(TheNewswire)
Coquitlam, BC – TheNewswire - November 10, 2022 – Fuse Cobalt Inc. (“the Company“ or “Fuse”) (TSXV:FUSE ) , ( OTC:FUSEF ) ( FRA:43W3) ”) is pleased to announce that effective today, Mr. TimFernback has joined the Fuse Board of Directors.
Greg Reimer, Chairman of the Board states “We areexcited to bring Tim back to our Company as an experienced Director. Tim was the former Company President & CEO from 2017 - 2018, andhis experience in financing and managing public and private companieswill be invaluable to Fuse’s future success.”
In the past, Tim has held multiple senior executivepositions, including oversight of the Investment Banking and CorporateFinance Divisions at Wolverton Securities, formerly Western Canada’soldest brokerage firm. He was also responsible for the consultingpractice at Discovery Capital Corporation, a prominent BritishColumbia venture capital firm that specializes in financing andconsulting. During his time at Wolverton Securities, Mr. Fernback wasresponsible for due diligence reviews on corporate clients andinvestment banking business development relationships. He planned andopened 3 regional offices in western Canada and reviewed and analyzedover 300 corporate clients, raising over $750M. Responsible for over50 IPOs and over 100 Reverse-Mergers on the TMX and Nasdaq, Mr.Fernback represented Wolverton nationally on various stock exchangecommittees and industry groups, including the Corporate FinanceAdvisory Group and Underwriting Groups on various Canadianexchanges.
Mr. Fernback currently serves as a Director for several Canadianmining companies. He holds an Honours B.Sc. from McMaster Universityand is a graduate of the Sauder School of Business at the Universityof British Columbia, where he completed an MBA with a concentration inFinance. He holds a Certified Professional Accounting Designation(CPA, CMA) and is an active member of many industry and tradeorganizations in Vancouver.
About Fuse Cobalt Inc. https://fusecobalt.com/
Fuse Cobalt Inc. is a Canadian based explorationcompany that trades under the symbol FUSE on the TSX Venture Exchange.The Company's focus is on exploration for high value metals requiredfor the manufacturing of batteries.
Ontario Cobalt Properties
Fuse owns a 100% interest its Glencore Bucke Property,situated in Bucke Township, 6 km east-northeastof Cobalt, Ontario, subject to a back-in provision, production royaltyand off-take agreement . The Glencore Bucke Property consists of 16.2hectares and sits along the west boundary of Fuse’s Teledyne CobaltProject. The Company also owns a 100% interest, subject to aroyalty, in the Teledyne Project located near Cobalt, Ontario. TheTeledyne Property adjoins the south and west boundaries of claims thathosted the Agnico Mine.
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 miningclaims totaling 79.1 ha, and 46 unpatented mining claim cells totalingapproximately 700 ha. The Property is easily accessible by highway 567and a well-maintained secondary road .
Over $25 million Can 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
“Robert Setter”
Robert Setter, President &CEO
Contact Information:
Email: info@fusecobalt.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. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from those statements. General businessconditions are factors that could cause actual results to varymaterially from forward-looking statements.
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