During the fall of 2017, an exploration program was completed with 11 diamond drill holes totaling 2,204 m on the Teledyne Cobalt Property. This Phase 1 diamond drill program was designed to confirm and extend the existing known mineralization along strike, and up and down dip. The program tested the Teledyne Zone for a strike length of approximately 220 m.
Significant cobalt mineralization intersected in the Phase 1 diamond drilling program include:
- TE17-01 0.62% Co over 6.00 m from 136.00 to 142.00 m including 3.92% Co over 0.75 m from 140.25 to 141.00 m.
- TE17-02 0.95% Co over 1.9 m from 143.0 to 144.9 m, incl. 2.58% Co over 0.60 m from 144.30 to 144.90 m.
- TE17-02 0.59% Co over 3.9 m from 156.0 to 159.9 m, incl. 2.22% Co over 0.60 m from 156.6 to 157.2 m.
- TE17‐04 1.82% Co over 6.00 m from 138.00 to 144.00 m, including 5.06% Co over 1.75 m from 141.25 to 143.00 m.
- TE17‐05 2.32% Co over 4.00 m from 126.5 to 130.50 m. TE17‐05 1.70% Co over 6.00 m from 136.00 to 142.00 m.
- TE17-07 0.50% Co over 2.10 m from 127.60 to 129.70 m.
- TE17-08 0.77% Co over 3.40 m from 169.50 to 172.90 m, including 1.17% Co over 2.00 m from 169.50 to 171.50 m.
- TE17-08 0.59% Co over 1.20 m from 174.00 to 175.20 m.
- TE17-08 0.62% Co over 0.60 m from 178.60 to 179.20 m.
- TE17-11 0.54% Co over 2.00 m from 130.00 to 132.00 m.
Based on historical drilling and data a cobalt resource was developed in the 1980’s however it is not consistent with current 43-101 standards and will require work to be completed by a QP in order to be brought up to current NI -43-101 resource standards. As such the Company is not treating the historical reserve estimate as a current mineral resource or mineral reserve. 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 vein.
During the fall of 2017, Fuse completed 11 diamond drill holes totaling 2,204 m designed to confirm and extend the existing known mineralization along strike, and up and down dip. The program tested the Teledyne Main Zone for a strike length of approximately 220 m. Significant results included TE-1704 with 1.82% cobalt over 6.00 m from 138.00 to 144.00 m, including 5.06% Co over 1.75 m from 141.25 to 143.00 metres (not true widths.) In the fall of 2018, 9 additional diamond drill holes in Phase 2 drilling were completed totaling 1,713 m at Teledyne with the intent of intersecting mineralized zones along strike and vertically above and below previous intersections reported in 2017. This program also tested several outlying targets including beneath a historical trench with veining present at surface and to intersect the East Zone. These results are expected to be available in Q2 2020.
The Teledyne Cobalt Property consists of 5 patented and 46 unpatented mining claims covering an area of approximately 785 ha. The Teledyne Property is subject to a production royalty in favour of New Found Gold.
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