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.
Global Cobalt Corp. will hold a special update call on Thursday, July 10, 2014, at 10:30 a.m. (PDT) to update shareholders and all interested parties on the findings of its recently announced National Instrument 43-101 technical report for the Karakul cobalt project, along with the progress of the company's business efforts, plans and strategy for 2014. Subsequent to the prepared remarks, shareholders and other interested parties will have the opportunity to ask management their questions.
Erin Chutter, president and chief executive officer, commented: "Over the last 12 months, Global Cobalt has focused on a better understanding of the Karakul cobalt project. I am eager to share the results of our efforts with our shareholders. We are very pleased with the findings of our initial resource report for Karakul and believe it is a strong indication of the company's ability to become a leader in the cobalt sector."
To join the audio conference, please dial the phone number five to 10 minutes prior to the start of the conference call and enter your passcode as follows.
Date: Thursday, July 10, 2014
Time: 10:30 a.m. PDT (1:30 p.m. EDT)
Dial-in access: 1-888-289-4573
Access code: 8124285 followed by the number sign
Highlights for the Karakul cobalt deposit NI 43-101 report, as reported on July 2, 2014, include:
- Resource demonstrates larger-than-expected tonnages in indicated and inferred categories;
- Western zone indicated sulphide resources totalled 17,156,330 tonnes at 0.318 per cent cobalt equivalent and indicated oxide resources totalled 981,100 tonnes at 0.257 per cent cobalt equivalent for a total indicated oxide-plus-sulphide resource totalling 18,137,340 at 0.314 per cent cobalt equivalent at a 0.05-per-cent-cobalt-equivalent cut-off;
- Western zone inferred resources totalled 2,915,630 at 0.326 per cent cobalt equivalent and inferred oxide resources totalled 17,820 at 0.069 per cent cobalt equivalent for a total inferred resource of 2,933,450 tonnes at 0.325 per cent cobalt equivalent at a 0.05-per-cent-cobalt-equivalent cut-off;
- Eastern zone inferred sulphide resources totalled 5,971,100 tonnes at 0.237 per cent cobalt equivalent and inferred oxide resources totalled 147,260 at 0.261 per cent cobalt equivalent for a total inferred resource of 6,118,360 tonnes at 0.238 per cent cobalt equivalent, both at a 0.05-per-cent-cobalt-equivalent cut-off;
- Indicated mineral resources have been assigned to the majority of the Western zone mineralization; and all mineral resources in the Eastern zone here have been classified as inferred resources;
- Both mineralized zones remain open at depth;
- Wardell Armstrong International Ltd. (WAI) recommends that a comprehensive metallurgical test work program be implemented in order to improve the support for the cobalt-equivalent calculation; with more-advanced technical work, Global Cobalt will move forward to a preliminary economic assessment (PEA).
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and was reviewed on behalf of the company by its qualified person, Paul Sarjeant, PGeo, the company's vice-president, exploration.