VANCOUVER, British Columbia, April 7, 2018 /PRNewswire/ --
Bankers Cobalt Corp. (TSXV: BANC; FSE: BC2; OTCQB: FDENF) (the "Corporation" or "Bankers") is pleased to provide an update on elevated cobalt and copper soil sampling at the Kabolela South project in the Democratic Republic of Congo (DRC).
Stephen Barley, President and CEO states, "Kabolela North, Hole KADD013 returned 3.69% Copper over 6m from 72m - 78m depth extending the zone originally discovered in Hole KADD011(3.17% copper over 4m from 28m) and Hole KADD012 (2.01% copper over 6m from 34m; including 1m @ 0.3% cobalt from 39m). Soil sampling at Kabolela South has shown encouraging elevated cobalt and copper results tracking the same stratigraphy as a former operating pit on the southern border of the Kabolela property. The exploration efforts at Kabolela continue to increase the potential for this project. Updates on activities at our Kankutu (Kimpe) and Comipad-Comima (292) projects will be released shortly."
Adam Anderson, Bankers' DRC Exploration Manager states, "The soil program has highlighted two areas with elevated cobalt and copper. These areas have been infill sampled and results are pending. The soil results are interesting as they are constrained to the Roan-4 formation in the southern area which hosts the nearby 48hr pit in the same stratigraphy."
Soil Sampling with Anomalous Copper and Cobalt
A total of 384 soil samples were collected over the entire Kabolela license on a 50m (along line) and 200m spaced lines. The copper and cobalt XRF/Laboratory results are then plotted, and anomalous areas are contoured. Further infill samples are collected to better define the areas with anomalous cobalt and copper in soils. Once the infill soils have been processed and plotted on the map, areas with anomalous copper and coincident cobalt will be trenched to verify the soil anomaly prior to drilling. Near surface leaching of metals is a common issue in the DRC CopperBelt. RC drilling will be utilized to test anomalous areas as access improves with the expected end of the wet season in late April. (Click here to see Kabolela South soil sampling grid and results)
Near the southern boundary of the Kabolela concession is a large dump from the previously operated 48 Hours mine. This mine was operated between 2014 and 2016 on the basis that only high-grade copper was targeted, and cobalt was discarded as most local processing facilities did not have a cobalt processing capability. Selected grab samples from this area have provided encouraging cobalt and copper results based on laboratory analysis at SGS Lubumbashi.
RC drilling is an effective method to test the composition and continuity of the visual mineralized material contained in the dump to determine the average grade of cobalt and copper that was dumped rather than removed from site. RC drilling on a grid is planned as access improves with the expected end of the wet season in late April.
Bankers Cobalt has implemented an industry best practice QAQC program. All samples are picked up on site by Bankers' geologists or delivered by the drillers to Bankers' personnel. All samples are delivered by Bankers' personnel to the SGS Laboratory in Lubumbashi, DRC for cobalt and copper determination. Check assay standards and blanks are submitted every 20 samples with each assay job and are then reviewed for accuracy.
Qualified/competent person -- National Instrument 43-101 and JORC Code
The geological information in this announcement has been reviewed by Mr. Adam Anderson, a competent person (as defined in the JORC Code, 2012 edition) and Member of the Australian Institute of Geoscientists (AIG), a recognized professional organization for the purposes of the Australian Securities Exchange listing rules. Mr. Anderson, who has reviewed and approved the contents of this news release, is also a Qualified Person as defined by National Instrument 43-101.
Mr. Anderson is the DRC Country and Exploration Manager for Bankers. He has sufficient experience that is relevant to the style of mineralization, the type of deposit under consideration and to the activity being undertaken to qualify as a competent person as defined in the JORC Code and as a Qualified Person as defined in National Instrument 43-101.
Bankers is a natural resource company focused on the acquisition, exploration and development of cobalt and copper mineral properties in the DRC to world-class Canadian standards. As battery production for EV's surges, demand for cobalt will probably exceed supply for many years. According to a recent report by Transparency Market Research, global sales of lithium-ion batteries are expected to reach US$70B by 2024, for a compound growth rate of 11.6% over the years beginning in 2016. Bankers holds rights to 26 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area of more than 391 km². Bankers has the intention to acquire interests in additional concessions. All concessions were obtained as either new grants or through reputable DRC partners and have clean title with no government involvement, making Bankers one of the few, and perhaps only, junior public mining company in the DRC to have 26 concessions capable of being currently explored and developed. Bankers has an experienced operations team operating in the southern Cobalt-Copperbelt of the DRC. Bankers believes it is the front runner in advancing cobalt and copper exploration by a junior mining company in the DRC.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of applicable securities laws including statements relating to the outlook of the business of the Corporation, the Corporation's intention to acquire additional concession, the Corporation's ability to explore and develop the concessions, the results of any development and exploration, the ability of the Corporation to meet standards for verifiable supply chain custody, and the Corporation's status as a leader in the junior mining sector for cobalt and copper in the DRC. Although the Corporation believes considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them as the Corporation can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this news release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation its securities, or its financial or operating results.