Trading in First Cobalt (FCC.V) was finally resumed on Monday, but this doesn’t mean the company hasn’t done anything as it has started a 7,000 meter drill program at the Keeley-Frontier mine in Ontario, Canada. This drill program was designed based on a 3D geological model which was put together based on an extensive field mapping program and information available from historical data. The drill targets are spread out over a total strike length of approximately 2 kilometers and will focus on the known cobalt-rich zones of K-F which have not been mined (keep in mind the historical miners were predominantly chasing the silver).
First Cobalt intends to assay the drill core for Cobalt, Silver and Nickel but also for Bismuth and Copper and FCC expects to drill both shallow and deeper holes. The deeper holes will drill-test the 820 area where the company has found indications of an undeveloped vein system based on the cobalt-nickel grades it has encountered. The remainder of the exploration program (1,276 meters of the planned 7,000 meters have already been completed) will be supervised by First Cobalts new exploration manager, Jason Rickard. Rickard was a senior geologist at Goldcorp’s (GG, G.TO) Borden project in Ontario.
We’re still waiting for the proposed mergers with Cobalt One (ASX:CO1) and CobalTech Mining (CSK.V) to be closed, but it’s clear First Cobalt is eager to make progress on its large land package in the heart of the historical cobalt district. According to CEO Trent Mell, First Cobalt’s 10,000 hectares (upon completion of the two mergers) will have locked up approximately half of the prospective land in the district.