VANCOUVER, British Columbia, Sept. 27, 2018 (GLOBE NEWSWIRE) -- International Cobalt Corp. (CSE: CO) (the “Company” or “International Cobalt”) is pleased to announce that it has received assays from the recently discovered Raven Prospect (see news release dated August 8, 2018) on the Company’s Blackbird Creek Project.
The samples taken from the Raven Prospect are float grab samples from a talus field. The company feels that the lineal nature of mineral dispersion across the talus slope, coupled with the continuity of assays across the prospect is highly suggestive of a local source in close proximity. Consequently, the Raven Prospect will be prioritized for drilling next season. In addition to consistent cobalt values with all 16 samples returning grades over 1% Co and a high of 5.88% Co, samples from the prospect returned consistent gold values of up to 1.8 g/t Au along with the highly anomalous lanthanum (averaging 2350 ppm). The samples will be re-tested with a more precise analysis, specific to rare-earth-elements. See table below for assay values and Figure 1 for relative sample locations.
The new prospect is located near the historically known Slippery Gluch prospect, where recent sampling uncovered a talus sample with 5.19% cobalt, 0.2% copper and 3.24 g/t gold adjacent to a rock sample with 630 ppm cobalt, 1.82% copper and 0.35% gold.
| Sample # | % Cobalt | g/t Gold |
| X727696 | 1.76 | 0.352 |
| X727697 | 2.22 | 0.801 |
| X727698 | 3.28 | 1.02 |
| X727699 | 1.67 | 0.578 |
| X727700 | 5.85 | 0.313 |
| X727735 | 1.71 | 0.442 |
| X727736 | 3.04 | 0.44 |
| X727745 | 3.74 | 1.835 |
| X727746 | 1.03 | 0.848 |
| X727747 | 2.61 | 0.806 |
| X727748 | 3.03 | 0.7 |
| X727749 | 3.24 | 0.73 |
| X727750 | 3.32 | 0.726 |
| X727801 | 3.02 | 0.327 |
| X727806 | 2.50 | 0.519 |
The Raven Prospect is located approximately 1500m along strike from drilling on high grade zones completed by Noranda Exploration in the late 1970’s and early 1980’s including the Idaho Zone where 1.85 Mt of 0.58% Co and 2.29% Cu was delineated (historical resource estimate, the Company has not verified these historical resources and is not treating these historical estimates as current mineral resources).
The new prospect is also located within 500 meters of the access road to eCobalt Solutions Idaho Cobalt Project (“ICP”) currently under construction and within 4km of the ICP project itself.
The discovery of the Raven Prospect confirms management’s belief that systematic application of modern exploration techniques including geophysics and multi-element geochemistry will result in new discoveries in the Idaho Cobalt belt.
To view Figure 1 accompanying this press release, please visit the following link:
http://www.globenewswire.com/NewsRoom/AttachmentNg/e96db25c-a260-4a9b-9088-3ed2f204d315
To view Figure 2 accompanying this press release, please visit the following link:
http://www.globenewswire.com/NewsRoom/AttachmentNg/70e98d22-7e38-464f-b694-678ef4cd6d60
NI 43-101 DISCLOSURE
Neil McCallum, PGeol, Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
All rock samples from the program were sent to ALS Global in Reno, Nevada. Rock samples were prepared according to ALS protocol Prep-31 and analyzed for 33 elements by four acid digestion followed by ICP-AES according to ALS code ME-ICP6, over-detection limit analysis for cobalt and copper was provided by code OG62. Gold was tested according to code Au-ICP22 method of standard fire assay with an ICP-Atomic emission spectrometry finish on a 30 or 50gm aliquot, which has a detection range of 0.001 to 10 g/t.
Soil samples were prepared under ALS protocol PREP-41 and analyzed for 51 elements by partial Aqua-Regia acid digestion followed by ICP-AES (ALS protocol ME-MS41).
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 seeks to add shareholder value by sourcing and developing projects in safe, progressive jurisdictions adhering to strict environmental and social standards. The company has projects in the 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 $9 million in treasury at the time of this publication.
ABOUT THE COBALT MARKET
Cobalt prices recently reached a 10 year high of $42.75 US per pound and have shown a steady increase since the mid-point of 2015. As a vital component of many of the lithium-ion batteries used in a wide range of applications from cell phones to electric vehicles (EV), demand for Cobalt is anticipated to remain strong. Currently over 60% of the global supply of cobalt is sourced from mines operating in the Democratic Republic of the Congo (DRC).
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.
Contact:
International Cobalt Corp.
T: 604-687-2038
F: 604-687-3141
www.internationalcobalt.com