."
Sampling Program Overview
Over the summer, grab samples from muckpiles found in the Kerr Lake area were collected and analyzed for their metal content to validate historic observations. Sampling of muckpiles containing underground material is viewed as an efficient manner to quickly assess the cobalt potential of the area. Assay data are then used to prioritize areas for exploration follow-up.
The Kerr Lake area properties are currently owned by CobalTech Mining and include the past-producing Drummond mine, Kerr Lake mine, Lawson mine and others (see Figure 1). Mines in this area primarily operated from 1905 to 1966. The Drummond mine produced almost 246,000 lbs Co and 3.9 Moz Ag from 1905 to 1936, while the Kerr Lake and Lawson mines produced approximately 33 Moz Ag and significant cobalt by-product. First Cobalt's mergers with CobalTech and Cobalt One (announced June 26, 2017) are expected to close following respective shareholder votes to be held in November.
First Cobalt's Greater Cobalt Project currently covers approximately 4,300 hectares in the historic Silver Centre and Cobalt mining centres, now collectively referred to as the Cobalt Camp. On completion of the merger transactions with CobalTech and Cobalt One, First Cobalt will control over 10,000 hectares of prospective land and 50 historic mining operations in the Cobalt Camp.
Cobalt and Copper Mineralization
Cobalt mineralization occurs in this area within thin, cm-sized calcite veins similar to other mines in the Cobalt Camp. Cobalt minerals also occur within fractures without calcite. Copper mineralization occurs as both vein-style and disseminated; one copper-rich sample contains Cu-Co-As-S-Bi metal associations similar to those seen at the Bellellen mine (see September 28, 2017 press release).
The host rocks for the samples in this program are mainly felsic volcanic breccia with the disseminated Cu-Zn-Pb sulphide minerals occurring within the matrix. One sample that returned 1.07% copper is hosted by diabase which may reflect a widespread distribution of the mineralization. The Zn-Pb mineralization however, is disseminated style and may be less prevalent than the Cu mineralization. This relatively unique style of mineralization further reflects the breadth of exploration targets throughout the Cobalt Camp.
The current samples, while not representative, are indicative that an extensive cobalt mineralization system may exist within the volcanic rocks. Cobalt has not previously been an exploration focus in this area, as the most recent historic exploration, done in the early 1990's, focused on Cu-Zn-Pb mineralization within the volcanic rocks. The discovery of cobalt in these samples supports making this area an exploration focus.
