First Cobalt Corp. of Toronto has drilled its deepest hole to date at the Iron Creek cobalt project between Challis and Salmon. The hole reached a depth of 611 metres and confirmed that mineralization in the No Name zone extends a further 150 metre down dip.
The No Name zone has now been traced to 300 metres down dip in the central area of the deposit and 400 metres in the west.
Hole ICS18-28 returned broad intercepts such as 12.0 metres of 0.20% cobalt, including 3.9 metres of 0.35% (true width). The same hole in the footwall returned 0.21% cobalt over 1.4 metres. The hole also intersected high grade copper mineralization - 1.22% over 1.0 metre (true width) - 150 metres deep in the hanging wall.
First Cobalt has arranged a $2-million non-brokered private placement of 11.1 units at a price of $0.18 per unit. Each unit consists of one common share and one share purchase warrant at a price of $0.27 each for a period of two years. The company intends to use the proceeds to support ongoing work at its refinery in Cobalt, Ont.
(This article first appeared in the Canadian Mining Journal.)