VANCOUVER, British Columbia, April 4, 2018 /PRNewswire/ --
Bankers Cobalt Corp. (BANC.V) (NDENF) (BC2.F) (the "Corporation" or "Bankers") is pleased to announce further high-grade copper results from the ongoing drill program at the Kabolela North concession in the Democratic Republic of Congo (DRC).
Kabolela North, Hole KADD013 has 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).
A total of 1,537 meters have been drilled to date on the first ever drilling campaign conducted at Kabolela. Thirteen holes have been released to date with additional holes pending from the Kabolela discovery zone.
Stephen Barley, President and CEO states, "We are excited by our initial drilling at Kabolela North. To place our results in perspective, public records for the operating Boss Mine located three kilometers west of Kabolela show an estimated mineral resource of 75.1Mt averaging 2.2% copper and 0.2% cobalt. Copper is an important aspect of our business plan as cobalt invariably comes as a credit to copper in the DRC and regional geology indicates the frequent occurrence of high grade copper with pods of higher grade cobalt similar to our recent results."
Note: Mineralization at Kabolela North may not be necessarily indicative of mineralization at the Boss Mine which will be determined with additional work at Kabolela North.
Adam Anderson, Bankers' DRC Exploration Manager states, "The drill target at Kabolela North is a shallow, fault hosted, sub vertical high-grade supergene copper zone of dominantly chalcocite mineralization with more abundant malachite at surface and with zones of cobalt. Drilling to date has now demonstrated continuity between three sections and a possible south plunge to the fault hosted mineralization which appears open to the south west. Further drilling is required to confirm the concept at this early stage of exploration." (Click here for maps of the Kabolela property)
All drill core has been submitted to SGS Lubumbashi for copper and cobalt determination by AAS. The initial drilling program is intended to provide information on the orientation, width, and strike length of the mineralization discovered to date. Mineralization is contained in two sub-parallel fault hosted zones and is open along strike at this early stage of exploration. Drill hole KADD013 intersected a 6-meter-wide (downhole width) zone of carbonate altered breccia with disseminated and blebby chalcocite mineralization.
Drilling is continuing to follow up these results and provide additional structural information on the mineralization. Drill sections are being developed to further display the deposit parameters and this will require additional drill holes.
Hole ID From To Interval Cu% Co% KADD013 72 78 6 3.69 <0.05
Note: Intercepts calculated using a 0.35% Cu cutoff and all samples are 1m in length, no internal waste and sample lengths are measured downhole as true widths of the mineralization are not known at this time.
The Corporation also plans to release additional geochemical results from Kabolela South and an update on its 600,000m dump located to the south of the property shortly.
Bankers Cobalt has implemented an industry best practice QAQC program. All core samples are picked up on site by Banker's geologists or delivered by the drillers to Banker's personnel. All samples are delivered by Banker's 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. Coarse reject splits will be done every 20 samples for duplicate samples of diamond core. Umpire assaying will be performed by ALS Chemex in Johannesburg, South Africa at a rate of 5% of submitted samples. Selected core samples are also being sent to ALS Chemex in Johannesburg, SA for multi-element analysis to identify geochemical signatures associated with mineralization in the concession.
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 efforts are intended to supply feedstock for processors having excess capacity and address the supply chain custody and verifiable sources of ore issue being imposed on processors in the DRC by consumers. 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.
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, including statements relating to the Corporation's drilling program, timing, execution and results of such program, 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.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
President & CEO