First Cobalt Expands Drill Program to Target Bellellen - Seite 3

As previously reported on September 28, samples from the surface muckpiles returned high values of Co coincident with Ag, Ni and Cu in various styles of mineralization. Mineralogy work on disseminated style mineralization found Co as glaucodot (Co,Fe)AsS as well as Co-bearing pyrite (see October 5 press release). This style of mineralization had not previously been recognized in the Cobalt Camp and suggests a broad hydrothermal system may be present at Bellellen.

Prior to drilling, detailed airborne magnetic geophysical data are being interpreted to further evaluate the depth to the Nipissing Diabase and potentially refine the vein orientations locally.

Bellellen Mine

First Cobalt's vision for the Cobalt Camp is to revisit historic mines and cobalt-rich mineral occurrences, some of which have not seen meaningful exploration activity in more than 75 years, and evaluate the opportunity to use modern geoscience and bulk mining techniques to revive this historic world-class silver camp by targeting its cobalt potential.

Mining at Bellellen Mine began in 1909 around the same time the Haileybury, Frontier and Keeley Mines began operations. The Bellellen Mine contained high cobalt content relative to silver, thus it struggled to be economically viable in a silver mining era. Bellellen had intermittent production until 1943, when 12.3 tons of ore were shipped containing 9.25% Co and 11.55% Ni. Two mine shafts are still visible with underground material piled nearby.

The neighbouring towns of Silver Centre and Cobalt, Ontario, together called the Cobalt Camp, were historically the most prolific cobalt jurisdictions in Canada and the largest silver producers worldwide. It is estimated that from 1904 to 1985 this mining camp produced 50 million pounds of cobalt and 600 million ounces of silver from 100 different mines.

About First Cobalt

First Cobalt's objective is to create the largest pure-play cobalt exploration and development company in the world. The Company's primary focus is on its Greater Cobalt Project, including an option for the former producing Keeley-Frontier mine, a high-grade mine that produced over 3.3 million pounds of cobalt and 19.1 million ounces of silver from 301,000 tonnes of ore. Upon completion of the mergers with Cobalt One Ltd. and CobalTech Mining Inc., First Cobalt will control over 10,000 hectares of prospective land and 50 historic mining operations in the Cobalt Camp in Ontario, Canada as well as a mill and a permitted refinery facility.