RETRANSMISSION: Go Cobalt Updates Progress at Wels Gold Project
Vancouver, November 13, 2018 - Go Cobalt Mining Corp. (CSE: GOCO) ("Go Cobalt" and/or the "Company") is pleased to provide an update on the Wels Gold project ("Wels" or the "Property"), part of a joint venture with K2 Gold Corp. ("K2 Gold"), whereby Go Cobalt retained a 10% interest in the Property. The Property is located within west-central Yukon Territory, Canada, in the traditional territory of White River First Nation ("WFRN").
Originally released by K2 Gold on November 6, 2018.
Some highlights from the 2018 program:
- K2 Gold discovered subcrop gold (4.07 g/t Au) at the previously unexplored Pekoe Target
- K2 Gold Sampled high-grade float in the Saddle area (43 g/t Au)
- K2 Gold sampled high-grade float on the Chai Target (4.38g/t Au)
The 2018 exploration program was conducted in two phases and comprised:
- ~2400 ha of unmanned aerial vehicle (UAV) coverage
- 16.5 line-kilometers of ground high resolution magnetics covering 2.5 lines spaced at 500m covering the main Saddle discovery
- 840 very low frequency electromagnetic (VLF) readings spaced 20m apart along grid lines, covering key potential structures
- Prospecting (80 samples collected assayed from below detection to 43 g/t Au)
- Property-wide Lidar coverage
- The 2018 exploration results enable the development of numerous, untested structural targets that are well supported by coincident geochemical and geophysical evidence. It is anticipated that these new targets will be tested with prospecting, trenching and/or drilling in the 2019 field season.
The Wels mineralization has geological analogies to an orogenic style deposit. The most well known of this type locally is Goldcorp's Coffee deposit located 60km NE of Wels (2.16 million ounces proven and probable reserves and 2.93 million ounces of combined measured, indicated and inferred resources, as reported by Goldcorp's 2018 investor presentation). For reference the footprint of the main mineralized zone at Coffee (the Supremo to Double-Double area) is 5 kilometres by 3 kilometres.
Jo Price, VP Exploration at K2 Gold commented: "The preliminary ground truthing and prospecting results of the test geophysical program and Lidar data are very encouraging with the discovery of the first gold in rock at Pekoe and high-grade gold located outside of the known main Saddle Zone which increases the potential for multiple high-grade parallel zones with the Saddle area."
Joint Venture
K2 Gold has now completed all cash payments with a recent payment of $100,000 to Go Cobalt for a total of $300,000. Go Cobalt has a carried 10% interest until completion of the pre-feasibility phase of the project.
Qualified Persons
Adrian Smith, P.Geo., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information presented within this news release.
About Go Cobalt Mining Corp.
Go Cobalt is a Vancouver based mining exploration company. We develop exciting and relevant energy metal projects to help meet demand for a battery powered future.
For further information, please contact:
Scott Sheldon, President
604.725.1857
scott@gocobalt.ca
Forward-Looking Information:
This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.