First Cobalt Corp. (CVE:FCC) (OTCQX:FTSSF) said it has commenced a geophysical survey to follow up on high-grade silver and cobalt intercepts in a historic mining area of the Canadian Cobalt Camp and test new tools that could be applied to prospective greenfield areas elsewhere in this mining district.
The company said the objective is to generate 3D imaging of cobalt and silver veins for future drill targeting at Kerr where previous high-grade drill intercepts included up to 1,442 grams per ton (g/t) silver and 0.28% cobalt over 2.5 metres.
The program will trace extensions to mineralization in one of the richest past-producing areas of the Cobalt Camp, where 8 historic mining operations produced over 75 million ounces of silver, it added.
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Interpretations of previous geophysical data in the Cobalt Camp have shown that induced polarization and resistivity surveys are effective in detecting the style of silver-cobalt mineralization found in this district, the group said,
Tight geophysical grid spacing will be used to determine optimal design for follow up surveys in greenfield areas such as Schumann and Caswell in Cobalt Central, which are geologically similar to Kerr, but have not been extensively explored due to cover over the prospective host rocks, and targets generated by the geophysical program will be drilled following this program, using proceeds of a recent flow-through financing, it added.
In a statement, Trent Mell, First Cobalt's president & chief executive officer, commented: "The survey is a kickstart to revitalizing our exploration interest in the Cobalt Camp. Our previous work outlined several areas for follow-up across our extensive land package.
"The Kerr area shows promise that unmined high-grade cobalt and silver mineralization remains, but we are also excited about the potential for raw discoveries of entirely new mineralized zones in Cobalt Central at both Schumann and Caswell, where we plan to work this winter and spring. The strength of the silver market has revived interest in the Camp given its mining history as one of Canada's richest silver districts."
Cobalt Camp, Ontario is a historic silver district where 600 million ounces of silver and 50 million pounds of cobalt were mined along with cobalt and nickel over a 60-year period. Exceptionally high-grade vein-style, native silver mineralization was mined at up to 185 ounces of gold (5,200 g/t gold) from surface and underground. Peak production occurred from 1919 to 1931.
First Cobalt is the largest landowner in the Camp, controlling over 10,000 hectares of prospective land and 50 historic mines. It also owns the Iron Creek cobalt project in Idaho, USA.
The company owns, as well, North America's only permitted cobalt refinery. Cobalt refining is a critical component to the development and manufacturing of batteries for electric vehicles and forms a foundational piece of the next generation of the North American auto sector and other electrified consumer and industrial applications.
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