International Cobalt Provides Blackbird Creek Summer Program Update
VANCOUVER, Oct. 10, 2018 - International Cobalt Corp.. (CSE: CO), the “Company” or “International Cobalt”) is pleased to announce that it has received and compiled the results of all soil and rock samples from the property-wide program recently completed on the Company’s 100-percent owned Blackbird Creek Project (the “Property”).
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The summer soil sampling work has been exceptionally successful in defining an exploration corridor trending south from the historical Blackbird mining camp. Crews completed a systematic sampling program resulting in 2015 soil samples and 293 rock chip samples taken from the Property. The detailed rock sampling and mapping has advanced historically known prospects and discovered new mineralized zones. The program has allowed the Company to identify four distinct prospects for follow up within the Property boundary.
Highlights of the results are as follows:
Raven Prospect
- As previously reported (Sept 27, 2018) sixteen samples returning high grades over one per cent (1%) Co and a high of 5.88% Co, and consistent gold values of up to 1.8 g/t Au. In addition, the samples were tested for all Rare Earth Elements (REE) based on the anomalous lanthanum concentrations. The Samples returned an average 1.75% Total Rare Earth Oxide (TREO*), with a high of 3.80% TREO. See Figure 2 below.
Ascent Prospect
- The Ascent prospect confirms the historical samples that were sampled by Noranda, previously released by the Company (March 8, 2018). Seventeen boulder samples from the prospect average 0.65% Co and 0.34 g/t Au, with a high of 3.62% Co and 1.73% Au. See Figure 3 below.
Ludwig Zone
- Channel sampling was conducted within the historical exploration adit at Ludwig. A continuous 9.0 meter channel sample returned an average of 0.27% Co including 4.0 metres of 0.53% Co. See figure 3 below.
Copper Hill Prospect
- Soil sampling has defined a large 1200 metre by 800 metre copper anomaly averaging 400 ppm Cu from 125 samples. Individual rock chip samples include 1.47% Cu; 3.25% Cu; and 0.83% Cu, 0.32% Co, 0.21 g/t Au. See figure 4 below.
To view Figure 1 accompanying this press release, please visit the following link: http://www.globenewswire.com/NewsRoom/AttachmentNg/725cc772-3c38-4db3-bf6a-93618f6c76c1
To view Figure 2 accompanying this press release, please visit the following link: http://www.globenewswire.com/NewsRoom/AttachmentNg/94b7532c-98e3-4963-85e8-e4664810ecc1
To view Figure 3 accompanying this press release, please visit the following link: http://www.globenewswire.com/NewsRoom/AttachmentNg/0a7f78c2-70f0-4445-9087-b13ac29375d8
To view Figure 4 accompanying this press release, please visit the following link: http://www.globenewswire.com/NewsRoom/AttachmentNg/3efd5bb6-e0d7-4149-acfb-4b1cc44996cb
Tim Johnson, CEO of International Cobalt states: “We are very pleased to be able to advance the Blackbird Creek Project to drill ready status, with so many quality targets for our 2019 field season. These results, combined with other news releases from the Idaho Cobalt Belt, including the recent press release by First Cobalt, our neighbors 20km to the south, reinforces the world class nature of the belt.”
NI 43-101 DISCLOSURE
Neil McCallum, PGeol., Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
All rock samples from the program were sent to ALS Global in Reno, Nevada. Rock samples were prepared according to ALS protocol Prep-31 and analyzed for 33 elements by four acid digestion followed by ICP-AES according to ALS code ME-ICP6, over-detection limit analysis for cobalt and copper was provided by code OG62. Gold was tested according to code Au-ICP22 method of standard fire assay with an ICP-Atomic emission spectrometry finish on a 30 or 50gm aliquot, which has a detection range of 0.001 to 10 g/t.
Soil samples were prepared under ALS protocol PREP-41 and analyzed for 51 elements by partial Aqua-Regia acid digestion followed by ICP-AES (ALS protocol ME-MS41).
*Total Rare Earth Oxides ("TREO") include: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3 and Y2O3.
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 Company seeks to add shareholder value by sourcing and developing projects in safe, progressive jurisdictions adhering to strict environmental and social standards. The Company has projects in the Idaho Cobalt belt, one of the premier locations to explore for primary cobalt deposits and in Atlantic Canada with a rich history of mine development and operation. International Cobalt is well funded to pursue its objectives and currently holds in excess of $9 million in treasury at the time of this publication.
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. As a vital component of many of the lithium-ion batteries used in a wide range of applications from cell phones to electric vehicles (EV), demand for Cobalt is anticipated to remain strong. Currently over 60% of the global supply of cobalt is sourced from mines operating in the Democratic Republic of the Congo (DRC).
On behalf of:
“Timothy Johnson”
Timothy Johnson, President
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.