VANCOUVER, British Columbia, Nov. 14, 2018 (GLOBE NEWSWIRE) — Pacific Rim Cobalt Corp. (CSE:BOLT) (FRANKFURT:NXFE) (OTCQB:PCRCF) (the “Company” or “Pacific Rim Cobalt”), a resource company currently exploring the Cyclops Nickel-Cobalt Project (“Cyclops”), located proximal to the world’s largest cobalt market, today announced mini-bulk sample results.
Mini-bulk sample highlights (see Table 1. for details):
Limonite zone 1m to 2m; 1m @ 1.23%Ni, 0.16%Co and 1.97% nickel equivalent (NiEQ1)
Limonite zone 0m to 1m; 1m @ 1.15%Ni, 0.11%Co and 1.66% NiEQ
Limonite zone 1m to 2m; 1m @ 1.78% Ni, 0.09% Co and 2.19% NiEQ
Pacific Rim Cobalt’s exploration efforts are focused on establishing a maiden compliant resource for the project both in historically identified and drill-tested prospects as well as previously unexplored areas of the claims. During the first 9 months of 2018 the Company focused on assembling the necessary agreements to access northern areas of the project hosting historically identified mineralized zones. While awaiting access Pacific Rim Cobalt was able to complete mapping, sampling and a mini-bulk sample within the mineralized zones and also conducted a small-scale program in the previously unexplored far southern area of the project which yielded continued yet reduced mineralization. With surface access to priority targets now established the Company will initiate drilling and extract additional mini bulk samples for further metallurgical testing which is currently underway.
“We are excited and optimistic about the unique possibility of developing this project into an asset that will add shareholder value and position the company to play a future role in the battery metals supply chain,” remarked Ranjeet Sundher, Chief Executive Officer of Pacific Rim Cobalt. “We expect the near-surface nature of cobalt/nickel mineralization at the Cyclops project will lend itself well to low-cost, logistically straightforward drilling. We thus anticipate the opportunity to undertake a resource calculation study, as well as ongoing metallurgy and process option testing, will present itself in the near future. It’s going to be a busy year ahead, and we look forward to getting the drills turning and building value.”
The project area located in Papua Province, Indonesia, benefits from excellent infrastructure, including proximity to a work force and supplies, sealed roads, ocean access, nearby port facility, and gentle topography. The road system enables year-round access to the project and connects it with the large town of Sentani, located about 15 kilometres (kms) to the east, and with Jayapura, the capital city of Papua Province, located about 40kms to the east.
Bulk sampling of the laterite limonite profile and underlying saprolite was taken from an area covering the historic Kirpon resource area and will be the subject of metallurgical test studies.
Earth works have exposed the laterite profile from surface to a depth of approximately 4 metres (m) over a distance of some 200m. The bulk sample location is on the western edge of the delineated historic resource area with the mapped laterite zone up to 1.7km East-West in the area.
A total of six (6) samples were taken with four (4) from the limonite and two (2) from the underlying saprolite zone. All were channeled and a summary of the results is provided in the table below.
Table 1. Kirpon Bulk Sample Results
|LOCATION||SAMPLE||LENGTH (m)||WEIGHT||Remark||Ni (%)||Co (%)||NiEQ1
|Al2O3 (%)||CaO (%)||Fe2O3 (%)||Fe (%)||MgO (%)||MnO (%)|
The bulk sampling results are commensurate with previous historic data.
The bulk samples will now be shipped to a specialized laboratory for bench scale studies to test the mineralized material’s amenability for production of a mixed Ni-Co hydroxide product.
A 50-hole core drill program on a 100m x 100m grid basis is to commence in early January 2019 on the northern areas over zones of laterite which formed part of the original historic resource. Mapping and augur sampling for the drill program to define priority target areas is to commence in mid November 2018.
Phase one exploration to delineate and evaluate zones of laterite in the previously unexplored southern half of the property has been completed.
A regional mapping program completed over 2500 hectares (Ha) of the southern half of the property has delineated a 280Ha area of laterite material. A follow up 600-hole, shallow, hand augur program on a 100m x 100m grid, sampling the top 1m, delineated anomalous zones for follow up drill testing. 71Ha of the area hosting laterite material contained zones of anomalous nickel and cobalt with values up to 0.62% Ni and 0.07% Co.
A core drilling program was completed on a 200m x 200m grid over the anomalous zones with follow up on a 100m x 100m on selected areas. The drilling tested the limonite zone and underlying pallid zone of the laterite profile. Three light man portable drills employed have achieved maximum drill depths of 25m to 30m.
A total of 700m in 48 drill holes has been completed. Drill core was logged, sampled and sent for assaying. All drilling was JORC compliant with all protocols in place and assaying was completed at the Geo Assay Laboratory – PT. Geoservices, Cikarang, Jakarta.
Two (2) test pit holes were completed in the North Dosay area. Five (5) samples collected from the 2 test pits with results shown in Table 2.
Table 2. North Dosay Bulk Sample Results
Drill intersection highlights:
MDA001 from 0 to 8m 8m @ 0.66% Ni, 0.04% Co and 0.84% NiEQ1
MDB001 from 2 to 5m 3m @ 0.41% Ni, 0.06% Co and 0.69% NiEQ
MT001 from 0 to 6m 6m @ 0.68% Ni, 0.05% Co and 0.91% NiEQ
including from 0 to 4m 4m @ 0.63% Ni, 0.06% Co and 0.91% NiEQ
MT002 from 0 to 8m 8m @ 0.39% Ni, 0.05% Co and 0.62% NiEQ
The program delineated a zone of elevated Ni and Co over serpentinised ultramafics. Results are being evaluated. The focus will now be on the northern zones of interest.
Drilling will consist of shallow holes (10m to 35m vertical depth each), which, based on historical information, is sufficient to intersect the targeted limonite zone. The Cyclops project was extensively explored by previous operators with a focus on nickel mineralization, during which time they completed 856 drill holes and 26 test pits.
1 Nickel equivalent is calculated as %NiEQ = (%Co x 4.6) + %Ni based on US$5/lb Ni and US$23/lb Co. No metallurgical recoveries were applied to either metal as it is expected that the metallurgical recoveries will be similar for both metals. The Company is assuming that both nickel and cobalt are of sufficient grade to be recovered.
Pacific Rim Cobalt staff collected the mini-bulk samples discussed in this news release, which were placed into sample bags sealed and delivered to the PT. Geoservices (Ltd) – Geo Assay Laboratory in Bekasi Indonesia. The Geo Assay Laboratory analysed the samples using the XRF fusion method. PT Geoservices Ltd – Geo Assay Laboratory employed industry standard internal QA/QC methods that Pacific Rim Cobalt reviewed and found acceptable.
Garry Clark, PGeo, independent director of Pacific Rim Cobalt, is the qualified person as defined in NI 43-101, who has reviewed and approved the scientific and technical content in this presentation.
Pacific Rim Cobalt has also engaged Mountain Capital Corp., on a month to month basis, to further build awareness as well as provide social media and market awareness services aimed at maintaining and building the profile of Pacific Rim Cobalt among existing and potential shareholders.
Mountain Capital Corp. will arrange and disseminate independent third-party research articles. Each article will be reviewed and approved by Pacific Rim Cobalt, and will be subject to editorial control to maintain consistency amongst the published material to ensure that information is consistent with the company’s public disclosure filings on SEDAR. Mountain Capital Corp. is an arm’s-length service provider to the company for an indefinite term and will be paid Cdn $2,500 per month, plus approved media and advertising costs, under the engagement for its services to the company; the payment will be sourced from the company’s general working capital. To the knowledge of the company, Mountain Capital Corp. does not own any of Pacific Rim Cobalt’s securities.
About Pacific Rim Cobalt Corp. (CSE: BOLT) (FRANKFURT: NXFE) (OTCQB: PCRCF)
Pacific Rim Cobalt Corp. is a Canadian publicly listed company currently focused on the development of cobalt projects within Indonesia. The Company believes cobalt will be the next dominant investment trend related to the critical components of lithium-ion batteries. Cobalt is currently in a global supply deficit, has a vulnerable supply chain, and is part of an emerging sector with extraordinary potential. For more information, visit: www.pacificrimcobalt.com.
Ranjeet Sundher – President and CEO
Steve Vanry – CFO & Director
Sean Bromley – Director & Investor Contact
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in both Pacific Rim Cobalt’s periodic filings with Canadian securities regulators. When used in this news release, words such as “will”, “plan”, “estimate”, “expect”, “intend”, “potential”, “should,” and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information. Forward-looking statements include, without limitation, statements regarding the progress of a definitive offtake agreement, potential development and production at the Company’s Cyclops project, future oriented events and other statements that are not facts. Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Pacific Rim Cobalt operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Such forward-looking statements should therefore be construed in light of such factors. Although Pacific Rim Cobalt has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and Pacific Rim Cobalt disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Pacific Rim Cobalt does not assume any liability for disclosure relating to any other company herein.