First Cobalt Commences Exploration on Cobalt One and CobalTech Properties

TORONTO, ONTARIO--(Marketwired - Oct. 24, 2017) - First Cobalt Corp. (TSX VENTURE:FCC)(OTCQB:FTSSF) (the "Company") announces the commencement of prospecting and structural mapping on properties owned by Cobalt One Ltd. (ASX:CO1) and CobalTech Mining Inc. (TSX VENTURE:CSK), the results of which will be used to plan a winter drill program for the consolidated land package in Ontario, Canada.

Highlights

• Cobalt One and CobalTech have provided property access to First Cobalt's exploration team in anticipation of the merger completion
  
  
• Prospecting targets include Caswell, Ophir and Silver Banner, which are known to be cobalt-rich, along with several mines in the Kerr Lake and Maiden Lake areas
  
  
• Mapping program to focus on the New Lake area, including the Ophir and Silver Banner mines, and the Maiden Lake area east of the Keeley, Frontier, Haileybury and Bellellen mines
  
  
• Outcrop exposure in the Cobalt Camp is extensive therefore prospecting, structural mapping and bedrock sampling are intended to prioritize areas for further exploration and winter drilling across the consolidated land package
  
  

Trent Mell, President & Chief Executive Officer, commented:

"As the merger of First Cobalt, Cobalt One and CobalTech nears completion, the three companies are cooperating to give the consolidated company an early start on a land position that will encompass 10,000 hectares and 50 past producing cobalt and silver mines. This exploration program will advance our understanding of the diverse geologic settings throughout the Camp and position us for an active winter season."

In advance of the completion of the mergers with Cobalt One and CobalTech (announced June 26, 2017), First Cobalt has been granted access to the properties belonging to both companies to initiate prospecting and mapping programs of the consolidated land package. Results will be incorporated into planning for winter drill targets.

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 two merger transactions, First Cobalt will control over 10,000 hectares of prospective land and 50 historic mining operations in the Cobalt Camp. Cobalt One shareholders will meet to approve the transaction on November 17 and CobalTech shareholders will meet on November 21.