(TheNewswire)
Coquitlam, BC - TheNewswire - January 13, 2023 - Fuse Cobalt Inc. (“the Company“ or “Fuse”) (TSXV:FUSE ) ( OTC:FUSEF ) ( FRA:43W3) ”) announces that effective today,in order to balance his collective business responsibilities, Mr. GregReimer has resigned as both Director and Chairman of the Company. Mr.Reimer has agreed to continue to support Fuse and will remain as anactive member of the Fuse Corporate Advisory Board.
Mr. Robert Setter, Fuse Director states “Greg hashelped the Company out considerably in his role of Director andChairman, and we will miss his guidance at the board level. Whileremaining as an active member of our Advisory Board, we will stillhave access to his business acumen and strategic mind, which willcontinue to benefit our shareholders. We want to thank Mr. Reimerfor his exceptional contributions to the Fuse Board ofDirectors.”
Commensurate with this change, Fuse also announceseffective immediately, Mr. Robert Setter will take over the reins asChairman of the Board, and Mr. Tim Fernback has been appointed as theInterim President & CEO of the Company.
Mr. Tim Fernback, Fuse Interim President & CEOcomments “I am happy to take over the role of Interim President& CEO for Fuse, and it is something I know a little about, havingpreviously held the position in the past. I look forward tocontinuing to work with Robert in his new capacity as Chairman of theBoard of Directors, as well as the rest of the exceptional Fusemanagement team for the benefit of all Fuse shareholders.” Mr.Fernback continues, “Fuse has a bright future in energy metalexploration, and I am happy to continue to support its current andfuture plans in this space to develop its exceptional mineralprojects.”
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-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 $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, Chairman of theBoard
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 guaranteeingfuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward?lookingstatements.
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