(TheNewswire)
Coquitlam, BC – TheNewswire - September 21, 2022 – Fuse CobaltInc. (“the Company “or “Fuse”) (TSXV:FUSE ) , ( OTC:FUSEF ) ( FRA:43W3) is pleased toannounce that preparation for its multi-hole diamond drillingexploration program has begun at its 100% owned cobalt project, the Glencore BuckeProperty in Ontario Canada.
The planned exploration program has an initial budgetof $500,000 and has been designed to locate and test targets within the vicinity of known mineralization fromprior drilling results. To date, the company has:
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Completed a detailed induced polarization geophysicalsurvey utilizing the Alpha IP Wireless Time Domain DistributedTechnology System by Simcoe Geoscience. Preliminary 2D profiles and anearly 3D model has been received with the final report pending.
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Selected a diamond drilling contractor local to theCobalt area. They are known for their quality of work and produceexcellent meterage. They have experience drilling in the Cobalt Campand have worked for companies such as First Cobalt Corp (now ElectraBattery Metals) as well as Canada Silver Cobalt Works.
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Begun planning follow-up drill holes to the 2017 and2018 drill program.
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Begun planning drill holes to test IP anomalies basedon the preliminary geophysical data received from Simcoe Geoscience.These drill holes will be finalized once the final report isreceived.
The Glencore Bucke Property consists of two patentedmining claims totaling approximately 16.2 ha in area located west ofand contiguous to 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.
Prior to the 2022 mineral exploration season, in 2017Fuse completed 21 diamond drill holes totaling 1,913.50 m in a firstphase of drilling designed to confirm and extend the existing knownmineralized zones on the property as part of a first phase ofdrilling. The program tested the Main Zone for a strike length ofapproximately 55 m and the Northwest Zone for a strike length ofapproximately 45 m. Highlights from the 2017diamond drill program include but are not limited to:
Following up this success, Fuse completed andadditional 24 diamond drill holes in 2018 at Glencore-Bucke totaling2,559 m in phase II. The Company successfully intersected mineralizedzones along strike in addition to both vertically above and belowprevious intersections reported on the Main and Northwest Zones. One of the holes drilled in 2018, GB18-44,intersected visible cobalt mineralization and returned grades of 0.11% Co, 9.4 ppm Ag, and1.04% Cu over a core length of 8.40 m from 110.60 to 119.00m (NI 43-101 Technical Reporton the Teledyne Cobalt and Glencore Bucke Project Feb 4, 2021).
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/
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) thatextended southward towards the northern boundary of the TeledyneCobalt Property, currently 100% owned by FUSE.Mineralization was generally located within 125 ft (38.1 m) above theHuronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m)were not unusual at the Agaunico Mine (Cunningham-Dunlop,1979).
“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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