VANCOUVER, British Columbia, Jan. 11, 2021
VANCOUVER, British Columbia, Jan. 11, 2021 /PRNewswire/ -- Fuse Cobalt Inc. ("the Company" or "Fuse") (TSXV: FUSE) (OTC: FUSEF) (FRA: 43W3) would like to provide its shareholders with additional information regarding the history and current status of the Company, as well as, its proposed operating plan for 2021.
LETTER FROM THE PRESIDENT
TO OUR SHAREHOLDERS AND PARTNERS:
Since February 2020, the Company has accomplished quite a bit during a time of global uncertainty caused by the COVID-19 global pandemic, including a company rebranding and financing. Now that a vaccine is on the horizon, there has been a renewed interest on clean tech solutions, including purchasing of electric vehicles. Tesla Inc. continues to be one of the most valuable car companies by a long-shot and is on the list of some of the most valuable public companies worldwide.
We are now planning our 2021 Canadian exploration programs in Cobalt Ontario, and plan to further enhance and move our mineral exploration properties forward. The Company's exploration team is in the process of reviewing our past exploration work, to provide a realistic exploration plan for 2021.
Mr. Setter further comments: "Recall that not that long ago, our past drilling results on our Ontario cobalt properties revealed Intersections of 21.9% Cobalt Over 0.36 M and 18.7% Cobalt Over 0.15 M at Teledyne Cobalt Property (News Release Jan 18, 2018), and Intersections of 8.42% Cobalt Over 0.30 Metres on the Glencore Bucke Property (News Release Jan 17, 2018). These are spectacular results. These results along with other high-grade cobalt drill results found during past exploration programs, are the reason why we are excited to continue to work on our properties."
In addition to adding working capital and re-claiming 100% of our Canadian cobalt assets over the past year, Fuse has added several experienced people to our team which will allow the Company to drive results on these two properties. "We look to add to both our management team and board over the remainder of calendar 2021, and stay tuned for these announcements," comments Mr. Setter.
Furthermore Mr. Setter states: "Long-term, the Company believes in the market for cobalt and we will continue to explore and develop our mineral exploration properties in Ontario. They are great and important Company assets largely because of the emergence of the overall Electric Vehicle market and the need for new global sources of cobalt. For example, a Tesla Model S needs 51 lbs of cobalt for its battery and cobalt is an essential component in a lithium ion rechargeable battery. Electric Vehicles are expected to drive a large part of this increased future metal demand and are projected to grow from a small number today to 140 million vehicles by the year 2035. Because of this demand, our neighbour in Ontario is restarting North America's only licensed cobalt refinery, alongside an investment by mining and commodities trader giant Glencore of $45 million (Glencore Investment News). We are excited that this refinery, once operational, will provide a nearby facility to refine any and all cobalt from the region, especially since we have an existing offtake agreement in place with Glencore on these properties. As you can see, the future for cobalt is certainly bright and Fuse management is extremely positive on the future demand for this metal."
These changes have positioned the Company for a bright future for our shareholders.
"We are very happy that our shareholders continue to support our company and our exploration programs in Canada," comments Mr. Robert Setter, President & CEO of Fuse. "The funds that we have received recently are earmarked for our various exploration programs in order to improve the value of what we have underground and ultimately work towards getting these properties closer to becoming producing cobalt properties. This will take a lot of hard work, but our team is up for the challenge."
Thank you for joining us on this journey, and we look forward to a great 2021.
President & CEO
Joerg Kleinboeck, P.Geol., a qualified person within the context of National Instrument 43-101, has reviewed this news release and concludes it correctly reflects information as reported in the various news releases and assessment reports from which it was derived and approves the scientific and technical disclosure cited in the news release.
About Glencore plc. https://www.glencore.com
Glencore plc is a leading integrated commodity producer and trader, operating worldwide with diversified operations comprising around 150 mining and metallurgical, oil production and agricultural assets. Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries where they employ around 155,000 people, including contractors. Glencore trades in and distribute physical commodities sourced from third party producers as well as their own production. The company also provide financing, processing, storage, logistics and other services to commodity producers and consumers.
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.
Nevada Lithium Property: Fuse owns a 100% interest in 100 placer claims covering 2000 acres (809 hectares) at Teels Marsh, Nevada. The property, called Teels Marsh West is highly prospective for Lithium brines and is located approximately 48 miles northwest of Clayton Valley and the Rockwood Lithium Mine. Rockwood is North America's only producing brine-based Lithium mine supporting lithium production since 1967. Access to Teels Marsh is via dirt road, west of Highway 95 and northwest of Highway 360.
On Behalf of the Board of Directors
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.
Phone: +1 (236) 521-0207