First Cobalt Expands Drill Program to Target Bellellen - Seite 2

Drilling at Bellellen is expected to begin in November. Drilling of the Frontier 2 Vein extension will be on patent ground and will commence following the program at the Keeley and Frontier Mines. Drilling along the Bellellen Vein requires a drill permit application, which has already been submitted and acceptance of the work program from the Ontario Ministry of Northern Development and Mines is pending.

Over 5,500 metres of drilling has been completed to date testing nine targets within the Keeley-Frontier vein system (Figure 1) and assays are pending. The Bellellen Mine occurs at the northern portion of the vein system and contains Co-rich mineralization, but its connection to the main silver-bearing veins such as the Woods and Watson Veins is not known.

New Geological Interpretation for Bellellen Mine

In September, a surface mapping program was completed covering the entire Keeley-Frontier property, including the Bellellen, Haileybury, Keeley and Frontier mines. The new mapping has shown that the Nipissing Diabase unit is more prevalent within previously mined areas than previously known, however in general the Nipissing Diabase does not host mineralization. The dominant host of mineralization is the mafic volcanic rocks, in which folding is apparent.

At Bellellen, the Nipissing Diabase has been interpreted at a depth of 125 metres below surface within a fold hinge. Between surface and the Diabase, a thick sequence of mafic volcanic rocks occurs, suggesting depth potential to the known Co-Ag mineralization may exist in this area (Figure 2).

To view Figure 1 and Figure 2 accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/1103538.pdf

During the surface mapping program, outcrop clearing and channel sampling were completed approximately 25 metres west of the Bellellen 2 mine shaft to test for metallic enrichment away from the known veins. In outcrop, the mafic volcanic rocks are pillow-textured containing rusty-coloured selvages marking the presence of metallic minerals. The rocks are altered to a quartz-chlorite-epidote mineral assemblage. Geochemical data from a total of 50 different samples showed locally anomalous Cu (up to 1000 ppm) coincident with anomalous As (> 200 pm). These values are a positive indicator of a widespread hydrothermal system and support the thesis of a metallic enrichment away from the main mineralization system.