Global Cobalt Corporation is a strategic metals company focused on the development of a new mining region in the Republic of Altai, Russia.
As first mover into this new region, Global Cobalt will be able to leverage the world-class Karakul Cobalt Project and bring on stream a number of projects creating a mining district with enormous potential.
The Republic of Altai is a mineral rich, pro-mining region of southern Siberia, Russia, which neighbours the similarly mineral-endowed countries of Kazakhstan, Mongolia and China.
Recognizing strategic metals, and more specifically cobalt, as essential to the world's ever growing need due to the increasing focus on environmental sustainability, the electrification of the modern vehicle and the escalating appetite for consumer electronics such as mobile phones, tablets and laptops, Global Cobalt's primary objective is to define economically feasible projects through the acquisition of tactical mineral assets while aggressively expanding and exploring existing properties to supply the growing demand for cobalt and other strategic metals.
VANCOUVER, BC / APRIL 9th, 2014 / GLOBAL COBALT CORP. (TSXV:GCO) (“Global Cobalt” and/or the "Company") (TSXV:GCO) is pleased to release the final drill results from the Winter 2013 work program at the Karakul Project in the Altai region of Russia.
Drill Hole Highlights:
- Drilling in Eastern Zone represents over 900m of strike extent of mineralisation with limited drilling and is considered a prime target for additional drilling.
- Additional high priority drill targets exist at depth and will be further explored with a new drill program to commence in late Spring 2014.
- Reporting of final assay results enables the Company to finalize work to report on updated NI 43-101 compliant resource report for the Karakul Cobalt Project.
Commenting on the Eastern Zone results, Paul Sarjeant, P.Geo., Vice President Exploration said:
“The Eastern Zone represents a key target for future resource expansion drilling and continues with the trend of the balance of results that the deposit remains open at depth. This is an exciting time for the Company having achieved another key milestone by reporting on the final set of assay results from the 2013 work program. This now allows us to prepare the resource update, which we anticipate to be completed by mid-May.”
Global Cobalt’s Chief Operating Officer, Dr. Michael Hitch, PhD., P.Geo., P.Eng., also commented on the overall results of the Winter 2013 work program:
"The resource drill program achieved its objective to better define the full extent of mineralization in both the Western Zone and Extension targets. We are now preparing the NI 43-101 mineral resource estimate for the Karakul Cobalt project incorporating the drilling data from this and past programs undertaken by previous owners." Hitch further commented: "Work on a Preliminary Economic Assessment (PEA) will also begin and will accelerate once the resource update is complete."
The Company has depicted the locations of the drill holes shown in Figure 1 and continues with its practice of presenting a technical narrative for each set of hole results are as follows:
Eastern Zone – Adit Area, North
Drill holes 187,188,189 and 217 were drilled on the Eastern Zone from the adit area north attempting to trace the Eastern Zone mineralization in an area of limited and wide spaced drilling.
- All drill holes intersected multiple zones of mineralisation with the exception of hole 187, the most Northerly drilled hole, and continue to add pierce points along the Eastern Zone.
Eastern Zone – Adit Area, South
Drill holes 192, 211 and 218 were drilled to trace and extend mineralization in the southern region of the Eastern Zone that had only seen limited historical drilling. These three drill holes represent the most southern holes from the Winter 2013 drill program.
- All drill holes returned cobalt, copper, bismuth, tungsten and silver mineralization and help to define and extend the Eastern Zone through the southern portion of the project area.
- Based on these results and drill holes 189, 217 and 219 (previously reported) represent over 900m of strike extent of mineralisation with limited drilling.
- Mineralisation is open at depth on all sections and intersections are all within approximately 125 m of surface.
- Represents a prime target for additional exploration drilling.
Sample Preparation and Analysis
All drill core was logged, photographed and cut in half with a diamond saw. Half of the core was bagged, numbered and sent to Stewart Geochemical and Assay (a subsidiary of ALS Global) of Moscow, Russia. All samples were first analysed using ICP-MA technique that reports cobalt, copper, bismuth and tungsten in parts per million (10,000 ppm = 1%). Any samples reporting greater than 2,000 ppm cobalt or bismuth and any samples reporting greater 10,000 ppm copper were then assayed by ICP-ORE methodology. Samples reporting greater than 2,000 ppm tungsten were then assayed using the ME-MS61 method and reported as WO3. The results were verified by the application of industry standard quality control and quality assurance (QA-QC) procedures including laboratory internal duplicate sampling.
* Note: Lengths quoted represent core lengths and do not necessarily represent the true thickness of mineralised intervals. Samples were analysed by Stewart Geochemical and Assay
** Note: Cobalt equivalent (CoEq%) values are given for illustration to express the aggregate content of cobalt, copper, bismuth, tungsten and silver as a percent cobalt. This is calculated assuming 100% metal recovery using metal prices of US$13.60/lb cobalt US$3.26/lb copper, US$9.89/lb bismuth, $US16.73/lb tungsten and US$20 per troy ounce silver. The cobalt equivalent calculation is as follows; CoEq = Co grade + (Cu% x 0.24) + (Bi% x 0.73) + (WO3% x 1.23) + (Ag g/t x 0.002)
Mr. Paul Sarjeant, P.Geo., VP Exploration, is the “Qualified Person” under NI 43-101 and has reviewed the technical information contained in this news release.
The Company would also like to correct a previous release issued on April 2nd, 2014 stating that it listed on the OTC Bulletin Board. It should state that it has listed on the OTC Markets under the symbol GLBCF.
Figure 1. Karakul Polymetallic Project – Simplified Geology and Drill Hole Location