June 7, 2017
First Cobalt Acquires Land in Cobalt Ontario
TORONTO, ON — (June 7, 2017) – First Cobalt Corp. (TSX-V: FCC, OTC: FTSSF) (the “Company”) is pleased to announce the acquisition of 22 mining claims in Cobalt Ontario, including the former producing Bellellen Mine. This transaction increases First Cobalt’s footprint in this prospective cobalt district by 40%.
Highlights:
Transaction allows First Cobalt to establish a presence in the north of the camp in addition to its substantial presence in the south
Eight of the 22 claims are contiguous to First Cobalt’s flagship Keeley-Frontier project
The Bellellen Mine is adjacent to the Keeley-Frontier Mine and First Cobalt intends to test for continuity between the two mines in this year’s exploration program
The acquisition totals 848 hectares, increasing the Company’s footprint by 40% to a total of almost 3,000 hectares of this prolific camp
Trent Mell, President & Chief Executive Officer commented:
“This transaction increases our land position in an important mining camp and also achieves two objectives. First, it allows us to test for extensions of the Keeley-Frontier mine to the east of our previous property boundary. Second, we now have a meaningful land position at the north end of the camp, adjacent to Agnico Eagle’s properties.”
Property Overview
First Cobalt acquired a 100% interest in 22 claims totaling 848 hectares in Cobalt Ontario by making a $325,000 cash payment to Brixton Metals Corp. (TSX.V: BBB). The claims cover prospective ground in both the south, near Silver Centre, as well as the north, near the town of Cobalt.
The southern properties are mining claims and mine leases that connect to First Cobalt’s Keeley-Frontier properties (see Figure 1). Of particular interest is the historic Bellellen Mine, which has a 70-foot shaft accessing four levels of underground workings that extend to an approximate depth of 400 feet. Historical production records indicate that the mine produced 28,481 pounds of cobalt, 38,027 ounces of silver and 13,404 pounds of nickel (McIlwaine, 1970), which is indicative of a base metal enriched mineralization style. The host rocks are altered mafic volcanic rocks, similar to those at the Keeley-Frontier deposit. The continuity of the Keeley-Frontier vein system to the Bellellen mineralization is unknown and presents an exciting target for additional drilling.
Some of the claims at the northern end of the camp are located less than one kilometre from the Yukon Refinery, where First Cobalt has an option to enter a 50-50 joint venture with Cobalt One. The northern claims cover a similar geological setting as that of Keeley-Frontier, where the silver-cobalt veins occur close to the contactbetween the mafic volcanic rocks and the Nipissing Diabase. These claims have a limited exploration history and warrant prospecting and geological mapping as a first phase of exploration.
Quelle + Volltext:
https://firstcobalt.com/2017/...-cobalt-acquires-land-cobalt-ontario/
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