First Cobalt Announces Inferred Mineral Resource for Iron Creek Project – Open at Depth and Along Strike

TORONTO, ON — (September 26, 2018) – First Cobalt Corp. (TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the “Company”) is pleased to announce results of its first NI 43-101 Mineral Resource Estimate for the 100%-owned Iron Creek Cobalt Project in Idaho, USA.

Highlights

  • Inferred mineral resources of 29.6 million tons (26.9 million tonnes) grading 0.11% cobalt equivalent (0.08% cobalt and 0.30% copper) under a base case scenario pit constrained and deeper mineral resource. An alternative underground-only scenario results in 4.9 million tons (4.4 million tonnes) grading 0.30% cobalt equivalent (0.23% cobalt and 0.68% copper)
  • Resource contains 45 million pounds (20,411 tonnes) of cobalt and 175 million pounds (79,379 tonnes) of copper for 62.9 million pounds (28,528 tonnes) of cobalt equivalent
  • Resource is considered to be open along strike and at depth, with true widths between 10m and 30m
  • Preliminary metallurgical testing concludes that simple flotation methods are applicable, yielding recoveries of 96% for cobalt and 95% for copper in rougher floatation
  • 30,000m drill program ongoing to double the strike length for an updated resource estimate planned for early 2019

Trent Mell, President & Chief Executive Officer, commented:

“The initial resource estimate and the pace of progress at Iron Creek have exceeded our expectations. We have delineated a sizeable primary cobalt deposit on patented property and mineralization continues to expand to the east, west and at depth. The mineralogy is simple and initial metallurgical test work is very encouraging with high metal recoveries. Cobalt is associated with pyrite rather than minerals containing arsenic, which may offer processing and offtake advantages.”

Mr. Mell went on to say, “Idaho has a long history of mining and we have enjoyed strong support from the State and in Washington, DC. This initial Inferred Resource estimate is an important step forward to a potential source of ethical cobalt in America. Drilling is now underway to test the mineralization strike length from 450 metres to over 900 metres, while also systematically testing depth extensions to over 300 metres to support an updated resource estimate in early 2019.” 

Mine Development Associates (MDA) in Reno, Nevada was retained to prepare a resource estimate for the Iron Creek cobalt and copper project, located in Idaho, USA. The resource estimate was based on data from 62 diamond drill holes, totaling 49,983 feet (15,235 metres), drilled by the Company in 2017 and early 2018.

The estimate of Inferred cobalt and copper resource is 29.6 million tons (26.9 million tonnes) at average grades of 0.08% cobalt and 0.30% copper, for a cobalt equivalent grade of 0.11%. These are reported at a cutoff of 0.03% CoEq for pit-constrained mineralization and 0.18% CoEq cutoff for potentially underground mineralization. As an alternative, an underground only scenario was estimated at a cutoff of 0.18% CoEq.

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