First Cobalt doubles length of Kerr area target
Friday, May 04, 2018
First Cobalt Corp. is pleased to announce that results of recent drilling have doubled the strike length of the mineralized zone in the Kerr area to over 200 metres. Further potential for mineralization exists along strike of this newly-identified mineralized zone, located south of Kerr Lake in the Cobalt North area of the Canadian Cobalt Camp. The Kerr area contains several drill targets, with the Kerr #2 target now a priority for follow up.

Highlights

  • New assay results confirm the mineralized zone at the Kerr #2 target has doubled in strike length from the previously reported 100m to over 200m

  • The zone contains a polymetallic network of veins and disseminated mineralization with cobalt, silver, copper, lead and zinc


    • High grade intercepts include 0.56% Co over 1.8m as well as 1.45% Co, 940 g/t Ag and 0.44% Ni over 0.3m within longer intervals of mineralization including 5.0m of 0.10% Co and 4.6m of 0.27% Co

    • A silver intercept of 8.0m of 31 g/t Ag is part of the same vein network, highlighting the potential for undiscovered cobalt-rich areas near the historic mines

  • Mineralized zone remains open along strike and drilling in the area is ongoing
Trent Mell, President & Chief Executive Officer, commented:

"In short order First Cobalt has doubled the strike length of a newly discovered cobalt-rich zone and there is potential to increase this further. This is a testament to the integrated geological model our team has developed and continues to update with new data. The presence of a network of veins and disseminated mineralization across more than 200 metres is encouraging for our strategy of identifying open pit targets in this historic Canadian mining district. Our 2018 drilling program will continue targeting 15 areas containing past-producing mines, but the Kerr area is now a high priority for exploration work."

Drilling in the Kerr #2 target in Cobalt North has confirmed that a zone of cobalt mineralization recently identified by First Cobalt extends across more than 200 metres, double the size initially recognized. A network of multiple veins, at various orientations, containing cobalt and several other metals has been intersected along with disseminated mineralization. Further potential for mineralization exists along strike and additional drilling will continue to test the target.

Drill holes are designed using a 3D geological model of the entire Kerr area compiled by First Cobalt and based on digital compilation of historic mine workings, integrated with exploration drilling and surface bedrock geology maps. At the Kerr #2 target, elevated silver was intersected by historic drilling but not developed by underground mining. Four holes were initially planned to test this intersection along the general trend of mineralization in the area. Assay results from two holes, FCC-18-0021 and FCC-18-0023 collared over 160m apart, showed cobalt mineralization also occurs with grades including 10.4m of 0.15% Co and 44 g/t Ag.

Mineralization in these two holes is considered continuous and is now extended by two additional holes, FCC-18-0022 and FCC-18-0032, based on oriented drill core interpretation.

Two distinct zones of mineralization were intersected in FCC-18-0032 with cobalt-bearing veins occurring along with veins containing copper, zinc and lead. Silver and nickel occur within the cobalt-bearing veins. Assays from FCC-18-0032 returned 5.0m of 0.10% Co, including 1.45% Co, 940 g/t Ag and 0.44% Ni over 0.3m. Additional intercepts include 4.6m of 0.27% Co, including 0.56% Co and 11 g/t Ag over 1.8m and 0.21% Co over 0.3m. A separate cobalt-bearing vein was also intersected containing 0.21% Co and 10 g/t Ag over 0.3m that reflects an extension of this network beyond these two zones. Within the network, veins occur in varying directions as measured in oriented core.

Hole FCC-18-0022 was collared in the same location as FCC-18-0021 drilling eastward and intersected an 8.0m zone of fractured rock with thin calcite veins containing elevated silver along with copper, zinc and lead. This silver mineralization is considered part of the same network of veining containing cobalt in the nearby drill holes and demonstrates a similar metal zoning seen throughout the Cobalt Camp.

The northeast trend of the mineralized zone is roughly parallel to the trend mined at both the Kerr Lake and Drummond mines. Similarly, the trend of the contact between the Nipissing Diabase and Archean sedimentary rocks occurs in the same orientation. A regional fold structure is interpreted from compiled map information also trending northeast and is considered the major control of the location of the vein network developed at Kerr Lake. North-south vein orientations similar to those occurring at the historic Hargrave Mine may have developed parallel to the orientation of the sedimentary rocks. Intersections between the regional fold orientation and sedimentary rocks are high priority targets for further exploration drilling.

Coarse cobalt minerals occur within veins with and without calcite. Nickel and silver are also concentrated within the cobalt-bearing veins. Copper, zinc and lead occur as separate minerals and are often in separate veins or disseminated within the host rocks. The host to the mineralization zones are fine grained sedimentary rocks considered to be part of the Archean sequence below the unconformity with the Proterozoic sedimentary rocks. In places the Archean sedimentary rocks contain up to 5% disseminated iron sulphide mineralization that predates the veins.

Cobalt North

The Kerr Lake area contains several historic mines including Crown Reserve, Kerr Lake, Lawson, Drummond, Conisil and Hargrave, and produced over 50 million ounces silver mainly between 1905 to 1950. Other historic mines owned by First Cobalt in the Cobalt North area include the Silver Banner, Juno, Silverfields, Hamilton, Ophir mines. The Kerr Lake Mine consisted of thirteen separate shafts with underground development over 20km. The deepest shaft was less than 200m.

Cobalt was not previously an exploration focus in this area although some cobalt, nickel and copper were produced as secondary metals at the Kerr Lake and Drummond mines. Cobalt had not been assayed within the mines or in exploration drill holes previously, so the potential for an extensive polymetallic mineralization system remains to be explored. Limited exploration activities in the 1970s and 1980s around Kerr Lake examined copper-zinc-lead mineralization within the Archean rocks.

Silver-bearing veins are concentrated along a northeast-trending corridor beneath Kerr Lake, but north-south trending veins were also mined, specifically at the Drummond and Hargrave mines.

The 2018 Cobalt North drill program consists of 17,000 metres with over 7,000 metres in the Kerr Lake area designed to test trends in mineralization found in historic drilling and major structures interpreted to be associated with mineralization. Disseminated polymetallic cobalt-silver-copper-zinc-lead mineralization has been recognized in samples from underground material in muckpiles from the Drummond mine showing a wide range of styles occur in this area.

For more information, please visit: https://www.firstcobalt.com

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