Vancouver, BC – August 25, 2022 – Fuse Cobalt Inc. (“the Company“ or “Fuse”) (TSXV: FUSE, OTCQB: FUSEF FRA:43W3) is pleased to announce that effective today, Mr. Gerhard Kiessling, P. Geo., has joined the Fuse Strategic Advisory Board.
Gerhard Kiessling, P. Geo., has more than 6 years experience with both mineral exploration and development as a professional geologist with a focus on managing mineral exploration and drilling programs for both precious and base metals in Canada. With this experience, Mr. Kiessling has gained a wide range of field exploration and drilling experience throughout the Province of Ontario.
Mr. Greg Reimer, Fuse’s Chairman states, “Having Gerhard join our company in a strategic advisory capacity compliments the recent appointments of Frank Basa and Matthew Halliday to the same advisory board and adds another layer of practical experience with managing mineral exploration programs. His extensive knowledge of the geology of northern Ontario is a major plus for Fuse. Gerhard has directly led several exploration projects in the area focused on a variety of metals and geological structures which will be important as we ramp up cobalt exploration at the Glencore Bucke Cobalt property in northern Ontario.”
Mr. Kiessling is the current VP Exploration of Canada Silver Cobalt Works Inc. (“Canada Cobalt”) (TSXV: CCW, OTC: CCWOF, FRA: 4T9B), a position he was recently promoted to in August 2022. Prior to this, Mr. Kiessling was the Exploration Manager for Canada Cobalt since 2020.
Canada Silver Cobalt Works Inc. is a dual-focus precious metals and battery metals junior mining company with a valuable portfolio of critical energy metals projects based in safe and ecologically responsible jurisdictions. Canada Cobalt has 100% ownership of the Castle mine and the 78 sq. km Castle Property with strong exploration upside in the prolific past producing Gowganda high-grade Silver Camp of Northern Ontario. Canada Cobalt is strategically positioned to become a vertically integrated North American leader in cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.
Prior to working for Canada Cobalt, Mr. Kiessling was the Exploration Geologist for McEwen Mining Inc. (TSX: MUX, NYSE: MUX), a successful gold and silver mining company based out of Toronto Canada, an Exploration Geologist for First Cobalt Corp. (renamed Electra Battery Materials Corporation NASDAQ: ELBM, TSX: ELBM), as well as, a Exploration Geologist with Kirkland Lake Gold Inc. (TSX: KL, NYSE: KL), prior to its acquisition in February 2022 by Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM). Kirkland Lake Gold was a successful mining company and was a key part of the S&P / TSX 60 Index at the time of its acquisition.
Mr. Kiessling graduated from the University of Waterloo in 2016 with a Bachelor of Science (Honors), majoring in Earth Science. He is an active and practicing member of the Professional Geoscientists of Ontario (PGO).
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 Agaunico 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.
Cobalt mineralization consisted of cobaltite and smaltite hosted within steeply dipping veins and extensive disseminations within Huronian sedimentary rocks. From 1951 through to 1957, the average cobalt content of the mineralized material mined at the Agaunico Mine was approximately 0.5%. In 1955, 526,000 lbs. of Co, 146,000 oz of Ag, 117,000 lbs. of nickel, and 81,000 lbs. of copper were recovered from 62,000 tons of ore (Cunningham-Dunlop, 1979).
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
Greg Reimer, Chairman
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.