Idaho Exploration Program At The Iron Creek Project

TORONTO - First Cobalt Corp. reported the commencement of an exploration program at Iron Creek cobalt-copper project. The Company's objective is to double the size of its resource over the next two drill seasons as interest grows in a U.S. domestic cobalt supply to support a growing electric vehicle market. Located in the Idaho Cobalt Belt, the Iron Creek Project is one of the few primary cobalt deposits in the world. To date, cobalt and copper resources have been defined by drilling over a 900-meter strike extent and the deposit remains open to the east and west along strike as well as down-dip. The Idaho Cobalt Belt contains the largest primary resources of cobalt in the United States according to the U.S. Geological Survey.

"Cobalt demand for electric vehicles is projected to increase more than 250% by 2025 and Idaho is believed to be America's best opportunity to develop a domestic supply of this critical mineral," said President and CEO, Trent Mell. "With our Canadian refinery expansion underway, we are turning our attention to our flagship mineral project in Idaho. Drilling aims to extend the cobalt and copper mineralization at Iron Creek and test for new mineralization at nearby targets that could result in additional resources on the property. Several new initiatives have been declared to reduce permitting timelines by prioritizing mining-related applications and allocated funding toward innovative mining projects that reduce environmental impacts. Our Iron Creek assets can help the United States on two of its most important policy files: reducing climate change and securing critical minerals for American industry."

Drilling will commence at the eastern portion of the deposit along strike of some of the highest grade cobalt intercepts: 0.45% Co and 2.07% Cu over 9.4m (ICS18-02) as well as 0.44% Co and 0.19% Cu over 14.7m (ICS18-05). The primary targets for the drilling program have been interpreted from chargeability-resistivity anomalies on strike with the Iron Creek cobalt-copper deposit (Figure 1). High chargeability zones east of the Iron Creek deposit are interpreted to reflect extensions of the mineralization that can be traced over 300m in strike length. Similarly, at the western extent of the Iron Creek deposit, a high chargeability anomaly may represent mineralization along strike that has been offset along north-south trending structures along the boundaries of the Challis Volcanic cover rocks.

Drill holes planned at the Ruby Zone 1.5 km to the south of Iron Creek will target the extension of cobalt-copper mineralization exposed at surface. Mineralization is similar to the Iron Creek deposit, occurring as cobalt-rich pyrite and chalcopyrite. The Ruby Zone mineralization exposed at surface has not previously been drilled. In addition to drilling known mineralized areas, geophysical surveys are planned in the Ruby Zone area to track the potential eastern extension of mineralization toward the Redcastle Property.

Iron Creek is a high grade primary cobalt deposit occurring within patented land 100% owned by First Cobalt in the United States. The larger property consists of mining patents and exploration claims. Historic underground development at Iron Creek includes 600 meters of drifting from three adits. An all-weather road connects the property to a state highway and the nearby towns of Challis and Salmon. Significant infrastructure is in place to support multiple drills and underground activity. The setting for mineralization is well suited for underground mining development. Iron Creek currently has an Indicated Resource of 2.2 million tonnes at 0.32% cobalt equivalent as well as an Inferred Resource of 2.7 million tonnes at 0.28% cobalt equivalent.