International Cobalt Initiates Airborne Survey on Ramsay Cobalt Project
VANCOUVER, British Columbia, May 07, 2018 (GLOBE NEWSWIRE) -- International Cobalt Corp. (CSE:CO) (the “Company” or “International Cobalt”) is pleased to announce that it has contracted Prospectair of Gatineau Québec, to fly an approximately 950-line KM survey of the company’s Ramsay Cobalt Project (“Ramsey”) located in Northern New Brunswick. This high resolution Magnetic (MAG) and Time Domain Electromagnetic (TDEM) survey will assist the company to understand the underlying geology of the project and identify mineralization controls; with the goal being resolving and discovering additional drill targets for a planned summer drill program.
This property-wide program will bring better context to the historical drilling completed by previous operators. Previous drilling identified two zones of cobalt and copper mineralization separated by approximately 650 meters: the Ramsay-Pitre and the Malachite occurrences. Best intercepts from this 2004 drilling included 0.8m grading 0.956% cobalt, within a 4.8m core interval grading 0.352% cobalt. Higher-grade zones typically occur within wider core intervals ranging to 24.8m grading 0.180% cobalt and 0.182% copper.
Although the historical operators identified mineralization over significant widths, they left many technical questions unanswered. The Company plans to address many of these questions including potential continuity between the two zones, strike, dip and plunge of mineralized zones as well as assessing the prospectively of other portions at Ramsey.
The Company is currently permitted for 2000 metres of drilling at Ramsay and will be making an application for an additional 3000 metres. Once weather permits, ground crews will be dispatched to ground-proof any anomalies resulting from the airborne survey as well as completing geochemical and mapping programs.
ABOUT THE RAMSAY PROJECT
The 8,000 hectare Ramsay project is well situated on the edge of the prolific Bathurst Mining Camp (BMC) located in northern New Brunswick, approximately 25 km west of the Caribou mine operated by Trevali Mining Corp. With paved road access and nearby electric power, the project is close to well-developed infrastructure and in a mining friendly jurisdiction.
ABOUT THE COBALT MARKET
Cobalt prices recently reached a 10 year high of $42.75 US per pound and have shown a steady increase since the mid-point of 2015. Cobalt is a vital component of many of the lithium-ion batteries used in a wide range of applications from cell phones to electric vehicles (EV) and the home energy storage market. Driven primarily by the EV market demand for cobalt is expected to remain strong and growing for the near future. Currently over 60% of the global supply of cobalt is sourced from mines operating in the Democratic Republic of the Congo (DRC). Political instability in the DRC coupled with social-economic issues surrounding mining in the country including reports of child labour have led many tech companies to seek supplies of the metal from more stable jurisdictions.
ABOUT INTERNATIONAL COBALT CORP
International Cobalt Corp. (CSE:CO) is a Canadian based mineral exploration and development business focusing on the burgeoning cobalt sector. The rapidly growing large battery industry, a major consumer of cobalt, makes cobalt an appealing sector of focus. The Company seeks to add shareholder value by sourcing and developing projects in safe, progressive jurisdictions adhering to strict environmental and social standards.
The technical information in this news release has been reviewed by Neil McCallum, P.Geol., of Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101.
On behalf of:
“Timothy Johnson”
Timothy Johnson, President
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward‑looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
Timothy Johnson
T: 604-687-2038
F: 604-687-3141