VANCOUVER, British Columbia, Nov. 27, 2018 (GLOBE NEWSWIRE) -- International Cobalt Corp. (CSE: CO, the “Company” or “International Cobalt”) is pleased to announce drilling progress on the 2000-metre diamond drilling program on the Company’s Ramsay Project in New Brunswick, Canada.
Prior to drilling, the Company completed a 15 km Induced Polarity (IP) survey. The IP survey detected a well-defined chargeability anomaly (“A”) over the known cobalt-copper occurrences drilled in 2004 by previous operators. Anomaly A was detected on 4 lines over a strike length of 600 m. The survey also detected a deeper anomaly (“B”) beneath and off-set from Anomaly A and below any previous drilling. A third anomaly (“C”) was detected 1,000 m to the north.
The Company has completed 4 holes for a total of 1166 m to date. Hole RC18-10 tested IP anomaly A on a line 100 m east of previous cobalt intercepts reported in 2004. Hole RC18-11 stepped out an additional 100 m to test the further extension of mineralization seen in hole RC18-10. Hole RC18-12 was drilled to 401 m to test both IP anomalies A and B. RC18-13 stepped ahead of hole 12 to test IP anomaly B at a shallower level. Visual estimates of up to 5% sulphide mineralization, mainly pyrite, are reported from all 4 holes drilled to date. These mineralized intervals could represent potential extensions of the cobalt intercepts drilled by previous operators. Assays are pending on 550 samples representing 632.5m of core submitted for analysis.
All 4 holes were designed to test for potential extensions of cobalt mineralization detected by previous workers in 2004 when an interval of 0.8m grading 0.956% cobalt within a 4.8m core interval grading 0.352% cobalt was reported in hole M04-05. (See news release dated March 13, 2018). Drilling continues and is testing for further potential extensions of mineralized zones.
NI 43-101 DISCLOSURE
All drill core is delivered from the Ramsay Cobalt project to a secure facility for logging. After logging, selected samples are split or sawn and placed in sample bags clearly identified with numbered tags. The samples are shipped to AGAT Labs in Mississauga, Ontario. AGAT analyzes all samples using Sodium Peroxide Fusion - with ICP-OES/ICP-MS Finish. Specified samples may also be subject to fire assay for gold.
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 180, 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 has projects in the world class 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 $7 million in treasury at the time of this publication.
On behalf of:
INTERNATIONAL COBALT CORP.
“Timothy Johnson”
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.
Timothy Johnson
info@internationalcobalt.com