(TheNewswire)
Coquitlam, BC - TheNewswire - September 5, 2023 - Fuse Battery Metals Inc. (“ the Company ” or“ Fuse ”) (TSXV:FUSE ) ( OTC:FUSEF ) ( FRA:43W3 ) is pleased to announce the Companyhas received assay results from the recently completed drill programat the Glencore Bucke Project located just outside Cobalt Ontario andnear the cobalt refinery of Electra Battery Metals Corporation( NASDAQ:ELBM ).
“We are pleased with the drill results from GB22-55to GB22-58 as they suggest structures are continuing southward towardsthe Teledyne property. GB22-56 has 2% Cobalt, 0.95% Ni, 1.15 gpt Auand 24.81 gpt Ag over 1.53m. We are excited to continue to evaluatethe mineralization along trend at the Teledyne.” Comments TimFernback, Fuse President & CEO. “We are pleased that the holestesting the extension of copper-cobalt zone have come back positivewith many intervals being over 5m core length.”
The drill program was engineered to follow-up existingintercepts from the 2017-2018 drill programs in addition to testingthe First Priority Targets outlined in the geophysical reportcompleted by Simcoe Geoscience in August 2022. The 2022 drill programhad a budget of CAD$500,000. The drill program completed 13 drillholes for a total of 1842 meters.
Towards the North-West part of the property, five drillholes were planned to follow up on the areasunderneath T-18, GB17-21, GB18-36, and GB17-15 further down-dip of theexisting structures. They were designed to test the vein continuity,as well as test the continuation of the copper-rich sulphide zonespreviously encountered. These include drillholes GB22-46, GB22-47. GB22-48, GB22-49, and GB22-50. The resultsfrom these drill holes are comparable to the intercepts encountered inprevious drill programs, and prove the mineralization continuesfurther at depth in the Main Zone.
The drill was then moved east and southward to test thegeophysical IP anomalies and interpreted structural features that maybe of interest. Four holes were planned to test these features. Theyinclude holes GB22-51, GB22-52, GB22-53, and GB22-54. No significantvalues were intercepted in these holes.
Towards the South part of the property, four holes wereplanned with three purposes in mind. The first was to follow-upexisting intercepts from GB18-44. The second was test the geophysicaltargets in this area, and the third was to determine if any of thestructures or veins continue southward and trend onto the Teledyneproperty. These holes include GB22-55, GB22-56, GB22-57, and GB22-58.These holes contained two excellent Cobalt results and suggests themineralization may in fact continue further southward onto Teledyne.
Assay Result Highlights
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There are 6 intervals greater than 5.0m core lengthwith cobalt equivalent grades above 0.1%.
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GB22-46 intercepted 1.8% Cu over 5.58m from 101.39 to 106.97m, including 3.54% Cu over 1.00m from 105.00 to106.00m. It also intercepted 0.39% Co and 0.58% Cu over 0.75m from 137.70mto 138.45m.
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GB22-47 intercepted 2.06% Cu and 0.18% Co over6.85m from 103.15 to 110.00m, including 3.94% Cu and 0.84% Co over0.54m from 104.91 to 105.45m.
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GB22-49 intercepted 1.46% Cu over 2.00m from 123.00 to 125.00m.
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GB22-50 intercepted 7.75% Co and 5.44% Ni over0.42m from 55.38 to 55.80m, and
2.17% Cu over3.93m from 66.88 to 70.81m, including 4.01% Cu over0.93m from 67.87 to 68.80m. -
GB22-55 intercepted 5.71% Co and 3.14% Ni over0.47m from 64.16 to 64.63m.
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GB22-56 intercepted 5.56 % Co and 2.66 % Ni over0.52m from 99.00 to 99.52m.
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GB22-50 contained up to 11.9 grams per tonne Au frominitial statistics the gold grade is strongly correlated with Nickeland Cobalt. Nickel and Cobalt also have a strong correlation.
Table 1: Composites greater than 2mwith Cobalt Equivalent greater than 0.1%
Hole | From | To | Length (m) | Au (gpt) | Ag (gpt) | Co (%) | Cu (%) | Ni (%) | Co eq (%) |
GB22-46 | 101.39 | 106.97 | 5.58 | 0.04 | 17.39 | 0.10 | 1.80 | 0.02 | 0.52 |
GB22-47 | 103.15 | 110.00 | 6.85 | 0.06 | 24.26 | 0.18 | 2.06 | 0.03 | 0.66 |
GB22-47 | 132.40 | 134.90 | 2.50 | 0.04 | 33.62 | 0.02 | 2.05 | 0.01 | 0.48 |
GB22-49 | 90.00 | 95.00 | 5.00 | 0.03 | 18.00 | 0.03 | 0.59 | 0.02 | 0.17 |
GB22-49 | 123.00 | 125.00 | 2.00 | 0.01 | 22.50 | 0.06 | 1.46 | 0.01 | 0.39 |
GB22-50 | 66.88 | 70.81 | 3.93 | 0.01 | 20.61 | 0.01 | 2.17 | 0.02 | 0.51 |
GB22-50 | 100.00 | 105.00 | 5.00 | 0.02 | 9.28 | 0.02 | 1.32 | 0.01 | 0.33 |
GB22-50 | 109.00 | 114.00 | 5.00 | 0.02 | 24.46 | 0.08 | 1.32 | 0.01 | 0.39 |
Table 2: Assay Results
Hole | From | To | Length (m) | Au (gpt) | Ag (gpt) | Co (%) | Cu (%) | Ni (%) | Co eq (%) |
GB22-46 | 10.75 | 11.25 | 0.50 | 0.01 | 0.30 | 0.00 | 2.10 | 0.01 | 0.48 |
GB22-46 | 101.39 | 106.97 | 5.58 | 0.04 | 17.39 | 0.10 | 1.80 | 0.02 | 0.52 |
including | 104.10 | 105.00 | 0.90 | 0.11 | 32.00 | 0.44 | 2.75 | 0.09 | 1.11 |
including | 105.00 | 106.00 | 1.00 | 0.01 | 24.20 | 0.01 | 3.46 | 0.01 | 0.79 |
GB22-46 | 137.70 | 138.45 | 0.75 | 0.09 | 94.10 | 0.39 | 0.58 | 0.02 | 0.54 |
GB22-47 | 9.54 | 10.04 | 0.50 | 0.02 | 0.20 | 0.01 | 0.95 | 0.01 | 0.23 |
GB22-47 | 98.15 | 99.65 | 1.50 | 0.03 | 9.85 | 0.05 | 0.26 | 0.01 | 0.12 |
GB22-47 | 103.15 | 110.00 | 6.85 | 0.06 | 24.26 | 0.18 | 2.06 | 0.03 | 0.66 |
including | 104.15 | 104.91 | 0.76 | 0.13 | 37.90 | 0.19 | 3.03 | 0.05 | 0.90 |
including | 104.91 | 105.45 | 0.54 | 0.33 | 19.70 | 0.84 | 3.94 | 0.12 | 1.80 |
including | 105.45 | 106.20 | 0.75 | 0.01 | 22.90 | 0.01 | 3.40 | 0.00 | 0.77 |
including | 106.20 | 106.80 | 0.60 | 0.15 | 30.20 | 0.99 | 2.39 | 0.08 | 1.58 |
GB22-47 | 113.00 | 114.00 | 1.00 | 0.21 | 19.60 | 0.03 | 0.89 | 0.01 | 0.24 |
GB22-47 | 132.40 | 134.90 | 2.50 | 0.04 | 33.62 | 0.02 | 2.05 | 0.01 | 0.48 |
including | 134.10 | 134.90 | 0.80 | 0.08 | 29.10 | 0.03 | 3.04 | 0.01 | 0.72 |
GB22-47 | 137.15 | 138.15 | 1.00 | 0.97 | 17.70 | 0.07 | 1.00 | 0.02 | 0.30 |
GB22-48 | 110.20 | 110.69 | 0.49 | 0.07 | 33.10 | 0.01 | 0.78 | 0.03 | 0.21 |
GB22-48 | 140.41 | 142.00 | 1.59 | 0.12 | 7.64 | 0.11 | 0.14 | 0.01 | 0.15 |
GB22-49 | 90.00 | 95.00 | 5.00 | 0.03 | 18.00 | 0.03 | 0.59 | 0.02 | 0.17 |
including | 92.00 | 93.00 | 1.00 | 0.04 | 20.60 | 0.01 | 0.73 | 0.02 | 0.18 |
including | 93.00 | 94.00 | 1.00 | 0.02 | 30.20 | 0.02 | 0.73 | 0.01 | 0.20 |
including | 94.00 | 95.00 | 1.00 | 0.01 | 21.30 | 0.01 | 0.89 | 0.02 | 0.22 |
GB22-49 | 123.00 | 125.00 | 2.00 | 0.01 | 22.50 | 0.06 | 1.46 | 0.01 | 0.39 |
GB22-50 | 49.34 | 50.97 | 1.63 | 0.02 | 5.61 | 0.05 | 0.16 | 0.12 | 0.16 |
GB22-50 | 55.38 | 55.80 | 0.42 | 11.90 | 64.40 | 7.75 | 0.08 | 5.44 | 11.13 |
GB22-50 | 66.88 | 70.81 | 3.93 | 0.01 | 20.61 | 0.01 | 2.17 | 0.02 | 0.51 |
including | 67.87 | 68.80 | 0.93 | 0.02 | 34.20 | 0.01 | 4.01 | 0.01 | 0.92 |
GB22-50 | 100.00 | 105.00 | 5.00 | 0.02 | 9.28 | 0.02 | 1.32 | 0.01 | 0.33 |
including | 104.00 | 105.00 | 1.00 | 0.03 | 21.00 | 0.06 | 2.26 | 0.02 | 0.58 |
GB22-50 | 109.00 | 114.00 | 5.00 | 0.02 | 24.46 | 0.08 | 1.32 | 0.01 | 0.39 |
including | 112.00 | 113.00 | 1.00 | 0.06 | 48.90 | 0.35 | 0.72 | 0.02 | 0.53 |
including | 113.00 | 114.00 | 1.00 | 0.01 | 42.40 | 0.02 | 2.16 | 0.01 | 0.51 |
GB22-55 | 64.16 | 64.63 | 0.47 | 0.46 | 5.10 | 5.71 | 0.00 | 3.14 | 7.65 |
GB22-55 | 68.36 | 68.88 | 0.52 | 0.10 | 1.10 | 0.30 | 0.00 | 0.11 | 0.37 |
GB22-55 | 133.56 | 135.03 | 1.47 | 0.05 | 10.97 | 0.22 | 0.30 | 0.08 | 0.34 |
including | 134.55 | 135.03 | 0.48 | 0.13 | 16.90 | 0.68 | 0.01 | 0.21 | 0.81 |
GB22-56 | 96.00 | 96.43 | 0.43 | 0.16 | 44.50 | 0.72 | 0.01 | 0.14 | 0.81 |
GB22-56 | 99.00 | 100.53 | 1.53 | 1.15 | 24.81 | 2.00 | 0.00 | 0.95 | 2.59 |
including | 99.00 | 99.52 | 0.52 | 2.58 | 59.40 | 5.56 | 0.00 | 2.66 | 7.20 |
GB22-57 | 64.88 | 65.35 | 0.47 | 0.03 | 3.30 | 0.17 | 0.00 | 0.05 | 0.20 |
GB22-57 | 68.00 | 68.48 | 0.48 | 0.01 | 2.30 | 0.09 | 0.00 | 0.02 | 0.10 |
GB22-57 | 69.85 | 70.88 | 1.03 | 0.01 | 0.70 | 0.15 | 0.00 | 0.04 | 0.18 |
GB22-57 | 75.00 | 75.57 | 0.57 | 0.05 | 3.90 | 0.16 | 0.15 | 0.06 | 0.24 |
Note: The intervals provided in thistable represent core length and not true widths. The bolded intervalsare composite assay calculations. Assay results reported assignificant are >0.10% cobalt equivalent Gold and Silver are notincluded in the cobalt equivalent and are simply length weighted overthe interval.
Price assumptions: Cobalt $33,420USD/mT, Copper $3.7441 USD/lb, Nickel $20,621 USD/mT
*no metallurgical recovery or otherparameters applied to the Cobalt Equivalent, this is an in-situ value.The Cobalt equivalent is strictly used here to compare multi-metallicresults and is subject to variations in metal price. Silver was notincluded in the Cobalt equivalent and should be evaluatedseparately.
Table 3: Collar Locations
Nad 83 - Zone 17 N | ||||||
Hole | Azimuth | Dip | Length | Easting | Northing | Elevation |
GB22-46 | 264.9 | -46.0 | 141 | 604,580 | 5,252,077 | 252 |
GB22-47 | 264.9 | -46.0 | 141 | 604,580 | 5,252,077 | 252 |
GB22-48 | 270.2 | -48.0 | 180 | 604,609 | 5,252,089 | 246 |
GB22-49 | 270.0 | -46.3 | 150 | 604,541 | 5,252,112 | 246 |
GB22-50 | 263.1 | -45.7 | 150 | 604,541 | 5,252,112 | 246 |
GB22-51 | 270.1 | -44.9 | 90 | 604,576 | 5,252,150 | 246 |
GB22-52 | 160.3 | -45.1 | 150 | 604,619 | 5,251,970 | 246 |
GB22-53 | 90.0 | -45.0 | 144 | 604,619 | 5,251,970 | 246 |
GB22-54 | 90.1 | -45.0 | 171 | 604,602 | 5,252,125 | 246 |
GB22-55 | 89.9 | -54.9 | 141 | 604,466 | 5,251,843 | 246 |
GB22-56 | 90.0 | -65.0 | 150 | 604,466 | 5,251,843 | 246 |
GB22-57 | 90.0 | -50.0 | 114 | 604,457 | 5,251,806 | 246 |
GB22-58 | 90.0 | -63.0 | 120 | 604,403 | 5,251,826 | 246 |
Prior diamond drilling highlights from the 2017-2018drill campaign include:
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GB17-07 intersected 7.64% Co over 0.26m from 99.79 to100.05m .
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GB17-10 intersected 0.55%Co over 5.00m from 28.00 to 33.00m
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GB17-15 intersected 0.90% Cu over 20.20m from 42.50 to62.70m, including 8.42% Co over 0.30m from 62.40 to62.70m .
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GB17-21 intersected 1.25% Cu over 6.10m from 67.50 to73.60m, including 0.73% Co over 0.60m from 69.7 to70.30 m.
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GB18-44 intersected 0.11% Co and 1.04% Cu over 8.40m from110.60 to 119.00m.
Note: The above intervals representcore lengths, and not true widths (NI 43-101 Technical Report on theTeledyne Cobalt and Glencore Bucke Project Feb 4, 2021).
The Glencore Bucke Property consists of two patentedmining claims totaling approximately 16.2 ha in area located on thewest boundary of Fuse’s Teledyne Cobalt Project. The companyrecognizes the significant exploration potential that the Property hasdue to the possible southern extensions of veins from the CobaltContact Mine property adjoining to the north that could projectsouthward onto the Property. Their workdelineated two mineralized zones, named the Main Zone and NorthwestZone, measuring 500 ft (152.4 m) and 200 ft (70.0 m) in lengthrespectively on the Glencore Bucke property.
The technical contents of this news release regardingprevious drilling campaigns are contained in theNI 43-101 Technical Report on the Teledyne Cobalt and Glencore BuckeProject Feb 4, 2021, by Joerg Kleinboeck P. Geo and David Jamieson P.Geo and can be found on Sedar ( www.sedar.com )
QA / QC
The core samples were cut in two with a rock saw. Onehalf was sent to the assay lab and the other half was retained aswitness core. Blanks and certified reference material (standards) wereinserted into the sampling sequence such that they represent no lessthan 10% of the total samples. The results of the blanks and standardsare within expected values allowing public disclosure of theassays.
Qualified Person
The technical information in this news release wasapproved and prepared under the supervision of Mr. Matthew Halliday,P.Geo., (PGO), President and COO of Canada Silver Cobalt Works Inc., aqualified person accordance with National Instrument 43-101.
In other news, the Company has recently refiled itsDecember 31, 2022 Annual MD&A on August 25, 2023 on SEDAR, notinga change in the named Qualified Person (“QP”) from GerhardKiessling (former QP) to Matt Halliday (current QP) with no otherchanges to the document. This new disclosure correctly states thatthe Company’s filed MD&A disclosure on Fuse’s Ontario CobaltProperties was reviewed by Matt Halliday as Company QP.
About Fuse Battery Metals Inc. https://fusecobalt.com/
Fuse Battery Metals Inc. is a Canadian basedexploration company that trades under the symbol FUSE on the TSXVenture Exchange. The Company's focus is on exploration for high valuemetals required for the manufacturing of batteries.
Nevada Lithium Properties
Fuse owns 100% of the Lithium Springs Property which is located at the southern end of Black Rock Desert,Nevada, about 132 air-line km north-northeast of Reno, Nevada inSections 1, 2, 11, and 12 Township 32 North, Range 23. The center ofthe property is about 40.676° North Latitude, 119.331° WestLongitude, (40° 40’ 33” N, 119° 19’ 52”): UTM X 302,900 UTMY4,505,400 NAD 27; Zone 11 N. Black Rock Desert basin is about 110km long and up to 25 km wide at the widest point. The central playameasures about 50 km northeast - southwest and 10 km southeast -northwest. The western arm of the Black RockDesert covers an area of about 2,000 square kilometers and contains 5of the 30 currently listed Known Geothermal Resource Areas inNevada .
Fuse also owns 100% of the Monitor Valley North LithiumProperty which includes 97placer claims (MVN1 – MVN97) covering approximately 770 hectares ofalluvial sediments and clays located 134 km northeast of Tonopah,Nevada. The property is located in Monitor Valley, Nevada, and thecenter of the property is about 39.21° North Latitude, 116.65° WestLongitude. The property is 55 km due west of the Little SmokeyValley, Nevada where exploration for lithium is ongoing.
Ontario Cobalt Properties
Fuse owns a 100% interest its Glencore Bucke Property,situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario,subject to a back-in provision, production royalty and off-takeagreement. The Glencore Bucke Property consists of 16.2 hectares andsits along the west boundary of Fuse’s Teledyne Cobalt Project. The Company also owns a 100% interest, subject to a royalty, in theTeledyne Project located near Cobalt, Ontario. The Teledyne Propertyadjoins the south and west boundaries of claims that hosted the AgnicoMine.
Glencore Bucke/TeledyneProperty
Situated in Bucke Township, 6 km east-northeast ofCobalt, Ontario the Glencore Bucke Property adjoins, on its northeastcorner, the former cobalt producing Agaunico Mine. From 1905 throughto 1961, the Agaunico Mine produced a total of 4,350,000 lbs. ofcobalt (“Co”), and 980,000 oz of silver (“Ag”)(Cunningham-Dunlop, 1979). Theamount of cobalt produced from the Agaunico Mine is greater than thatof any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply(Thomson, 1964). The Glencore property is 100% owned by Fuse Cobaltsubject to a back-in provision, production royalty and off-takeagreement.
The associated Teledyne Property, located in Bucke andLorrain Townships, consists of 5 patented mining claims totaling 79.1ha, and 46 unpatented mining claim cells totaling approximately 700ha. The Property is easily accessible by highway 567 and awell-maintained secondary road .
Over CAD$25 million has been spent thus far, (2020dollars inflation-adjusted) on the Teledyne Property resulting invaluable infrastructure including a development ramp and a moderndecline going down 500 ft parallel to the main cobalt mineralizedvein. The Teledyne Property is subject to a production royalty infavor of New Found Gold and an off-take agreement in favor of GlencoreCanada Corp., while the Glencore Bucke Property is subject to aback-in provision, production royalty, and an off-take agreement infavor of Glencore Canada Corp. Glencore PLC is the world’s largestproducer of cobalt. Asignificant portion of the cobalt that was produced at the AgaunicoMine was located along structures (Vein #15) that extended southwardtowards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization wasgenerally located within 125 ft (38.1 m) above the Huronian/Archeanunconformity. Stoping widths of up to 50 ft (15.2 m) were not unusualat the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board ofDirectors
“Tim Fernback”
Tim Fernback, President &CEO
Contact Information:
Email: info@fusebatterymetals.com
Phone: 236-521-0207
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Cautionary Note Regarding ForwardLooking Statements: This release contains forward-looking statementsthat involve risks and uncertainties. These statements may differmaterially from actual future events or results and are based oncurrent expectations or beliefs. For this purpose, statements ofhistorical fact may be deemed to be forward-looking statements. Inaddition, forward-looking statements include statements in which theCompany uses words such as “continue”, “efforts”,“expect”, “believe”, “anticipate”, “confident”,“intend”, “strategy”, “plan”, “will”, “estimate”,“project”, “goal”, “target”, “prospects”,“optimistic” or similar expressions. These statements by theirnature involve risks and uncertainties, and actual results may differmaterially depending on a variety of important factors, including,among others, the Company’s ability and continuation of efforts totimely and completely make available adequate current publicinformation, additional or different regulatory and legal requirementsand restrictions that may be imposed, and other factors as may bediscussed in the documents filed by the Company on SEDAR(www.sedar.com), including the most recent reports that identifyimportant risk factors that could cause actual results to differ fromthose contained in the forward-looking statements. The Company doesnot undertake any obligation to review or confirm analysts’expectations or estimates or to release publicly any revisions to anyforward-looking statements to reflect events or circumstances afterthe date hereof or to reflect the occurrence of unanticipatedevents. Investors should not place undue reliance on forward-lookingstatements.
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