Fuse Cobalt Update - Ontario Cobalt Properties and Nevada Lithium Project
Vancouver, BC - TheNewswire – August 19, 2020 – Fuse Cobalt Inc. (“the Company“ or “Fuse”) (TSXV:FUSE) (OTC:FUSEF) (FRA:43W3) is pleased to provide an update on the Company properties located in Cobalt Ontario, Canada and in Mineral County Nevada, USA.
There are two reports expected soon on the Teledyne and Glencore Bucke cobalt properties located in Ontario Canada which include an updated NI 43-101 Technical Report (including some previously unreleased drill results) and a Scope of Work Study for the de-watering and reclamation of the important Teledyne ramp.
Robert Setter, President and CEO commented that “The entire team at Fuse is eagerly anticipating this update from our geological team because it will detail our understanding of the extent of cobalt mineralization and the logical next steps to continue to create shareholder value.”
The Scope of Work Study is specific to the de-watering and reclamation of the Teledyne ramp where a high degree of cobalt mineralized material is believed to exist by our geological team and as indicated by past exploration results. Robert Setter notes, “the Teledyne ramp was built in 1980 for the purpose of accessing what was thought to be a highly mineralized ore body and we are fortunate to have found one of these key individuals that worked on that ramp in 1980 to do this Scoping of Work Study. His pre-existing knowledge of the ramp construction is proving to be beneficial in the preparation of the study and evaluation of the exploration area around the ramp. This will end up saving the Company an incredible amount of both time and money.”
As well, in late July, an initial site visit was conducted at the Teels Marsh lithium project in Nevada. Our lead geologist, Alan Morris, visited the site to verify the location of the recently staked claims, look for potential lithium rich clay deposits and inspect the gravel pads previously constructed by Dajin for use in a potential deep drilling program. Mr. Morris collected several soil samples around the claims and states “The comparison of the trace element geochemical patterns will help us identify the source of the ash beds encountered in the drilling at Teels and let us know more about how best to explore and develop this property”
Cobalt continues to be in the news as this important metal gains prominence within EV battery production. Reuters reported on August 5th that “African Supply Bottlenecks Fuel Cobalt Price Surge” due to transport delays in conjunction with COVID-19 lockdowns just as Chinese demand for cobalt hydroxide used in EV batteries is expected to increase. PRC-based cobalt refiners are now increasing their cobalt hydroxide feedstock in preparation for a rebound in demand as coronavirus lockdowns are easing in China. “This will undoubtedly lead to an increase in demand and price for the metal in the short-term, something we are seeing right now in the global commodity markets” comments Mr. Setter.
Other positive cobalt news includes the Canadian exploration activity of Kobold Metals. They have recently announced they had acquired a property in northern Quebec near Glencore’s Raglan nickel mine. Mr. Setter states “As you recall, KoBold Metals is a start up company backed by Bill Gates, Jeff Bezos and other billionaires looking to advance clean energy initiatives. The company plans to scour for cobalt in Canada using advanced mapping technology.” Mr. Setter concludes, “The need for and search for “clean” cobalt sources is no longer up for debate. Cobalt is too important for the EV battery as it enhances range and stability both of which are critical for consumers as the forecast mass global EV adoption continues to unfold.”
The technical content of this news release has been reviewed and approved Alan J Morris, CPG, the project geologist, and Qualified Person on the Teels Marsh West Project
About Fuse Cobalt Inc. www.fusecobalt.com
Fuse Cobalt Inc. is a Canadian based exploration company that trades under the symbol FUSE on the TSX Venture Exchange. The Company’s focus is on exploration for high value metals required for the manufacturing of batteries.
Ontario Cobalt Properties: Fuse owns a 100% interest its Glencore Bucke Property, situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario, subject to a back-in provision, production royalty and off-take agreement. The Glencore Bucke Property consists of 16.2 hectares and sits along the west boundary of Fuse’s Teledyne Cobalt Project. The Company also owns a 100% interest, subject to a royalty, in the Teledyne Project which consists of 785 hectares of land and is also located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agaunico Mine, a former producer of both silver and cobalt.
Nevada Lithium Property: Fuse owns a 100% interest in 100 placer claims covering 2000 acres (809 hectares) at Teels Marsh, Nevada. The property, called Teels Marsh West is highly prospective for Lithium brines and is located approximately 48 miles northwest of Clayton Valley and the Rockwood Lithium Mine. Rockwood is North America’s only producing brine-based Lithium mine supporting lithium production since 1967. Access to Teels Marsh is via dirt road, west of Highway 95 and northwest of Highway 360.
On Behalf of the Board of Directors
Robert Setter, President &CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.