(TheNewswire)
October 4, 2022 – TheNewswire - C oquitlam, BritishColumbia – Fuse CobaltInc. (“the Company” or “Fuse”)(TSXV:FUSE), (OTC:FUSEF), (FRA:43W3) is pleased to announce theCompany has received the final geophysical report from SimcoeGeoscience and has commenced a diamond drill program at the Glencore Bucke Property.
The IP survey successfully detected geophysicalsignatures possibly related to narrow veins and sulphide and/or cobaltmineralization. The drill program has begun and is expected to becompleted in approximately three weeks.
The IP Survey Highlights:
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Forty (40) individual chargeability anomalies acrossall eight (8) geophysical line-sections.
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Two (2) main anomalous zones that correlate across theline-sections (AZ-1 and AZ-2).
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Four (4) linear features traceable across a minimum oftwo line-sections that have potential to be a structure of interest.These are classified as ‘First Priority Targets’.
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The west side of the grid contains the strongest of thegeophysical anomalies and has the longest correlate able linearfeature trending roughly North-South.
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The anomalies on the North-West part of the grid seemto positively correlate with the historical drilling assay results.
The drill program has been planned to follow-upexisting intercepts from the 2017-2018 drilling at depth as well astest the First Priority Target’s outlined in the geophysical report.This year’s drill program has an initial budget of $500,000.
Prior diamond drilling results from the 2017-2018 drillcampaign 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.
The above intervals represent core lengths, and nottrue widths (NI 43-101 Technical Report on the Teledyne Cobalt andGlencore 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. In 1981, Teledyneleased mining claim 585, now the “Glencore Bucke Property”) fromFalconbridge Nickel Mines Ltd. The company recognized the significantexploration potential that the Property had due to the possiblesouthern extensions of veins from the Cobalt Contact Mine propertyadjoining to the north that could project southward onto the Property. Their work delineated two mineralized zones,named the Main Zone and Northwest Zone, measuring 500 ft (152.4 m) and200 ft (70.0 m) in length respectively on the Glencore Buckeproperty.
Figure 1: Overview of the Glencore Bucke area showing the Alpha IP lines, thegeophysical anomalies, and potential target zones.
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 )
Qualified Person
The technical contents of this news release have beenreviewed and approved by Gerhard Kiessling, P. Geo, who has beenappointed Project Manager and is a qualified person in accordance withNational Instrument 43-101.
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 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, 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 thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.
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