Strengthens the Company's position as an
ESG business
TORONTO, Sept. 10, 2020 /CNW/ - First Cobalt Corp. (TSXV:
FCC) (OTCQX: FTSSF) (the "Company") is pleased to announce
that it has taken steps to strengthen its commitment to becoming a
globally competitive player in the North American electric vehicle
(EV) supply chain by joining the Critical Materials Institute as a
Full Team Member. This development further underscores First
Cobalt's commitment to strengthen its Environmental, Social and
Corporate Governance (ESG) practices.
The Critical Materials Institute (CMI) was launched in 2013 and
is a U.S. Department of Energy Innovation Hub led by the Ames
National Laboratory supporting early-stage research to advance
innovation in U.S. manufacturing. The CMI focuses on technologies
that make better use of materials and eliminate the need for
materials that are subject to supply disruptions. Cobalt and other
critical materials are essential for American competitiveness in
clean energy technologies, including wind turbines, solar panels,
electric vehicles, and energy-efficient lighting.
In 2017, the U.S. Government added cobalt to a list of "critical
minerals" and devised an action plan to specifically address supply
chain issues. The U.S. is heavily reliant on foreign sources of
cobalt for military and industrial applications, including electric
vehicles and aerospace.
There are currently no mines in the U.S. actively producing
cobalt. First Cobalt owns a permitted cobalt refinery in
Canada as well as a cobalt-copper
deposit in the U.S. The deposit, known as Iron Creek, is located
within First Cobalt's Idaho
property, which is part of a geologic belt that collectively
contains the largest cobalt resources in America.
The CMI supports research on expanding domestic supply of
critical minerals. Research teams leading projects in the
Diversifying Supply focus area are located at Ames Laboratory,
Idaho National Laboratory, Oak Ridge National Laboratory, and
Colorado School of Mines.
In joining the Critical Minerals Institute, First Cobalt also
aligns with Canada's efforts under
the Canada–U.S. Joint Action Plan on Critical Minerals
Collaboration, advancing North
America's mutual interest in securing supply chains for the
critical minerals needed for important manufacturing sectors,
including communication technology, aerospace and defence, and
clean technology.
Trent Mell, First Cobalt
President & CEO, commented:
We are honored to be one of the few resource-development
companies to have been accepted to the CMI and the only such
company focused on producing cobalt in North America. This membership greatly
improves our network of companies and research facilities that
share our dedication to a clean energy future. The CMI provides
access to cutting edge technologies and brilliant people who are
improving metal extraction processes to make them more energy
efficient, less costly, and reduce the impact to the natural
environment.
First Cobalt has partnered with researchers at the Colorado School of Mines on a proposal to fund a
project on improving the extraction of cobalt from ore from the
Iron Creek cobalt-copper deposit in Idaho. The two-year project is aimed at
modifying conventional methods of extraction to reduce the amount
of waste material processed and to increase the concentration of
cobalt in material to be refined. The methods to be tested will be
specifically adapted to reduce energy consumption of mineral
processing compared to current practices. The reduction of waste
material in processing would minimize the size of tailings
compounds. The project is well-aligned with First Cobalt's
commitment to provide a green and ethical supply of cobalt to the
North American electric vehicle market.
Dr. Frank Santaguida, First
Cobalt Vice-President, Exploration will be a guest speaker on the
topic of "Establishing Domestic Cobalt Supply Chains" at the
CMI Annual Meeting on September 15,
2020. The meeting is being held virtually and will bring
together CMI leaders, researchers, partners, and affiliate partners
from around the world.
About Iron Creek
First Cobalt's Iron Creek project is located in the Idaho Cobalt
Belt, which is known as the most prolific trend of cobalt
mineralization in the U.S. and includes the historic Blackbird
Mine. The property consists of mining patents and exploration
claims with historic underground development that includes 600
metres of drifting from three adits and an all-weather road
connecting the project to a state highway. Iron Creek has a
resource estimate with an Indicated Resource of 2.2 million tonnes
at 0.32% cobalt equivalent (0.26% cobalt and 0.61% copper) for 12.3
million pounds of contained cobalt and 29 million pounds of
contained copper as well as an Inferred Resource of 2.7 million
tonnes at 0.28% cobalt equivalent (0.22% cobalt and 0.68% copper)
for an additional 12.7 million pounds of contained cobalt and 40
million pounds of contained copper.
Qualified 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 employed on a full-time basis as Vice President,
Exploration for First Cobalt.
About First Cobalt
First Cobalt owns North
America's only permitted cobalt refinery. Cobalt refining is
a critical component in the manufacturing of batteries for electric
vehicles, consumer electronics and industrial applications. Cobalt
is a critical mineral and forms a foundational piece of the next
generation of the North American auto sector. First Cobalt also
owns an advanced cobalt project in the
United States and controls significant cobalt-silver mineral
assets in the Canadian Cobalt Camp.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
Neither the 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 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,
which relate to the proposed development of the First Cobalt
Refinery, the intended processing of cobalt hydroxide feedstock at
the First Cobalt Refinery and the ability to secure financing and
feedstock materials necessary to commence production at the First
Cobalt Refinery. 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.
Cautionary Note to Investors - Resource
Estimates
In accordance with applicable Canadian securities regulatory
requirements, all mineral resource estimates of the Company
disclosed or incorporated by reference in this news release have
been prepared in accordance with Canadian National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI
43-101"), classified in accordance with Canadian Institute of
Mining Metallurgy and Petroleum's "CIM Standards on Mineral
Resources and Reserves Definitions and Guidelines" (the "CIM
Guidelines"). The Company uses the terms "mineral resources", and
"inferred mineral resources". While those terms are recognized by
Canadian securities regulatory authorities, they are not recognized
by the United States Securities and Exchange Commission (the "SEC")
and the SEC does not permit U.S. companies to disclose resources in
their filings with the SEC. Pursuant to the CIM Guidelines, mineral
resources have a higher degree of uncertainty than mineral reserves
as to their existence as well as their economic and legal
feasibility. Inferred mineral resources, when compared with
measured or indicated mineral resources, have the least certainty
as to their existence, however, it is reasonable to expect that the
majority of inferred mineral resources could be upgraded to
indicated mineral resources with continued exploration. Pursuant to
NI 43-101, inferred mineral resources may not form the basis of any
economic analysis, including any feasibility study. Accordingly,
readers are cautioned not to assume that all or any part of a
mineral resource exists, will ever be converted into a mineral
reserve, or is or will ever be economically or legally mineable or
recovered.
SOURCE First Cobalt Corp.