- Tim Fernback, Interim President & CEO of Fuse Cobalt Inc. (FUSE), met with Sabrina Cuthbert to share his outlook for 2023
- Fuse is continuing to search for lithium exploration assets with a focus on Nevada
- The company will be changing its name to Fuse Battery Metals Inc.
- The company has completed a diamond drill program at the Glencore Bucke Property and is awaiting assay results
- The company is well-funded going into calendar 2023
- Fuse Cobalt Inc. (FUSE) opened trading at C$0.06
Fuse Cobalt (FUSE) has provided shareholders with information regarding the current status of the company and its proposed operating plan for 2023.
Tim Fernback, Interim President & CEO, met with Sabrina Cuthbert to share his outlook for 2023.
LETTER FROM THE PRESIDENT TO SHAREHOLDERS:
As many are aware, the electric vehicle (EV) industry is experiencing explosive growth due to recent demand from consumers. As combustion engine use declines, the shift to EVs has provoked unparalleled activity in battery manufacturing leading to unrivalled consumption of metals such as lithium, copper, graphite, and cobalt. This dramatic trend is driving the global auto industry to respond swiftly with massive investments in both EV and battery production to meet the demand.
Significantly, these same auto and battery manufacturing companies are currently in a worldwide search to invest in secure, cost-effective and long-term supplies of critical metals used in vehicle battery production. It is the goal of Fuse and companies like ours to undertake the exploration efforts today so we can be the suppliers of tomorrow. That is our mission.
The US Senate’s passage of the Inflation Reduction Act (IRA) provides tax incentives and other financial support to develop critical minerals whilst providing US$369 billion for climate and clean energy programs. The IRA not only provides real financial incentives that encourage investment in North American-based mineral exploration but also provides an economic incentive for the average US citizen to purchase an EV. To qualify for these incentives, EV battery metals must be extracted or processed in a country that has a free trade agreement with the United States, and this includes Canada.
The combination of robust market forces and significant new incentive legislation provides a unique opportunity for Fuse. As a shareholder, it is important for you to know we are laser-focused on the search for EV battery metals with an emphasis on projects located in North America.
Lithium project evaluation
In the latter part of 2022, Fuse initiated a search for lithium exploration assets with a focus on Nevada State. Using the expertise of knowledgeable lithium exploration personnel as well as competent landmen in Nevada, we have brought together a competent exploration team for this activity. The company has assessed many lithium opportunities to date and is considering several of them for possible acquisition. Evaluations are ongoing and more news may be forthcoming should we complete an acquisition.
In parallel with the company’s diversification into the lithium metals exploration space, we are pleased to announce we will be changing our name to “Fuse Battery Metals Inc.”. The company believes that the change of name will better reflect our focus on several high-value battery metals required for the EV market. The company’s trading symbol with remain “FUSE.”
In connection with the name change and rebranding, the company plans to launch a new website and social media sites.
The company will issue a further news release announcing the new CUSIP number, the effective date of the name change and the company’s new website launch.
Ontario Cobalt project update
In late 2022 we completed a diamond drill program at the Glencore Bucke Property. We are awaiting the final assay results from this program, and our consulting exploration team is in the process of integrating past exploration data with the drilling results completed in 2022. Once completed, the final report should provide insight into future exploration efforts.
The company successfully intercepted cobalt mineralization in 7 of the diamond drill holes and encountered zones of increased copper-bearing sulphides in 5 diamond drill holes. Several of the cobalt veins are anticipated to run high grade due to the high amount of visible cobalt mineralization. The drilling on the northwest part of the property was located underneath/below the existing intercepts and was successful in locating mineralized structures. This suggests the mineralization will continue at depth. To the southwest and bordering the Teledyne property, the drill holes were dual purpose; they were planned to follow up existing drilling and test the First Priority Geophysical Targets together. Several veins were encountered, and this suggests the veining may continue south onto the Teledyne property.
Fuse currently has approximately C$2 million in its bank account and is well-funded going into calendar 2023.
We greatly appreciate the continued support of our shareholders. We look forward to 2023 with the aim of adding some attractive lithium projects to our portfolio. We are fully funded for our future exploration and proposed lithium investigative programs.
Thank you for joining us on this journey, and we look forward to a great 2023.
Fuse Cobalt is a Canada-based company engaged in the exploration and development of exploration and evaluation properties.
Fuse Cobalt Inc. (FUSE) opened trading at C$0.06.