Formation buoyed by Black Pine results

Limited follow-up drilling at the Black Pine cobalt-copper-gold project in Idaho has returned encouraging results for Formation Capital (FCO-T).

To test previously discovered exhalative, stratabound mineralization, the company drilled seven diamond drill holes totalling 2,712 ft. at the Troll and Regina zones.

Exploration is not expected to resume until spring. In the meantime, Formation will compile and interpret existing data in preparation for that program.

Results from the Troll zone include: 6.1 ft. grading 0.003 oz. gold per ton, 0.13% cobalt and 3.86% copper in hole 1; 9.2 ft. of 0.013 oz. gold, 0.16% cobalt and 4.9% copper in hole 4; and 3 ft. of 0.02% cobalt and 8.4% copper (including 4 ft. of 0.02% cobalt and 3.27% copper) in hole 16.

Holes 5 and 7 returned no significant values, and drilling at hole 6 was abandoned following the intersection of a fault. That hole was drilled 550 ft. southeast of, and along strike with, hole 4. Hole 5 was drilled between holes 4 and 6, whereas hole 7 was collared about 185 ft. south of hole 6.

At the Regina zone, hole 3 returned 5.5 ft. of 0.45% cobalt, 0.01% copper and 0.011 oz. gold. Hole 14 intercepted 17.5 ft. of 1.13% cobalt, 0.02% copper and 0.056 oz. gold.

The Troll zone is defined by a 1,000-ft.-long, northeast-trending copper-in-soil anomaly with roughly coincident arsenic- and cobalt-in-soil an- omalies. Hole 1, collared 20 ft. southwest of hole 16, was drilled to test the western portion of that anomaly.

Hole 4 was drilled 150 ft. southeast along strike and, along with holes 1 and 16, intersected steeply dipping oxidized zones of high-grade copper with significant cobalt mineralization in the oxidized portion of the zone.

According to Formation, mineralization, which remains open at depth and along strike to the northwest, requires further evaluation before its economic potential can be assessed.