TO OUR SHAREHOLDERS
Happy Holidays, and I would like to start by thanking you for your support of our Company. We appreciate your continued support of our team and the development of our world class North American lithium and cobalt properties.
We have spoken many times in the past about the shift to Electric Vehicles (EV) in North America and throughout the globe. We have reached a global milestone in EV car production. There are now over 41 million electric vehicles on the road globally, thanks in part to forward looking consumers and auto manufacturers, government incentives and persistently high gas prices at the pumps!
The consumer trend to adopt EVs and leaving their gas guzzling automobiles by the wayside is undeniable. Governments around the world are beginning to require that all new cars be zero emission vehicles, and are stepping up with EV subsidies for both consumers and manufacturers. Auto manufacturers worldwide are producing more EVs for sale each year, both in terms of the number of car and truck model options available for consumers but also in terms of the numbers of cars produced. One good example can been seen by the recent announcement by Tesla Inc. (NASDAQ: TSLA) to increase the capacity of a newly proposed Mexican manufacturing facility to produce over 2 million vehicles / year and committing to an investment of US$10 Billion in 2025.
A key component in the production of EVs is the exploration, mining and refining of key battery metals like Lithium and Cobalt. Both Canada and the US have committed to supporting the mining industry for these key battery metals and recent legislation like the US Inflation Reduction Act confirms both financial and functional support to the mining industry as part of an overall long term strategy for clean technology and progressive solutions to climate change.
As you are aware, Fuse Battery Metals has completed a CAD$1.5 million financing at around this time last year and we currently have a cash balance of over CAD$1 million in our treasury and a healthy balance sheet. I am proud to say that we are fully funded for the 2024 mineral exploration season.
Nevada Lithium Exploration Plan
Recently we have added two new and highly prospective lithium properties to our asset portfolio in Nevada. The Monitor Valley and the Lithium Springs Properties been added to our existing Ontario Cobalt – Glencore Bucke and Teledyne Properties in Canada.
At the Monitor Valley Lithium Project, the Company contracted the services of Rangefront Geological to perform both a detailed soil sampling on a 100 m X 100 m spacing and KLM Geoscience LLC to perform a CSAMT geophysical survey to obtain information about subsurface resistivity and geology. A total of nine CSAMT lines were surveyed for a total coverage of 17-line kilometers. Together these geological techniques should help predict geological structure and possible locations for sub-surface lithium accumulation. Results from this Phase 1 exploration program will be key to determining our 2024 exploration plan and possible drilling locations for clay-based lithium targets.
Our geological team plans to meet up over the holidays to discuss next steps on this project. This first phase of the exploration plan in Monitor Valley is part of a methodical and systematic approach to understanding the underlying geology of our property. This work will assist our geological team to determine next steps for the overall lithium exploration program, including but not limited to a potential subsequent drilling program.
Exploration at Lithium Springs is planned to take place in the spring/summer of this 2024 for the beginning of the 2024 Nevada Exploration Season.
Our aim is to advance these projects as quickly as possible and build them into long-term robust assets benefiting all shareholders.
Ontario Cobalt Exploration Properties
We have previously announced the completion of a diamond drill program at the Glencore Bucke Property. On September 5, 2023, we announced the final assay results from this program, showing some great results and that we intercepted 7.75% Co and 5.44% Ni over 0.42m at Glencore-Bucke.
The Company successfully intercepted cobalt mineralization in seven of the diamond drill holes and encountered zones of increased copper bearing sulphides in five diamond drill holes. Several of the cobalt veins contained high grade cobalt. The drilling on the northwest part of the property was located underneath/below the existing intercepts and were successful in locating mineralized structures. This suggests the mineralization will continue at depth. To the south-west and bordering the Teledyne property, the drill holes were dual purpose; they were planned to both follow-up existing drilling and test the First Priority Geophysical Targets together. Several veins were encountered, and this suggests the veining may continue south onto the Teledyne property.
We have recently announced that our cobalt properties in Ontario Canada are being spun into a subsidiary to better distribute focus and resources on this overall project. We now plan to list this company on the TSX Venture Exchange in the early part of 2024. It will be called Ignition Battery Metals Inc. (“Ignition”). Current Fuse shareholders will receive a significant boost in value from this transaction, as it will result in a free common share dividend in Ignition shares representing a proportionate value in this new public company. We are doing this to give our shareholders a bonus — a share in another public company for no cost.
For a bit of added perspective, our Ontario Cobalt Properties are located beside the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt (“Co”), and 980,000 oz of silver (“Ag”) (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp.
Cobalt continues to be in high demand and global cross-commodity reporting analysts like Fastmarkets, predict that increasing cobalt demand over the next decade driven primarily by fully electric EV (xEV) adoption. This bodes well for this commodity and our Company plans will benefit our shareholders in the long-term by spinning out this venture as a separate entity to be valued accordingly.
In closing out this year, we wanted to thank you for your continued support and we look forward to creating new value each and every day for our shareholders.
Happy Holidays,
Tim Fernback
President & CEO
Fuse Battery Metals Inc.
Qualified Person
Mr. Seth Cude, P.G. is a Qualified Person as defined by National Instrument 43-101 and has approved the technical information contained within this news release with respect to our Nevada Lithium Properties.
The technical information in this news release relating to our Ontario Cobalt properties was approved and prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO), President and COO of Canada Silver Cobalt Works Inc., a qualified person accordance with National Instrument 43-101.
About Fuse Battery Metals Inc. https://fusebatterymetals.com
Fuse Battery Metals 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.
Nevada Lithium Properties
Fuse owns 100% of the Lithium Springs Property which is located at the southern end of Black Rock Desert, Nevada, about 132 air-line km north-northeast of Reno, Nevada in Sections 1, 2, 11, and 12 Township 32 North, Range 23. The center of the property is about 40.676° North Latitude, 119.331° West Longitude, (40° 40’ 33” N, 119° 19’ 52”): UTM X 302,900 UTMY 4,505,400 NAD 27; Zone 11 N. Black Rock Desert basin is about 110 km long and up to 25 km wide at the widest point. The central playa measures about 50 km northeast – southwest and 10 km southeast – northwest. The western arm of the Black Rock Desert covers an area of about 2,000 square kilometers and contains 5 of the 30 currently listed Known Geothermal Resource Areas in Nevada.
Fuse also owns 100% of the Monitor Valley North Lithium Property which includes 97 placer claims (MVN1 – MVN97) covering approximately 770 hectares of alluvial sediments and clays located 134 km northeast of Tonopah, Nevada. The property is located in Monitor Valley, Nevada, and the center of the property is about 39.21° North Latitude, 116.65° West Longitude. The property is 55 km due west of the Little Smokey Valley, Nevada where exploration for lithium is ongoing.
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 located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agnico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt (“Co”), and 980,000 oz of silver (“Ag”) (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Cobalt subject to a back-in provision, production royalty and off-take agreement.
The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.
Over CAD$25 million has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world’s largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
Contact Information:
Email: [email protected]
Phone: 236-521-0207
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.
Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
At the Monitor Valley Lithium Project, the Company contracted the services of Rangefront Geological (“Rangefront”) to perform both a detailed soil sampling on a 100 m X 100 m spacing and KLM Geoscience LLC (“KLM’) to perform a CSAMT geophysical survey to obtain information about subsurface resistivity and geology. A total of nine CSAMT lines were surveyed for a total coverage of 17-line kilometers. Together these geological techniques should help predict geological structure and possible locations for sub-surface lithium accumulation.
Mr. Tim Fernback, Fuse President & CEO comments “This first phase of the exploration plan in Monitor Valley is part of a methodical and systematic approach to understanding the underlying geology of our property. This work will assist our geological team to determine next steps for the overall lithium exploration program, including but not limited to a subsequent drilling program.”
Soil Samples Taken (Monitor Valley Lithium Project)
CSAMT line layout (Monitor Valley Lithium Project)
Mr. Fernback, continues “Now that the soil sampling and CSAMT geophysical survey programs are complete at Monitor Valley, we will focus our efforts on interpreting the data and completing a new NI #43-101 Technical Report on the property. Once we receive the results from the assay lab, we will use this information alongside the geophysics data and plan our next steps at Monitor Valley.”
About Rangefront Geological
Elko Nevada-based Rangefront Geological has combined in-depth expertise with cutting-edge technology to provide mining consulting services, contract labor, field crew services,and vehicular support to the mining industry. With services available across North America, Rangefront works closely with its clients to provide high-quality mineral exploration services.
About KLM Geoscience LLC
KLM Geoscience is an industry leading, Nevada-based geophysical exploration company, established in 2014. KLM specializes in a wide array of geophysical methods. Using state of the art equipment, KLM’s services include induced polarization (IP), natural-source magnetotellurics (MT, AMT), controlled-source audio-frequency magnetotellurics (CSAMT), passive seismic and magnetic potential field surveys. KLM prides itself on its safety procedures and logistical planning, which allows us to efficiently survey in difficult and technical terrain. Its head office location in Nevada allows KLM to rapidly mobilize and begin work at a moment’s notice throughout the Western United States and beyond
Qualified Person
Mr. Seth Cude, P.G. is a Qualified Person as defined by National Instrument 43-101 and has approved the technical information contained within this news release.
About Fuse Battery Metals Inc. https://fusebatterymetals.com
Fuse Battery Metals 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.
Nevada Lithium Properties
Fuse owns 100% of the Lithium Springs Property which is located at the southern end of Black Rock Desert, Nevada, about 132 air-line km north-northeast of Reno, Nevada in Sections 1, 2, 11, and 12 Township 32 North, Range 23. The center of the property is about 40.676° North Latitude, 119.331° West Longitude, (40° 40’ 33” N, 119° 19’ 52”): UTM X 302,900 UTMY 4,505,400 NAD 27; Zone 11 N. Black Rock Desert basin is about 110 km long and up to 25 km wide at the widest point. The central playa measures about 50 km northeast – southwest and 10 km southeast – northwest. The western arm of the Black Rock Desert covers an area of about 2,000 square kilometers and contains 5 of the 30 currently listed Known Geothermal Resource Areas in Nevada.
Fuse also owns 100% of the Monitor Valley North Lithium Property which includes 97 placer claims (MVN1 – MVN97) covering approximately 770 hectares of alluvial sediments and clays located 134 km northeast of Tonopah, Nevada. The property is located in Monitor Valley, Nevada, and the center of the property is about 39.21° North Latitude, 116.65° West Longitude. The property is 55 km due west of the Little Smokey Valley, Nevada where exploration for lithium is ongoing.
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 located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agnico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt (“Co”), and 980,000 oz of silver (“Ag”) (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Cobalt subject to a back-in provision, production royalty and off-take agreement.
The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.
Over CAD$25 million has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world’s largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
Contact Information:
Email: [email protected]
Phone: 236-521-0207
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.
Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
]]>It is proposed that the transaction will be carried out by way of statutory plan of arrangement (the “Spin-Out“) pursuant to the Business Corporations Act (British Columbia). Under the terms of the Spin-Out, shareholders of Fuse would exchange their existing common shares of Fuse for the same number of new common shares of Fuse (having the identical terms of the existing Fuse common shares) and Spin-Out Shares of SpinCo. There will be no change in shareholders’ holdings in Fuse as a result of the Spin-Out. It is anticipated that each Fuse shareholder will receive 1/20 of a Spin-Out Share for each Fuse common share held as at the record date for the arrangement. Fuse will continue to hold its interest in its North American Lithium Properties.
The Spin-Out Transaction requires the approval of the Fuse shareholders and approval of the British Columbia Supreme Court in order to proceed. Full details on the Spin-Out Transaction will be contained in the Management Information Circular to be prepared for the Fuse shareholder meeting. Fuse shareholders are urged to read the Management Information Circular carefully and in its entirety.
The intention is to seek a listing of the SpinCo common shares on the TSX Venture Exchange, but no assurance can be provided that such a listing will be obtained. Any such listing will be subject to SpinCo fulfilling all of the applicable regulatory and listing requirements.
Tim Fernback, Fuse President & CEO comments “In order to continue to create additional shareholder value, we are separating our Ontario based cobalt properties from our Nevada-based lithium properties, and plan on separately financing and taking the Ontario cobalt properties public on the TSXV. Each Fuse shareholder will receive a share dividend and have a proportionate share of this new entity. We believe this is a big win for our shareholders, giving each shareholder an equity interest in a new public company at no additional cost to them.”
About Fuse Battery Metals Inc. https://fusebatterymetals.com
Fuse Battery Metals 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.
Nevada Lithium Properties
Fuse owns 100% of the Lithium Springs Property which is located at the southern end of Black Rock Desert, Nevada, about 132 air-line km north-northeast of Reno, Nevada in Sections 1, 2, 11, and 12 Township 32 North, Range 23. The center of the property is about 40.676° North Latitude, 119.331° West Longitude, (40° 40’ 33” N, 119° 19’ 52”): UTM X 302,900 UTMY 4,505,400 NAD 27; Zone 11 N. Black Rock Desert basin is about 110 km long and up to 25 km wide at the widest point. The central playa measures about 50 km northeast – southwest and 10 km southeast – northwest. The western arm of the Black Rock Desert covers an area of about 2,000 square kilometers and contains 5 of the 30 currently listed Known Geothermal Resource Areas in Nevada.
Fuse also owns 100% of the Monitor Valley North Lithium Property which includes 97 placer claims (MVN1 – MVN97) covering approximately 770 hectares of alluvial sediments and clays located 134 km northeast of Tonopah, Nevada. The property is located in Monitor Valley, Nevada, and the center of the property is about 39.21° North Latitude, 116.65° West Longitude. The property is 55 km due west of the Little Smokey Valley, Nevada where exploration for lithium is ongoing.
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 located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agnico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt (“Co”), and 980,000 oz of silver (“Ag”) (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Cobalt subject to a back-in provision, production royalty and off-take agreement.
The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.
Over CAD$25 million has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world’s largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
Contact Information:
Email: [email protected]
Phone: 236-521-0207
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.
Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
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“We are pleased with the drill results from GB22-55 to GB22-58 as they suggest structures are continuing southward towards the Teledyne property. GB22-56 has 2% Cobalt, 0.95% Ni, 1.15 gpt Au and 24.81 gpt Ag over 1.53m. We are excited to continue to evaluate the mineralization along trend at the Teledyne.” Comments Tim Fernback, Fuse President & CEO. “We are pleased that the holes testing the extension of copper-cobalt zone have come back positive with many intervals being over 5m core length.”
The drill program was engineered to follow-up existing intercepts from the 2017-2018 drill programs in addition to testing the First Priority Targets outlined in the geophysical report completed by Simcoe Geoscience in August 2022. The 2022 drill program had a budget of CAD$500,000. The drill program completed 13 drill holes for a total of 1842 meters.
Towards the North-West part of the property, five drill holes were planned to follow up on the areas underneath T-18, GB17-21, GB18-36, and GB17-15 further down-dip of the existing structures. They were designed to test the vein continuity, as well as test the continuation of the copper-rich sulphide zones previously encountered. These include drill holes GB22-46, GB22-47. GB22-48, GB22-49, and GB22-50. The results from these drill holes are comparable to the intercepts encountered in previous drill programs, and prove the mineralization continues further at depth in the Main Zone.
The drill was then moved east and southward to test the geophysical IP anomalies and interpreted structural features that may be of interest. Four holes were planned to test these features. They include holes GB22-51, GB22-52, GB22-53, and GB22-54. No significant values were intercepted in these holes.
Towards the South part of the property, four holes were planned with three purposes in mind. The first was to follow-up existing intercepts from GB18-44. The second was test the geophysical targets in this area, and the third was to determine if any of the structures or veins continue southward and trend onto the Teledyne property. These holes include GB22-55, GB22-56, GB22-57, and GB22-58. These holes contained two excellent Cobalt results and suggests the mineralization may in fact continue further southward onto Teledyne.
Assay Result Highlights
- There are 6 intervals greater than 5.0m core length with cobalt equivalent grades above 0.1%.
- GB22-46 intercepted 1.8% Cu over 5.58m from 101.39 to 106.97m, including 3.54% Cu over 1.00m from 105.00 to 106.00m. It also intercepted 0.39% Co and 0.58% Cu over 0.75m from 137.70m to 138.45m.
- GB22-47 intercepted 2.06% Cu and 0.18% Co over 6.85m from 103.15 to 110.00m, including 3.94% Cu and 0.84% Co over 0.54m from 104.91 to 105.45m.
- GB22-49 intercepted 1.46% Cu over 2.00m from 123.00 to 125.00m.
- GB22-50 intercepted 7.75% Co and 5.44% Ni over 0.42m from 55.38 to 55.80m, and
2.17% Cu over 3.93m from 66.88 to 70.81m, including 4.01% Cu over 0.93m from 67.87 to 68.80m. - GB22-55 intercepted 5.71% Co and 3.14% Ni over 0.47m from 64.16 to 64.63m.
- GB22-56 intercepted 5.56 % Co and 2.66 % Ni over 0.52m from 99.00 to 99.52m.
- GB22-50 contained up to 11.9 grams per tonne Au from initial statistics the gold grade is strongly correlated with Nickel and Cobalt. Nickel and Cobalt also have a strong correlation.
Table 1: Composites greater than 2m with Cobalt Equivalent greater than 0.1%
| Hole | From | To | Length (m) | Au (gpt) | Ag (gpt) | Co (%) | Cu (%) | Ni (%) | Co eq (%) |
| GB22-46 | 101.39 | 106.97 | 5.58 | 0.04 | 17.39 | 0.10 | 1.80 | 0.02 | 0.52 |
| GB22-47 | 103.15 | 110.00 | 6.85 | 0.06 | 24.26 | 0.18 | 2.06 | 0.03 | 0.66 |
| GB22-47 | 132.40 | 134.90 | 2.50 | 0.04 | 33.62 | 0.02 | 2.05 | 0.01 | 0.48 |
| GB22-49 | 90.00 | 95.00 | 5.00 | 0.03 | 18.00 | 0.03 | 0.59 | 0.02 | 0.17 |
| GB22-49 | 123.00 | 125.00 | 2.00 | 0.01 | 22.50 | 0.06 | 1.46 | 0.01 | 0.39 |
| GB22-50 | 66.88 | 70.81 | 3.93 | 0.01 | 20.61 | 0.01 | 2.17 | 0.02 | 0.51 |
| GB22-50 | 100.00 | 105.00 | 5.00 | 0.02 | 9.28 | 0.02 | 1.32 | 0.01 | 0.33 |
| GB22-50 | 109.00 | 114.00 | 5.00 | 0.02 | 24.46 | 0.08 | 1.32 | 0.01 | 0.39 |
Table 2: Assay Results
| Hole | From | To | Length (m) | Au (gpt) | Ag (gpt) | Co (%) | Cu (%) | Ni (%) | Co eq (%) |
| GB22-46 | 10.75 | 11.25 | 0.50 | 0.01 | 0.30 | 0.00 | 2.10 | 0.01 | 0.48 |
| GB22-46 | 101.39 | 106.97 | 5.58 | 0.04 | 17.39 | 0.10 | 1.80 | 0.02 | 0.52 |
| including | 104.10 | 105.00 | 0.90 | 0.11 | 32.00 | 0.44 | 2.75 | 0.09 | 1.11 |
| including | 105.00 | 106.00 | 1.00 | 0.01 | 24.20 | 0.01 | 3.46 | 0.01 | 0.79 |
| GB22-46 | 137.70 | 138.45 | 0.75 | 0.09 | 94.10 | 0.39 | 0.58 | 0.02 | 0.54 |
| GB22-47 | 9.54 | 10.04 | 0.50 | 0.02 | 0.20 | 0.01 | 0.95 | 0.01 | 0.23 |
| GB22-47 | 98.15 | 99.65 | 1.50 | 0.03 | 9.85 | 0.05 | 0.26 | 0.01 | 0.12 |
| GB22-47 | 103.15 | 110.00 | 6.85 | 0.06 | 24.26 | 0.18 | 2.06 | 0.03 | 0.66 |
| including | 104.15 | 104.91 | 0.76 | 0.13 | 37.90 | 0.19 | 3.03 | 0.05 | 0.90 |
| including | 104.91 | 105.45 | 0.54 | 0.33 | 19.70 | 0.84 | 3.94 | 0.12 | 1.80 |
| including | 105.45 | 106.20 | 0.75 | 0.01 | 22.90 | 0.01 | 3.40 | 0.00 | 0.77 |
| including | 106.20 | 106.80 | 0.60 | 0.15 | 30.20 | 0.99 | 2.39 | 0.08 | 1.58 |
| GB22-47 | 113.00 | 114.00 | 1.00 | 0.21 | 19.60 | 0.03 | 0.89 | 0.01 | 0.24 |
| GB22-47 | 132.40 | 134.90 | 2.50 | 0.04 | 33.62 | 0.02 | 2.05 | 0.01 | 0.48 |
| including | 134.10 | 134.90 | 0.80 | 0.08 | 29.10 | 0.03 | 3.04 | 0.01 | 0.72 |
| GB22-47 | 137.15 | 138.15 | 1.00 | 0.97 | 17.70 | 0.07 | 1.00 | 0.02 | 0.30 |
| GB22-48 | 110.20 | 110.69 | 0.49 | 0.07 | 33.10 | 0.01 | 0.78 | 0.03 | 0.21 |
| GB22-48 | 140.41 | 142.00 | 1.59 | 0.12 | 7.64 | 0.11 | 0.14 | 0.01 | 0.15 |
| GB22-49 | 90.00 | 95.00 | 5.00 | 0.03 | 18.00 | 0.03 | 0.59 | 0.02 | 0.17 |
| including | 92.00 | 93.00 | 1.00 | 0.04 | 20.60 | 0.01 | 0.73 | 0.02 | 0.18 |
| including | 93.00 | 94.00 | 1.00 | 0.02 | 30.20 | 0.02 | 0.73 | 0.01 | 0.20 |
| including | 94.00 | 95.00 | 1.00 | 0.01 | 21.30 | 0.01 | 0.89 | 0.02 | 0.22 |
| GB22-49 | 123.00 | 125.00 | 2.00 | 0.01 | 22.50 | 0.06 | 1.46 | 0.01 | 0.39 |
| GB22-50 | 49.34 | 50.97 | 1.63 | 0.02 | 5.61 | 0.05 | 0.16 | 0.12 | 0.16 |
| GB22-50 | 55.38 | 55.80 | 0.42 | 11.90 | 64.40 | 7.75 | 0.08 | 5.44 | 11.13 |
| GB22-50 | 66.88 | 70.81 | 3.93 | 0.01 | 20.61 | 0.01 | 2.17 | 0.02 | 0.51 |
| including | 67.87 | 68.80 | 0.93 | 0.02 | 34.20 | 0.01 | 4.01 | 0.01 | 0.92 |
| GB22-50 | 100.00 | 105.00 | 5.00 | 0.02 | 9.28 | 0.02 | 1.32 | 0.01 | 0.33 |
| including | 104.00 | 105.00 | 1.00 | 0.03 | 21.00 | 0.06 | 2.26 | 0.02 | 0.58 |
| GB22-50 | 109.00 | 114.00 | 5.00 | 0.02 | 24.46 | 0.08 | 1.32 | 0.01 | 0.39 |
| including | 112.00 | 113.00 | 1.00 | 0.06 | 48.90 | 0.35 | 0.72 | 0.02 | 0.53 |
| including | 113.00 | 114.00 | 1.00 | 0.01 | 42.40 | 0.02 | 2.16 | 0.01 | 0.51 |
| GB22-55 | 64.16 | 64.63 | 0.47 | 0.46 | 5.10 | 5.71 | 0.00 | 3.14 | 7.65 |
| GB22-55 | 68.36 | 68.88 | 0.52 | 0.10 | 1.10 | 0.30 | 0.00 | 0.11 | 0.37 |
| GB22-55 | 133.56 | 135.03 | 1.47 | 0.05 | 10.97 | 0.22 | 0.30 | 0.08 | 0.34 |
| including | 134.55 | 135.03 | 0.48 | 0.13 | 16.90 | 0.68 | 0.01 | 0.21 | 0.81 |
| GB22-56 | 96.00 | 96.43 | 0.43 | 0.16 | 44.50 | 0.72 | 0.01 | 0.14 | 0.81 |
| GB22-56 | 99.00 | 100.53 | 1.53 | 1.15 | 24.81 | 2.00 | 0.00 | 0.95 | 2.59 |
| including | 99.00 | 99.52 | 0.52 | 2.58 | 59.40 | 5.56 | 0.00 | 2.66 | 7.20 |
| GB22-57 | 64.88 | 65.35 | 0.47 | 0.03 | 3.30 | 0.17 | 0.00 | 0.05 | 0.20 |
| GB22-57 | 68.00 | 68.48 | 0.48 | 0.01 | 2.30 | 0.09 | 0.00 | 0.02 | 0.10 |
| GB22-57 | 69.85 | 70.88 | 1.03 | 0.01 | 0.70 | 0.15 | 0.00 | 0.04 | 0.18 |
| GB22-57 | 75.00 | 75.57 | 0.57 | 0.05 | 3.90 | 0.16 | 0.15 | 0.06 | 0.24 |
Note: The intervals provided in this table represent core length and not true widths. The bolded intervals are composite assay calculations. Assay results reported as significant are >0.10% cobalt equivalent Gold and Silver are not included in the cobalt equivalent and are simply length weighted over the interval.
Price assumptions: Cobalt $33,420 USD/mT, Copper $3.7441 USD/lb, Nickel $20,621 USD/mT
*no metallurgical recovery or other parameters applied to the Cobalt Equivalent, this is an in-situ value. The Cobalt equivalent is strictly used here to compare multi-metallic results and is subject to variations in metal price. Silver was not included in the Cobalt equivalent and should be evaluated separately.
Table 3: Collar Locations
| Nad 83 – Zone 17 N | ||||||
| Hole | Azimuth | Dip | Length | Easting | Northing | Elevation |
| GB22-46 | 264.9 | -46.0 | 141 | 604,580 | 5,252,077 | 252 |
| GB22-47 | 264.9 | -46.0 | 141 | 604,580 | 5,252,077 | 252 |
| GB22-48 | 270.2 | -48.0 | 180 | 604,609 | 5,252,089 | 246 |
| GB22-49 | 270.0 | -46.3 | 150 | 604,541 | 5,252,112 | 246 |
| GB22-50 | 263.1 | -45.7 | 150 | 604,541 | 5,252,112 | 246 |
| GB22-51 | 270.1 | -44.9 | 90 | 604,576 | 5,252,150 | 246 |
| GB22-52 | 160.3 | -45.1 | 150 | 604,619 | 5,251,970 | 246 |
| GB22-53 | 90.0 | -45.0 | 144 | 604,619 | 5,251,970 | 246 |
| GB22-54 | 90.1 | -45.0 | 171 | 604,602 | 5,252,125 | 246 |
| GB22-55 | 89.9 | -54.9 | 141 | 604,466 | 5,251,843 | 246 |
| GB22-56 | 90.0 | -65.0 | 150 | 604,466 | 5,251,843 | 246 |
| GB22-57 | 90.0 | -50.0 | 114 | 604,457 | 5,251,806 | 246 |
| GB22-58 | 90.0 | -63.0 | 120 | 604,403 | 5,251,826 | 246 |
Prior diamond drilling highlights from the 2017-2018 drill campaign include:
- GB17-07 intersected 7.64% Co over 0.26m from 99.79 to 100.05m.
- GB17-10 intersected0.55% Co over 5.00m from 28.00 to 33.00m.
- GB17-15 intersected 0.90% Cu over 20.20m from 42.50 to 62.70m, including 8.42% Co over 0.30m from 62.40 to 62.70m.
- GB17-21 intersected 1.25% Cu over 6.10m from 67.50 to 73.60m, including 0.73% Co over 0.60m from 69.7 to 70.30m.
- GB18-44 intersected 0.11% Co and 1.04% Cu over 8.40m from 110.60 to 119.00m.
Note: The above intervals represent core lengths, and not true widths (NI 43-101 Technical Report on the Teledyne Cobalt and Glencore Bucke Project Feb 4, 2021).
The Glencore Bucke Property consists of two patented mining claims totaling approximately 16.2 ha in area located on the west boundary of Fuse’s Teledyne Cobalt Project. The company recognizes the significant exploration potential that the Property has due to the possible southern extensions of veins from the Cobalt Contact Mine property adjoining to the north that could project southward onto the Property. Their work delineated two mineralized zones, named the Main Zone and Northwest Zone, measuring 500 ft (152.4 m) and 200 ft (70.0 m) in length respectively on the Glencore Bucke property.
The technical contents of this news release regarding previous drilling campaigns are contained in the NI 43-101 Technical Report on the Teledyne Cobalt and Glencore Bucke Project Feb 4, 2021, by Joerg Kleinboeck P. Geo and David Jamieson P. Geo and can be found on Sedar (www.sedar.com)
QA / QC
The core samples were cut in two with a rock saw. One half was sent to the assay lab and the other half was retained as witness core. Blanks and certified reference material (standards) were inserted into the sampling sequence such that they represent no less than 10% of the total samples. The results of the blanks and standards are within expected values allowing public disclosure of the assays.
Qualified Person
The technical information in this news release was approved and prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO), President and COO of Canada Silver Cobalt Works Inc., a qualified person accordance with National Instrument 43-101.
In other news, the Company has recently refiled its December 31, 2022 Annual MD&A on August 25, 2023 on SEDAR, noting a change in the named Qualified Person (“QP”) from Gerhard Kiessling (former QP) to Matt Halliday (current QP) with no other changes to the document. This new disclosure correctly states that the Company’s filed MD&A disclosure on Fuse’s Ontario Cobalt Properties was reviewed by Matt Halliday as Company QP.
About Fuse Battery Metals Inc. https://fusecobalt.com/
Fuse Battery Metals 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.
Nevada Lithium Properties
Fuse owns 100% of the Lithium Springs Property which is located at the southern end of Black Rock Desert, Nevada, about 132 air-line km north-northeast of Reno, Nevada in Sections 1, 2, 11, and 12 Township 32 North, Range 23. The center of the property is about 40.676° North Latitude, 119.331° West Longitude, (40° 40’ 33” N, 119° 19’ 52”): UTM X 302,900 UTMY 4,505,400 NAD 27; Zone 11 N. Black Rock Desert basin is about 110 km long and up to 25 km wide at the widest point. The central playa measures about 50 km northeast – southwest and 10 km southeast – northwest. The western arm of the Black Rock Desert covers an area of about 2,000 square kilometers and contains 5 of the 30 currently listed Known Geothermal Resource Areas in Nevada.
Fuse also owns 100% of the Monitor Valley North Lithium Property which includes 97 placer claims (MVN1 – MVN97) covering approximately 770 hectares of alluvial sediments and clays located 134 km northeast of Tonopah, Nevada. The property is located in Monitor Valley, Nevada, and the center of the property is about 39.21° North Latitude, 116.65° West Longitude. The property is 55 km due west of the Little Smokey Valley, Nevada where exploration for lithium is ongoing.
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 located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agnico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt (“Co”), and 980,000 oz of silver (“Ag”) (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Cobalt subject to a back-in provision, production royalty and off-take agreement.
The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.
Over CAD$25 million has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world’s largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
Contact Information:
Email: [email protected]
Phone: 236-521-0207
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.
Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
]]>In connection with his appointment, the Company is granting Ryan 200,000 stock options at an exercise price of $0.05 per share for a period of five years. The stock options are granted pursuant to the terms of the Company’s stock option plan, and the requirements of the TSX Venture Exchange.
Mr. Tim Fernback, Fuse President & CEO states “Ryan Cheung is a welcomed addition to the Company’s Board of Directors and Audit Committee. Ryan is a seasoned accountant and has worked for many years with several successful high growth mineral exploration issuers on the TSX Venture Exchange and OTCQB markets. His past experience will be a huge benefit to our shareholders as we continue to expand our team and explore for lithium and cobalt, two critical elements found in large quantities inside the Electric Vehicle Battery. We are excited to have him join our team.”
About Fuse Battery Metals Inc. https://fusecobalt.com/
Fuse Battery Metals 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.
Nevada Lithium Properties
Fuse owns 100% of the Lithium Springs Property which is located at the southern end of Black Rock Desert, Nevada, about 132 air-line km north-northeast of Reno, Nevada in Sections 1, 2, 11, and 12 Township 32 North, Range 23. The center of the property is about 40.676° North Latitude, 119.331° West Longitude, (40° 40’ 33” N, 119° 19’ 52”): UTM X 302,900 UTMY 4,505,400 NAD 27; Zone 11 N. Black Rock Desert basin is about 110 km long and up to 25 km wide at the widest point. The central playa measures about 50 km northeast – southwest and 10 km southeast – northwest. The western arm of the Black Rock Desert covers an area of about 2,000 square kilometers and contains 5 of the 30 currently listed Known Geothermal Resource Areas in Nevada.
Fuse also owns 100% of the Monitor Valley North Lithium Property which includes 97 placer claims (MVN1 – MVN97) covering approximately 770 hectares of alluvial sediments and clays located 134 km northeast of Tonopah, Nevada. The property is located in Monitor Valley, Nevada, and the center of the property is about 39.21° North Latitude, 116.65° West Longitude. The property is 55 km due west of the Little Smokey Valley, Nevada where exploration for lithium is ongoing.
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 located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agnico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt (“Co”), and 980,000 oz of silver (“Ag”) (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Cobalt subject to a back-in provision, production royalty and off-take agreement.
The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.
Over $25 million Can has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world’s largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
Contact Information:
Email: [email protected]
Phone: 236-521-0207
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.
Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
]]>The Company has entered into a Purchase and Sale Agreement with J. Malcolm Bell (the “Vendor”) dated March 22, 2023 whereby the Company becomes the legal and beneficial owner of 97 placer claims (MVN1 – MVN97) covering approximately 770 hectares of alluvial sediments and clays located 134 km northeast of Tonopah, Nevada (the “Monitor Valley North Lithium Property”).
Terms of the Transaction:
All securities issued in connection with the Transaction are subject to a four month and a day hold period in accordance with Canadian Securities Laws.
About the Monitor Valley North Lithium Property
The property is located in Monitor Valley, Nevada, about 138 km north-northeast of Tonopah, Nevada. The center of the property is about 39.21° North Latitude, 116.65° West Longitude.
The property is 55 km due west of the Little Smokey Valley, Nevada where exploration for lithium is ongoing.
Geology and Mineralization
The Monitor Valley North Project is a sediment-hosted lithium clay target. Access to the property is good and both exploration and exploitation could be conducted year-round. Minimal work has been conducted on the project, but initial surface samples reported in regional NURE sampling returned average lithium values of 664 ppm (max 970 ppm, min 388 ppm) contained within a sedimentary sequence of Miocene mudstone and claystone.
The origin of this lithium deposit is suspected to be similar to Clayton Valley clay deposits located about 180 km to the south. Both areas are reasonably well represented by the USGS preliminary deposit model, which describes the primary characteristics as light-colored, ash-rich, lacustrine (lake) rocks containing swelling clays.
Mr. Tim Fernback, President & CEO comments “The Monitor Valley North location has been relatively unexplored to date, but the lithium exploration potential due to the geothermal activity in the project area is compelling. It is the Company’s intention to rapidly evaluate the lithium potential of this project over the coming months. It is Fuse’s intent to complete an initial NI #43-101 Technical Report on the property in the near future”.
Qualified Person as Defined Under National Instrument 43-101
Alan J. Morris, CPG of Spring Creek, Nevada, a Qualified Person as defined under Nation Instrument 43-101 has reviewed and approved the technical aspects of this news release.
In other news, Interim President & CEO Mr. Tim Fernback has been named Fuse’s permanent President & CEO by the Company’s Board of Directors. “I am excited to contribute to the success of Fuse for the benefit of all our shareholders. There are good things in store for the Company and I am happy to lead this accomplished team of professionals going forward.”
About Fuse Battery Metals Inc. https://fusecobalt.com/
Fuse Battery Metals 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.
Nevada Lithium Properties
Fuse owns 100% of the Lithium Springs Property which is located at the southern end of Black Rock Desert, Nevada, about 132 air-line km north-northeast of Reno, Nevada in Sections 1, 2, 11, and 12 Township 32 North, Range 23. The center of the property is about 40.676° North Latitude, 119.331° West Longitude, (40° 40’ 33” N, 119° 19’ 52”): UTM X 302,900 UTMY 4,505,400 NAD 27; Zone 11 N. Black Rock Desert basin is about 110 km long and up to 25 km wide at the widest point. The central playa measures about 50 km northeast – southwest and 10 km southeast – northwest. The western arm of the Black Rock Desert covers an area of about 2,000 square kilometers and contains 5 of the 30 currently listed Known Geothermal Resource Areas in Nevada.
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 located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agnico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt (“Co”), and 980,000 oz of silver (“Ag”) (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse subject to a back-in provision, production royalty and off-take agreement.
The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.
Over $25 million Can has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world’s largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
Contact Information:
Email: [email protected]
Phone: 236-521-0207
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.
]]>The Company has entered into a Purchase and Sale Agreement dated February 14, 2023, to acquire a 100% interest in 108 placer claims (BRD1 – BRD108) from Malcolm J. Bell (the “Vendor”). The claims cover approximately 858 hectares of playa and alluvial fan located at the south end of the Black Rock Desert outside of the hamlet of Gerlach in Washoe County, Nevada, known as the Lithium Springs Property (the “Transaction”).
Terms of the Transaction:
All securities issued in connection with the Transaction are subject to a four month and a day hold period in accordance with Canadian Securities Laws.
About the Lithium Springs Property
The project is located at the southern end of Black Rock Desert, Nevada, about 132 air-line km north-northeast of Reno, Nevada in Sections 1, 2, 11, and 12 Township 32 North, Range 23. The center of the property is about 40.676° North Latitude, 119.331° West Longitude, (40° 40’ 33” N, 119° 19’ 52”): UTM X 302,900 UTMY 4,505,400 NAD 27; Zone 11 N.
Black Rock Desert basin is about 110 km long and up to 25 km wide at the widest point. The central playa measures about 50 km northeast – southwest and 10 km southeast – northwest. The western arm of the Black Rock Desert covers an area of about 2,000 square kilometers and contains 5 of the 30 currently listed Known Geothermal Resource Areas in Nevada.
The property covers an area of playa underlain by a moderately deep basin interpreted from gravity and seismic surveys indicating a maximum thickness of valley-fill deposits of about 1,200 m/ 3,600 ft. A high salt content prevents any significant vegetation from growing on the playa surface. Locally, the basin is being fed in part by boiling springs and siliceous sinter containing strongly anomalous Lithium values (up to 3.5 ppm) that flank the property on the west side. (U.S. GEOLOGICAL SURVEY Open-File Report 81-918.) While these lithium values are well below those of producing lithium bines, they do represent a significant source of metal available for evaporative concentration within the playa basin.
Past Exploration Work and Proposed Exploration Plan
Prior work completed on this property included a grid soil sampling program in 2016 where samples were collected on 200-meter intervals on lines spaced 400 meters apart for a total of 170 sites. Values ranged from 82.8 to 520 ppm lithium with a median value of 182 ppm. These values are significantly above the background in the adjoining ranges and indicate concentration of lithium in the playa silts and salt crust. Following the completion of this work, a shallow sampling program was completed followed by high resolution geophysical program to define potential drill targets.
The local geologic setting combined with the presence of lithium in both active geothermal fluids and surface salts within the Black Rock Desert property position match characteristics of lithium brine deposits at Clayton Valley, Nevada and in South America. The nearby geothermal fluids draining into the claims contain lithium in the 3 to 5 mg per liter range and most likely contributed to surface sampling values up to 520 ppm lithium. These preliminary results warrant continued exploration for a Clayton Valley type brine and/or clay deposit.
A reasonable expectation for a First Phase exploration program by the Company would be to re-sample the area, complete a geophysical survey and undertake a phased exploration program of surface sampling, auger or push drill water sampling, and geophysical work to choose drill sites for an initial drill test of the property. A subsequent Phase two exploration program could involve additional surface and sub-surface sampling and test drilling the property for lithium bearing brine and/or lithium bearing clay deposits.
Mr. Tim Fernback, Fuse Interim President & CEO comments “The Black Rock Desert holds substantial lithium exploration potential due to the proximity of geothermal activity in the immediate area. It is the Company’s intention to rapidly evaluate the lithium brine and lithium clay potential of this well-located property. Fuse is in the process of completing the initial NI #43-101 Technical Report on the property.”
Qualified Person as Defined Under National Instrument 43-101
Alan J. Morris, CPG of Spring Creek, Nevada, a Qualified Person as defined under Nation Instrument 43-101 has reviewed and approved the technical aspects of this news release.
About Fuse Battery Metals Inc. https://fusecobalt.com/
Fuse Battery Metals 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 located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agnico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt (“Co”), and 980,000 oz of silver (“Ag”) (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Battery subject to a back-in provision, production royalty and off-take agreement.
The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of five patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.
Cumulatively, over $25 million has been spent on exploration thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world’s largest producer of cobalt. A sizable portion of the cobalt produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, Interim President & CEO
Contact Information:
Email: [email protected]
Phone: 236-521-0207
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.
]]>The stock options granted are subject to a four‐month and a day hold period expiring on June 3, 2023, in accordance with applicable Canadian Securities Laws.
About Fuse Battery Metals Inc. (formerly “Fuse Cobalt Inc.”) https://fusecobalt.com/
Fuse Battery Metals 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 located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agnico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt (“Co”), and 980,000 oz of silver (“Ag”) (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Battery subject to a back-in provision, production royalty and off-take agreement.
The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.
Over $25 million Can has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world’s largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, Interim President & CEO
Contact Information:
Email: [email protected]
Phone: 236-521-0207
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.
]]>The Company’s shares will commence trading under the new name effective, Thursday, February 2, 2023. The Company’s trading symbol “FUSE” will remain the same. The Company’s new CUSIP number will be 36112C102.
The Company will issue a further news release announcing the launch date of its new website and social media sites.
About Fuse Cobalt Inc. https://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 located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agnico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt (“Co”), and 980,000 oz of silver (“Ag”) (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Cobalt subject to a back-in provision, production royalty and off-take agreement.
The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.
Over $25 million Can has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world’s largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, Interim President & CEO
Contact Information:
Email: [email protected]
Phone: 236-521-0207
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.
]]>LETTER FROM THE PRESIDENT TO OUR SHAREHOLDERS:
As many are aware, the electric vehicle (EV) industry is experiencing explosive growth due to recent demand from consumers. As combustion engine use declines, the shift to EVs has provoked unparalleled activity in battery manufacturing leading to unrivaled consumption of metals such as lithium, copper, graphite, and cobalt. This dramatic trend is driving the global auto industry to respond swiftly with massive investments in both EV and battery production to meet the demand.
Significantly, these same auto and battery manufacturing companies are currently in a worldwide search to invest in secure, cost effective and long-term supplies of critical metals used in vehicle battery production. It is the goal of Fuse and companies like ours to undertake the exploration efforts today so we can be the suppliers of tomorrow. That is our mission.
The US Senate’s passage of the Inflation Reduction Act (IRA) provides tax incentives and other financial support to develop critical minerals whilst providing US$369 billion for climate and clean energy programs. The IRA not only provides real financial incentives that encourages investment in North American-based mineral exploration, but also provides an economic incentive for the average US citizen to purchase an EV. To qualify for these incentives, EV battery metals must be extracted or processed in a country that has a free trade agreement with the United States, and this includes Canada.
The combination of robust market forces and significant new incentive legislation provides a unique opportunity for Fuse. As a shareholder it is important for you to know we are laser focussed on the search for EV battery metals with an emphasis on projects located in North America.
Lithium Project Evaluation
In the latter part of 2022, Fuse initiated a search for lithium exploration assets with a focus on Nevada State. Using the expertise of knowledgeable lithium exploration personnel as well as competent landmen in Nevada we have brought together a competent exploration team for this activity. The Company has assessed many lithium opportunities to date and is considering several of them for possible acquisition. Evaluations are ongoing and more news may be forthcoming should we complete an acquisition.
Name Change
In parallel with the Company’s diversification into the lithium metals exploration space, we are pleased to announce we will be changing our name to “Fuse Battery Metals Inc.”. The Company believes that the change of name will better reflect our focus on several high value battery metals required for EV market. The Company’s trading symbol with remain “FUSE”.
In connection with the name change and rebranding the Company also plans to launch a new website and social media sites.
The Company will issue a further new release announcing the new CUSIP number, effective date of the name change and the Company’s new website launch.
Ontario Cobalt Project Update
In late 2022 we completed a diamond drill program at the Glencore Bucke Property. We are awaiting final assay results from this program and our consulting exploration team is in the process of integrating past exploration data with the drilling results completed in 2022. Once completed the final report should provide insight towards future exploration efforts.
The Company successfully intercepted cobalt mineralization in 7 of the diamond drill holes and encountered zones of increased copper bearing sulphides in 5 diamond drill holes. Several of the cobalt veins are anticipated to run high grade due to the high amount of visible cobalt mineralization. The drilling on the northwest part of the property was located underneath/below the existing intercepts and were successful in locating mineralized structures. This suggests the mineralization will continue at depth. To the south-west and bordering the Teledyne property, the drill holes were dual purpose; they were planned to both follow-up existing drilling and test the First Priority Geophysical Targets together. Several veins were encountered, and this suggests the veining may continue south onto the Teledyne property.
Fuse currently has approximately CAD$2 million in its bank account and is well funded going into calendar 2023.
We greatly appreciate the continued support of our shareholders. We look forward to 2023 with the aim of adding some attractive lithium projects to our portfolio. We are fully funded for our future exploration and proposed lithium investigative programs.
Thank you for joining us on this journey, and we look forward to a great 2023.
The technical contents of this news release have been reviewed and approved by Gerhard Kiessling, P. Geo, who has been appointed Project Manager and is a qualified person in accordance with National Instrument 43-101.
About Fuse Cobalt Inc. https://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 located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agnico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt (“Co”), and 980,000 oz of silver (“Ag”) (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Cobalt subject to a back-in provision, production royalty and off-take agreement.
The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.
Over $25 million Can has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world’s largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, Interim President & CEO
Contact Information:
Email: [email protected]
Phone: 236-521-0207
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.
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