(TheNewswire)
Coquitlam, BC – TheNewswire - September 7, 2022 – Fuse Cobalt Inc. (“the Company “or “Fuse”) (TSXV:FUSE ) , ( OTC:FUSEF ) ( FRA:43W3) is pleased toannounce that Simcoe Geoscience of Stouffville, Ontario completed adetailed induced polarization geophysical survey utilizing the AlphaIP Wireless Time Domain Distributed Technology System over theGlencore/Bucke Project at Cobalt, Ontario.
Preliminary 2D profiles and an early 3D model have beenreceived with promising chargeability results evident. The completereport including final results and recommendations is estimated totake a further two weeks at which time the results will bereleased.
The objective of the survey was to resolve narrow veincobalt and silver mineralization and any cross-cutting structures to adepth of approximately 125m on 400m long grid lines with a 50m linespacing. Previous drilling has indicated veins to be present at least100m from surface, and this survey will assist in determining if themineralization continues both up and down dip along the structures.The technical team will correlate the new IP geophysical data with theexisting drillhole database to create new drill targets for theupcoming drill program.
In addition, the survey may assist in identifyingvolcanic hosted massive sulphide (VHMS) mineralization bytracing/correlating polymetallic intersections in drill holes GB 18-44and GB 18-45 to the IP results. Although there has been no success todate in locating economic VHMS deposits in the Cobalt camp, thepossibility should not be dismissed. (Joerg Kleinboeck P. Geo andDavid Jamieson, P. Geo, Ni 43-101 Report on the Glencore/Bucke andTeledyne Properties, Feb 2021). For example, step out hole GB 18-44intersected visible cobalt mineralization returning 0.11% Co, 9.4 g/tAg, and 1.04% Cu over 8.40m from 110.60 to 119.00m.
Mr. Robert Setter, Fuse’s President & CEO states,“The geophysical survey was the first part of an approximate$500,000 exploration spend. Results received to date in this programare highly encouraging and we eagerly await conclusions andrecommendation from the final geophysical report. The next phase willinvolve the laying out of drill locations for an estimated 1800m ofdiamond drilling scheduled to take place once the geophysical resultsare integrated into our pre-existing data bases. Drilling isscheduled to take place over a 3-4 week period and the assay resultsshould follow in a further 6-8 weeks.”
Qualified Person
The technical contents of this news release has 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/ 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,s ituated 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 Agaunico 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.
Cobalt mineralization consisted of cobaltite andsmaltite hosted within steeply dipping veins and extensivedisseminations within Huronian sedimentary rocks. From 1951 through to1957, the average cobalt content of the mineralized material mined atthe Agaunico Mine was approximately 0.5%. In 1955, 526,000 lbs. of Co,146,000 oz of Ag, 117,000 lbs. of nickel, and 81,000 lbs. of copperwere recovered from 62,000 tons of ore (Cunningham-Dunlop,1979).
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 of Directors
“Greg Reimer”
Greg Reimer, Chairman
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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