The Iron Creek Cobalt Property is located in Lemhi County, Idaho, along the most prolific trend of cobalt mineralization in the USA, the Idaho Cobalt Belt (Figure 1). The Iron Creek Project has a historic estimate of 1.3M tons grading an average of 0.59% cobalt and 0.3% copper (non-compliant with NI 43-101*).
The property benefits from a substantial amount of historical exploratory work, including approximately 30,000 feet of diamond drilling, and the mining of 1,500 feet of underground workings. The mineralization-style is semi-massive sulphide within argillaceous sedimentary rocks. Cobalt appears dominantly within fine grained massive pyrite.
The Project area is located on mining patents with significant infrastructure already in place. Underground development includes 600m of drifting from three adits, and an all weather road connects the Project to highway 93.
The 2017, a 40 hole program completed over 10,800m of drilling, largely from surface. Drilling traced mineralization for over 800m and is open to west and down-dip. Assay results confirm the historic mineralization and indicate potentially broader cobalt mineralization zones in places. The 2017 program is the foundation for an NI 43-101 compliant Mineral Resource Estimate expected in 2018.
In 2018, a 70 drill hole, 15,000m program is planned to expand mineralized area and infill the known mineralization.
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Iron Creek Drill Results
First Cobalt considers the cobalt and copper tonnage and grade estimates above as historical estimates. The historical estimates do not use categories that conform to current CIM Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) and have not been redefined to conform to current CIM Definition Standards. They were prepared in the 1980s prior to the adoption and implementation of NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and First Cobalt is not treating the historical estimates as current mineral resources. More work, including, but not limited to, drilling, will be required to conform the estimates to current CIM Definition Standards. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the Iron Creek property. First Cobalt has not undertaken any independent investigation of the historical estimates nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. First Cobalt believes that the historical estimates are relevant to guide exploration on the Iron Creek property.