Teledyne

Drilling History

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.

Drilling Results

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.

Drilling Summary

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.

 

The Fuse Distinction

The ability to raise capital in all market conditions which will ensure corporate objectives are consistently met and shareholder returns are maximized regardless of fluctuations in the global macro economic environment that may impact commodity pricing.

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