Tickers: PINX:WCTXD, XTSX:FUSE
Tags: #Mining
Vancouver, BC - TheNewswire - May 21, 2020 - Fuse Cobalt Inc. ("the Company" or "Fuse") (TSXV:FUSE) (OTC:WCTX) (FRA:43W2) is pleased to announce that it has begun the process to appoint one of Canada's largest mining contracting firms to conduct a detailed scoping study for the rehabilitation and dewatering of the ramp on the Company's Teledyne property. The selected firm will be an experienced and established Ontario-based engineering firm. Potential candidates have assisted many mining exploration companies with similar technical work in the past.
Robert Setter, Fuse President & CEO comments "Fuse is going to select the best available engineering firms to assist us in the evaluation of the dewatering and rehabilitation of our Teledyne Ramp asset. As previously noted, in today's dollars it would cost approximately CAD$25 million to recreate the Teledyne ramp. For this reason, the Company considers this one of its highest prized assets on the Teledyne property. Once rehabilitated, we will be in a position to complete a bulk sample and further drill the Teledyne high-grade cobalt deposit from underground using visual cues to guide our work. This, along with our past and potential future drilling efforts, will be an important factor in determining the overall cobalt resource value on our Ontario Cobalt Properties. In 2017, we originally engaged several engineering groups to provide an estimated budget for this work which we now plan to update. It was the logical choice to go back to these same groups for assistance given our history and current needs."
The work methodology for the Teledyne Ramp dewatering and rehabilitation project is fairly straight forward with the first step involving the overall site setup and installation of the necessary buildings and trailers needed to complete the work. During this set up period, the necessary underground equipment will be brought on site, including related materials and consumable supplies. Also, during the construction phase an experienced subcontractor will be brought in to construct the settling pond and both the ore and waste pads.
Once the surface work has been completed the rehabilitation and dewatering of the existing ramp will commence. During this phase, it is anticipated there will be one rehabilitation crew working one shift per day. Additional crew members could be brought in to speed up the overall Teledyne ramp rehabilitation process if needed.
Following the dewatering of the Teledyne ramp, further development work can begin that will lead to a bulk sample at Teledyne. It is estimated that there are seventy (70) feet of additional ramp development required to access the ore body, this will be driven at ten (10) feet high by thirteen (13) feet wide. The expected advance rate for this piece of work is fifteen (15) feet per day based on current estimates by management. The mining crews will be working two shifts per day in order to complete this work. Once the ore body has been reached the expected development size will be shrunk to nine (9) feet high by nine (9) feet wide with an advance rate of 13.5 feet per day. The ore development will continue until the necessary 3,000 tonnes of ore has been mined for the bulk sample.
The final step will be demobilization from the site which is expected to take roughly one week during which time all equipment brought on site will be packaged up and transported offsite.
Estimate Assumptions
In order to create a budget, the following assumptions will be utilized:
- All construction would take place over the spring, summer, and autumn months
- The engineering group will supply all manpower, equipment, and consumables
- All Engineering plans and development drawings will be supplied by Fuse
- The settling pond will roughly be 25,000 m3 in volume and lined with geotextile
- Pond capacity and lining will be subject to a full engineering design to comply with permitting
- Substantial cost savings may be realized depending on the final engineering design of the pond
- Development rates assume a generic ground support standard that will be subject to a full geotechnical analysis where changes to the assumed standard will affect the development rates
Mr. Robert Setter, Company President & CEO states "We look forward to increasing the value of our strategic company assets, such as the Teledyne ramp, for the benefit of our shareholders.
About Fuse Cobalt Inc. www.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 which consists of 785 hectares of land and is also located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agaunico Mine, a former producer of both silver and cobalt.
On Behalf of the Board of Directors
"Robert Setter"
Robert Setter, President &CEO
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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