First Cobalt Corp. (TSXV:FCC.V) (OTCQX:FTSSF)

New York, NY – October 10, 2018 – Supply anxieties and ethical concerns are clouding the otherwise seemingly sunny drive to automobile electrification. The world is already awash in mobile devices and is rapidly moving to enhanced electrical grids and electric vehicle (EV) ubiquity. However, the indispensable lithium-ion (Li-ion) battery — vital for gadgets, grid storage and electric propulsion — also requires cobalt to retain and discharge electricity. Lithium is plentiful and easily mined; cobalt is the conundrum that has manufacturers of battery-dependent products most worried.

• EV sales projected to explode to 30 million units by 2030.
• Cobalt — critical for Li-ion batteries — is nearly single-sourced and ethically challenged.
• New North American supply chains look to provide solutions

Most of the world’s cobalt supply comes from the Democratic Republic of Congo. The DRC has an unstable and historically corrupt government and an exceptionally poor human rights record; additionally, much of the country’s cobalt is mined by hand, often by children. Economically precarious, cobalt is virtually single-sourced. Currently about two-thirds of the world supply and half of all global reserves come from the DRC. Moreover, two years after Amnesty International’s scathing expose that showed exploited children mining cobalt, child labor is still being used to procure the mineral at so-called artisanal mines. No other comparable commodity is so dominated by a single source, creating enormous potential risk for EV makers. The troubling aggregate of political corruption, supply uncertainty, operational complexity and ethical opacity has delivered a clarion call to EV makers and spurred a global quest for secure and humanely sourced cobalt resources. At the vanguard of this search is First Cobalt Corp. (TSX-V:FCC) (OTC:FTSSF) (FTSSF Profile), a vertically integrated pure-play cobalt company with significant North American assets. Leveraging company assets and expertise in conjunction with the savvy of a legendary EV pioneer, First Cobalt is determined to be North America’s premier source of cobalt delivered to global electric automakers like Ford Motor Company (NYSE:F), B.M.W. AG ADR (OTC:BMWYY), Volkswagen AG (OTC: VWAGY) and Mercedes maker Daimler AG (OTC:DDAIF) (XE:DAI).

To view an infographic of this editorial, click here.

Eye-popping Expectations

Global electric vehicle sales are projected to grow at a staggering CAGR of 32.57 percent over the next seven years. Forecasts from Bloomberg NEF show sales of electric vehicles increasing even faster after that. From a record 1.1 million sales worldwide in 2017, sales are projected to reach 11 million in 2025 then skyrocket to 30 million in 2030 as the vehicles become cheaper to make than internal combustion engine cars. It’s difficult to fathom a 10-fold increase in electric vehicles in seven years and even harder to comprehend a 30-fold increase in 12 years, but somewhere between the current market and a 30-fold increase is one heck of an opportunity.

Conflict and Conundrum-free Cobalt

The DRC’s artisanal mining volume was reduced when battery makers and users came under public pressure to fully vet supply chains, but unabated global demand pushed cobalt prices to new highs, and backyard mine production rebounded. Even with intense scrutiny and vetting, it’s nearly impossible for battery makers to ascertain cobalt sources. More than half of the global supply of refined cobalt chemicals used in Li-ion batteries comes from China, which in turn gets 90 percent of its cobalt from DRC.

There’s an ever-rising chorus from EV makers clamoring for secure, ethically sourced cobalt. As part of a collective response to these concerns, First Cobalt Corp. (TSX.V: FCC) (OTCQB: FTSSF) adopted the Responsible Cobalt Initiative in 2017 and is intent on building — from raw product to refined chemicals — a North American-based, vertically integrated cobalt company.

First Cobalt owns three substantial North American assets. The company’s flagship asset is the Iron Creek Cobalt Project in Idaho, which has an inferred mineral resource estimate of 29.6 million tons grading 0.11 percent cobalt equivalent. First Cobalt also controls a prodigious land package composed of 50 past-producing mines in the Canadian Cobalt Camp and, importantly, the company owns the only permitted cobalt refinery in North America capable of producing battery-grade materials.

The validation and value of assets are likely bolstered by the recent appointment of automotive icon, Henrik Fisker, to the First Cobalt’s Board of Directors. Fisker, a legendary designer and entrepreneur renowned for making dreams reality, brings a wealth of knowledge, innovation and real-world experience to First Cobalt’s board. Henrik’s vision is behind some of the most emotionally appealing vehicles ever created, including the BMW Z8, the Aston Martin DB9/V8 Vantage, VLF Force 1 to the Fisker Karma and more. Fisker is the founder, chairman and CEO of Fisker Inc., an American automaker revolutionizing the development of EVs with innovative battery solutions.

“Electric vehicle automakers and battery manufacturers have a responsibility to ensure any materials we use in our batteries are sourced in an ethical way,” Fisker stated in the news release announcing his appointment. “I have made a commitment to contribute to a better world all the way down the supply chain. We must stop looking at innovation superficially and start taking responsibility for our products end to end and give our customers the true choice to be part of a sustainable future

“During this last few weeks, I have spent considerable time with the First Cobalt team, seeing their cobalt project, Iron Creek, in Idaho as well as the First Cobalt Refinery in Ontario,” he continued. “I was extremely impressed with the depth and extent of commitment from the entire First Cobalt team to the safety and training of all employees, ethical mining practices and the focus on environmental protection around their projects.”

First Cobalt President and CEO Trent Mell praised Fisker’s experience and potential for advancing future developments.

“First Cobalt’s strategy is to explore, mine and refine cobalt material in North America with the goal of providing cobalt to the American EV market,” Mell stated. “Henrik’s knowledge of the EV space and experience as a successful OEM automotive manufacturer will play a key role as First Cobalt continues to execute on this strategy. The vision and energy that Henrik has demonstrated throughout his career will be an important asset as the Company continues to develop its projects in North America.”

Throughout his career in the automotive sector, Fisker has become synonymous with iconic cars and groundbreaking leadership in premium electric vehicle development. His vision and innovation are behind some of the most emotionally appealing vehicles ever created, and now he’s sharing that vast expertise with First Cobalt in the development of a unique North American cobalt supply chain.

Validating Historic Estimates

To substantiate assets and solidify objectives, First Cobalt recently announced a mineral resource estimate of 29.6 million tons of 0.11% cobalt equivalent at the Iron Creek Project. Unlike almost all other cobalt mines, First Cobalt’s Iron Creek Project is primarily a cobalt deposit with copper as the byproduct.

“The initial resource estimate and the pace of progress at Iron Creek have exceeded our expectations,” Mell stated. “We have delineated a sizeable primary cobalt deposit on patented property, and mineralization continues to expand to the east, west and at depth. The mineralogy is simple, and initial metallurgical test work is very encouraging with high metal recoveries. Cobalt is associated with pyrite rather than minerals containing arsenic, which may offer processing and offtake advantages.”

Mell also stated, “This initial Inferred Resource estimate is an important step forward to a potential source of ethical cobalt in America. Drilling is now underway to test the mineralization strike length from 450 meters to over 900 meters, while also systematically testing depth extensions to over 300 meters to support an updated resource estimate in early 2019.”

The Iron Creek property consists of mining patents and exploration claims covering almost 1,700 acres with significant infrastructure in place to support multiple drills and underground activity. With a strong balance sheet, First Cobalt is fully funded to complete the 2018 exploration programs and plans to be at the forefront of the cobalt-driven battery revolution.

The Insight

If there are any doubts about an EV explosion, look at any major auto manufacturer — every single one is rapidly expanding product lines and production of electric vehicles. Electric mobility is still in its infancy, but even with challenges and speed bumps ahead, it won’t end any time soon. Well-positioned portfolios in strategic critical components of EVs could easily excel and outperform well into the next decade.

EV Makers

Automotive icon Ford Motor Company (NYSE:F) designs, manufactures, markets and services a global line of Ford cars, trucks, SUVs and electrified vehicles. Ford has already invested $11 billion to bring 16 fully electric vehicles into a global portfolio of 40 electrified vehicles by 2022 and is aggressively pursuing leadership positions in electrification, autonomous vehicles and mobility solutions. Ford’s Team Edison focuses exclusively on development of electrified vehicles for both Ford and Lincoln.

B.M.W. A.G. ADR (OTC:BMWYY) is among the world’s leading manufacturers of automobiles and motorcycles and plans to offer 25 electrified vehicles — 12 fully electric by 2025. BMW has established ecological and social sustainability throughout the value chain and a commitment to conserving resources as an integral part of its strategy. BMW is trying to secure a 10-year supply of cobalt — all the way down to the level of the mine — for EV batteries.

Volkswagen AG (OTC:VWAGY), one of the world’s biggest automakers, has one of the industry’s most ambitious targets for battery car sales. Volkswagen outlined its strategy to electrify all segments of its vehicle lineup across the globe and to become a worldwide industry leader in e-mobility by 2018. Volkswagen is actively seeking long-term cobalt supplies.

Daimler AG (OTC:DDAIF) (XE:DAI) engages in the production and distribution of cars, trucks and vans. The company’s flagship brand, Mercedes-Benz, announced a full line of electric cars called the Mercedes EQ, set to market in 2020. Daimler has vowed to ethically source battery materials for electric cars and recently joined the Responsible Cobalt Initiative, which seeks to find ethical ways to source the material.

For more information about First Cobalt Corp, please visit First Cobalt Corp. (TSX.V:FCC) (OTCQB:FTSSF).

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TORONTO, Oct. 4, 2018  – First Cobalt Corp. (TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the “Company”) is pleased to announce drill results from its Iron Creek Cobalt Project in Idaho, USA. Results reported today highlight a high grade zone at the western extent of the current Inferred Resource, which remains open along strike and at depth.

Highlights

• Drilling confirms cobalt and copper metal zonation, including higher grade copper and cobalt zones
• High grade copper (Cu) intercepts include 10.0m of 4.04% Cu and 8.0m of 3.16% Cu, including 1.4m of 6.56% Cu and 20.5 g/t Ag; cobalt (Co) intercepts include 1.04% Co over 1.5m and 0.51% Co over 4.1m
  
• Cobalt remains the dominant resource metal with higher grade cobalt zones towards the eastern extent of known mineralization and copper-rich zones to the west
• Higher grade copper and cobalt zones within broader zones of mineralization provide optionality for development
• Third drill rig expected on site in October and Company will undertake a bore-hole geophysical survey to potentially identify extensions of known mineralization as well as new targets

Trent Mell, President & Chief Executive Officer, commented:

“High grade cobalt and copper zones within wider mineralized zones, such as those reported here, expand our options for development as we look to the future of this project. As work advances, I am repeatedly impressed by the increasing potential of this resource and look forward to updating our mineral resource estimate in early 2019 with results from the ongoing program.”

Underground drilling from the western extent of Adit#2 targeting the No Name Zone has outlined a discrete higher grade copper zone within broader zones of mineralization. The broader zones are outlined in the Inferred Resource estimate reported September 26, 2018. These high grade intersections characterize distinct cobalt and copper mineralized zones, which have been observed to overlap in some areas (Table 1, Figure 3).

Table 1. Assay Results

Intersections in each hole characterize a cobalt-rich to copper-rich transition with copper grades higher than those previously reported. These results are specifically encouraging to advance drilling along the western strike extent ahead of infill drilling in the central portion of the resource near Adit#1.

Throughout the Iron Creek mineralized zones, copper grade strongly correlates with silver. High grade copper samples, those greater than 4%, were found to contain silver greater than 10 g/t. High grade copper intercepts reported here from hole IC18-18A include 8.00% Cu and 19.4 g/t Ag over 1.0m true width within 2.4m of 3.69% Cu and 6.56% Cu and 20.5 g/t Ag over 1.4m true width within 8.0m of 3.16% Cu.

Previous drilling at the western extension was primarily from surface. Underground access provides a better vantage point for testing the western strike extent and the vertical extent of both the No Name and Waite mineralized zones. Intersections from horizontal drill holes are at appropriate angles to determine true widths of mineralization.

The higher grade copper mineralization can be correlated between holes along strike and down-dip (Figure 2). Drill hole IC18-18A intersects the No Name Zone 50m further west from the other five holes reported here, indicating the higher-grade copper mineralization associated with cobalt extends along strike. Holes previously drilled southward from the same station in the Waite Zone showed cobalt-copper mineralization extends along strike at this horizon (see press release dated July 19, 2018). Mineralization was also intersected below this horizon that may reflect a thickening of this zone or represents another zone in the stratigraphic footwall.

Copper mineralization typically occurs with cobalt in both the No Name and Waite Zones, but these six holes have intersected copper as semi-massive chalcopyrite lenses, each up to 0.5m drilling widths. The copper-rich lenses are concentrated toward the upper portion of the No Name Zone. Associated higher grade cobalt mineralization is prevalent in the lower portion of the No Name Zone. Higher grade copper also occurs in the western portion of the Waite Zone, but is currently encountered by only a few drill holes.

Disseminated pyrite is also present with chalcopyrite and results show it is also generally cobalt-bearing as found throughout the Iron Creek resource. This transition has been previously noted in prior drill hole assays and in sampling from Adit#1, but the metal zoning is enhanced in this western portion. Further drilling from surface is planned in this area to continue testing the western strike extent.

Assay data was modelled from 62 drill holes (excluding holes IC18-21 and -22) outlining the continuity of cobalt mineralization across the strike length of the drilled area (Figure 3). Higher grade copper mineralization had been previously recognized around Adit#1, but a larger zone has now been identified (shown in red, Figure 3) at the western extent of Iron Creek. Higher grade cobalt is prominent in the eastern extent of the drilled area (shown in blue, Figure 3) suggesting a metal zonation. This zonation is commonly seen in other hydrothermal deposits containing cobalt and copper and may be predictable, therefore it may be a useful exploration guide for further drill targeting.

Preliminary floatation tests have indicated a separate copper concentrate could potentially be produced so copper-rich mineralization could be processed separately to ensure high quality source feed. Today’s results show a sizeable strike extent of higher-grade copper that warrants specific attention for future mine development planning.

Next Steps

Drilling is ongoing to extend the strike length of the mineralized zone from 450 metres to over 1,000 metres and test down dip extensions of known cobalt-copper zones from 150 metres to over 300 metres below surface.

A bore-hole geophysical survey will also start later this month intended to identify extensions of known mineralization to define new drilling targets. The survey will also characterize magnetic and electro-magnetic properties of mineralization to be used in future airborne and ground surveys in 2019.

Iron Creek Property

First Cobalt announced on September 26, 2018 an Inferred Resource estimate at Iron Creek of 26.9 million tonnes grading 0.11% cobalt equivalent (0.08% Co and 0.30% Cu containing 46.2 million pounds of cobalt and 176.2 million pounds of copper) under a base case scenario pit constrained and deeper mineral resource. An alternative underground-only scenario results in 4.4 million tonnes grading 0.23% Co and 0.68% Cu (0.30% CoEq) using a cutoff underground grade of 0.18% CoEq and containing 22.3 million pounds of cobalt and 66.7 million pounds of copper. The Inferred Resource is based on drilling over a strike length of approximately 500 metres and a dip extent of over 150 metres.

The Iron Creek property consists of patented mining claims surrounded by unpatented mining claims covering an area of 1,698 acres. Significant infrastructure is in place to support multiple drills and underground activity. Historic underground development includes 600 metres of drifting in three adits and an all-weather road connecting the project to a state highway.

Cobalt-copper mineralization occurs largely within two distinct east-west trending zones. The No Name and Waite Zones are roughly parallel and dip roughly 75° to the north, remaining open at depth and open along the east and west strike extensions. The No Name Zone and the Waite Zone have true widths between 10m and 30m. Mineralization also occurs between the No Name and Waite Zones as 1m to 5m pods.

Preliminary metallurgical testing concludes that simple flotation methods are applicable, yielding recoveries of 96% for cobalt and 95% for copper in rougher floatation.

Cobalt-copper mineralization occurs as semi-massive and disseminated pyrite and chalcopyrite along stratabound bands within finely layered meta-sedimentary rocks consisting of interbedded argillite and quartzite. Thin veins of sulfide minerals also cut the bands and meta-sedimentary rocks. Quartzite units make up the hangingwall and footwall to the mineralized meta-sedimentary horizon. This stratigraphic sequence has been mapped at surface and by drilling to extend along strike for at least two kilometres.

The principal mineral assemblage consists of pyrite, chalcopyrite, pyrrhotite, and magnetite with much lesser quantities of native copper and arsenopyrite locally. Scanning-electron and microprobe tests indicate the cobalt occurs largely or entirely within pyrite and there is a distinct lack of cobaltite, a common cobalt ore mineral containing arsenic. Drill results demonstrate that the cobalt and copper mineralization are in part separated from each other spatially, and in part overlapping.

Quality Assurance and Quality Control

First Cobalt has implemented a quality control program to comply with industry best practices for sampling, chain of custody and analyses. Blanks, duplicates and standards are inserted at the core processing site as part of the QA/QC program. Samples are prepared and analyzed by American Assay Laboratories (AAL) in Sparks, Nevada. Over 15% of the samples analyzed are control samples consisting of checks, blanks, and duplicates inserted by the Company; in addition to the control samples inserted by the lab. Drill core samples are dried, weighed crushed to 85 % passing -6 mesh, roll crushed to 85% passing -10 mesh, split 250 gram pulps, then pulverized in a closed bowl ring pulverizer to 95 % passing -150 mesh, then analyzed by a 5 acid digestion for ICP analysis. All samples have passed QA/QC protocols.

Qualified and Competent Person Statement

Dr. Frank Santaguida, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the contents of this news release. Dr. Santaguida is also a Competent Person (as defined in the JORC Code, 2012 edition) who is a practicing member of the Association of Professional Geologists of Ontario (being a ‘Recognised Professional Organisation’ for the purposes of the ASX Listing Rules). Dr. Santaguida is employed on a full-time basis as Vice President, Exploration for First Cobalt. He has sufficient experience that is relevant to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code.

About First Cobalt

First Cobalt is a vertically integrated North American pure-play cobalt company. First Cobalt has three significant North American assets: the Iron Creek Project in Idaho, with Inferred mineral resources of 26.9 million tonnes grading 0.11% cobalt equivalent; the Canadian Cobalt Camp exploration project and the only permitted cobalt refinery in North America capable of producing battery materials.

On behalf of First Cobalt Corp.

Trent Mell
President & Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Estimates of Resources

Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “2014 CIM Definition Standards on Mineral Resources and Mineral Reserves” incorporated by reference into NI 43-101. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Economic Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically. An Inferred Mineral Resource as defined by the CIM Standing Committee is “that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.”

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects’, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for First Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE First Cobalt Corp.