First Cobalt extends Iron Creek mineralization by 150 metres
Mining News Pro - 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.
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According to Mining News Pro - 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.


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