TSX VENTURE EXCHANGE: FE
U.S. 20-F Registration: 000-29870
OTC BULLETIN BOARD: ASKDF
FRANKFURT STOCK EXCHANGE:
A2JC89
VANCOUVER, Dec. 12, 2018 /CNW/ - First Energy Metals
Ltd. (TSX-V: FE or the "Company) is pleased to announce
that it has planned to carry out a drill program at its Phyllis
Cobalt Property (the "Phyllis Property") in Ontario. The program is aimed at testing the
central Phyllis Cobalt Zone below surface to see the depth and size
of the gabbroic intrusion and related cobalt -copper-nickel
mineralization. The Company has hired a drilling contractor
Ombabika Development Corporation to drill one to two core
holes down to a depth of up to 100 metres below surface. The
Company has already been granted permits for drilling from the
Ministry of Northern Development and Mines Ontario.
The drill program is a follow up of surface sampling and
trenching work carried out by the Company during this year
and is in line with recommended Phase 1 exploration work in
the technical report submitted on the Phyllis Cobalt Property.
Surface sampling of the Phyllis Cobalt Zone indicated cobalt (Co)
values in the range of 0.001% (10 parts per million "ppm") to
0.435% (4,350 ppm), copper (Cu) 0.03% to 0.602%, and nickel (Ni)
0.004% to 0.48% (See press release dated May
23, 2018). The trenching and channel sampling work included
a 4m intersection with 0.08%
Cobalt (Co) and 0.39% Copper (Cu), including 1m @ 0.24% Co, 0.39% Cu, and 0.19% Nickel
(Ni) (See press release dated October
22, 2018). The mineralization is hosted within a highly
altered and fractured gabbro.
Mr. Gurminder Sangha, CEO of
First Energy Metals stated that, "Exploration at the Phyllis Cobalt
property is moving forward at a steady pace as each phase of work
has provided results to warrant further exploration. The
Company is looking forward to the mobilization of both the drill
crew and exploration team on the Phyllis property."
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 exploration work is
being carried out under his supervision.
The Company in pleased to announce a non-brokered private
placement for gross proceeds of up to $250,000 from the sale of up to 1,190,476 units
at a price of 0.21 cents per share.
Each unit will consist of one common share with no warrants.
Proceeds of the private placement will be used primarily for
continued exploration of the Company's Phyllis cobalt property as
well as for general working capital.
The above mentioned private placement will be subject to TSX
Venture Exchange approval. In addition to compliance with
applicable securities laws and to receipt of all final regulatory
approval.
About First Energy Metals Limited
First Energy Metals Limited is a junior resource company engaged
in the exploration and development of energy metals such as
lithium, cobalt, and graphite within its property portfolio in
North America. The Company's goal
is to acquire prospective technology metals propertiess and develop
them. The Company currently holds an option to acquire 100%
interest in Phyllis Cobalt property in Ontario, Canada, in addition to the recently
optioned Russel Graphite Property in Gatineau area of Quebec. First Energy Metals Limited (formerly
"Agave Silver ") was incorporated on October
12, 1966 in the Province of British Columbia. The Company's common shares
trade on the TSX Venture Exchange under the symbol FE and are also
listed on the US OTC Markets (Pink) as ASKDF and on the Frankfurt
Stock Exchange as A2JC89.
ON BEHALF OF THE BOARD OF
FIRST ENERGY METALS LTD.
"Gurminder Sangha"
Gurminder Sangha
President & Chief Executive Officer
Neither the Toronto Stock Exchange (TSX) nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this news release and has neither approved
nor disapproved the contents of this news release.
Forward-looking Information
This news release may
contain forward-looking information (as such term is defined under
Canadian securities laws). While such forward-looking information
is expressed by the Company in good faith and believed by the
Company to have a reasonable basis, they address future events and
conditions and are, therefore, subject to inherent risks and
uncertainties. The Company expressly disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except in accordance with applicable securities law
SOURCE First Energy Metals Limited