TSX venture Exchange: FE
VANCOUVER, Feb. 28, 2018 /CNW/ - First Energy Metals Ltd. (TSX-V: FE) (the "Company) is pleased to announce that it has commenced Phase I of its exploration program at the recently optioned Phyllis Cobalt Property (the "Phyllis Property"). The program will comprise prospecting to locate historical cobalt (Co) showing; trenching and sampling to confirm reported cobalt, copper and nickel mineralization; and geological mapping to further explore the cobalt mineralization along its trend. Another purpose of the current work is to locate ground geophysical survey areas and drill hole targets for the next phase of exploration.
The Phyllis Cobalt property consists of 1792 hectares land located in the Kenora Mining District of Ontario. Geologically, the Phyllis Property claim block occupies the central portion of a ENE-WSW trending greenstone belt, consisting of Mesoarchean to Neoarchean age mafic to ultramafic rocks. These are bound by granite of varying composition - ranging from tonalite to biotite-granodiorite.
The initial cobalt discovery on the Phyllis Property was made in 2010 and this historical discovery is reported to be an 80m x 60m outcrop and appears as a fairly structureless gabbro, with the exception of an array of narrow quartz veins and veinlets, which have sharp contacts with the country rock and trend roughly NE-SW and appear to have been intruded relatively recently. The gabbro itself is fine-to medium grained and appears highly altered. The exposed outcrop follows the northern flank of a gentle hill. Earlier excavations focused in the uppermost parts of the topographic profile. The initial work program is currently scheduled to begin on or before March 31, 2018
The technical information contained in this news release has been reviewed and approved by Alexander Pleson, P.Geo., a qualified person, as defined by NI 43-101 who works as consultant with the Company. The current exploration work will be carried out under his supervision.
In addition, the Company would like to announce that Mr. Dennis Cojuco has resigned as Chief Financial Officer and Corporate Secretary. The Company would like to thank Mr. Cojuco for his contributions towards the development of the Company to date. The Company has appointed Mr. Jurgen Wolf as Chief Financial Officer and Corporate Secretary of the Company to replace Mr. Cojuco, effective immediately.
On behalf of the Board of Directors of
FIRST ENERGY METALS LIMITED
President and 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.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of the Canadian securities laws. Forward-looking information in this news release.
In connection with the forward-looking information contained in this news release, First Energy has made numerous assumptions. While First Energy considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause First Energy's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the Company may require additional working capital sooner than predicted; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing.
A more complete discussion of the risks and uncertainties facing First Energy is disclosed in First Energy 's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and First Energy disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
SOURCE First Energy Metals Limited
For further information: Ernest Peters, President and Chief Executive Officer, First Energy Metals Limited, Telephone: 604-632-9602, Email: [email protected]