VANCOUVER, British Columbia, Oct. 30, 2018 (GLOBE NEWSWIRE) -- International Cobalt Corp. (CSE: CO, the “Company” or “International Cobalt”) is pleased to announce that it has retained Spektra Drilling of Val d’Or, Quebec (“Spektra”) to complete a 2000-metre diamond drilling program on the Company’s Ramsay Project in New Brunswick, Canada.
The drilling program is designed to test for potential extensions of cobalt intercepts drilled by previous operators. Previous workers reported intervals of 0.8m grading 0.956% cobalt within a 4.8m core interval grading 0.352% cobalt drilled in 2004. Such higher-grade zones typically occur within wider core intervals ranging to 24.8 m grading 0.180% cobalt and 0.182% copper. (See news release dated March 13, 2018).
The cobalt-copper mineralization described above is associated with a well-defined Induced Polarization (IP) anomaly survey detected by a survey that is currently in progress. This anomaly was detected over a strike length of 400 m on all 3 lines completed to date and is open in both directions. The drilling program will follow this anomaly to track the known cobalt mineralization along strike.
The IP survey has been expanded to include a potential new zone 2 km to the south where crews sampled angular float material that returned 581 ppm Co, 1300 ppm As and 22.7 % Fe.
NI 43-101 DISCLOSURE
All rock samples from the Ramsay Cobalt Project sampling program were sent to AGAT Labs in Mississauga, Ontario. All samples were subjected to Sodium Peroxide Fusion - with ICP-OES/ICP-MS Finish.
Mike Taylor P.Geo, a qualified person a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information for the Ramsay Cobalt Project contained in this news release.
ABOUT THE RAMSAY PROJECT
The 8,000-hectare Ramsay project is well situated in the prolific Bathurst mining camp (BMC) located in northern New Brunswick, approximately 25 kilometers west of the Caribou mine operated by Trevali Mining Corp. It straddles highway 430, locally known as the “Road to Resources”. With paved road access and nearby electric power, the project is close to well-developed infrastructure in a mining-friendly jurisdiction.
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 $8 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). Political instability in the DRC coupled with social-economic issues have led many consumers towards securing supply in safer regions.
On behalf of:
INTERNATIONAL COBALT CORP.
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.
International Cobalt Corp.