VANCOUVER, British Columbia, Dec. 11, 2018 (GLOBE NEWSWIRE) — International Cobalt Corp. (CSE: CO, the “Company” or “International Cobalt”) is pleased to announce the completion of a 2126-metre diamond drilling program to test for cobalt and copper mineralization on the Company’s Ramsay Project in New Brunswick, Canada.
The first 6 holes RC18-10 to RC18-15 all intercepted mineralized intervals visually consistent with core descriptions reported in 2004 from the Malachite zone. These intervals represent potential extensions of the Malachite zone over a strike length of 200 m and to a down-hole depth of 350 m. Assays are pending on 665 samples representing 770 m of core submitted for analysis as logging and sampling continue on the later holes.
RC18-10 to RC18-13 were designed to trace and extend the Malachite zone 200m along strike and to test a deeper IP target as reported in a news release dated November 27, 2018. Hole RC18-14 was collared at the same site as historic hole M04-04 to test the Malachite zone and to test for a potential downward extension. Hole RC18-15 stepped out 100 m along strike from hole RC18-12 to test the potential extension of a deeper zone of mineralization reported in hole RC18-12. Hole RC18-12 intersected sulphide mineralization ranging up to 3% pyrite from 271 m to 317 m where the mineralized carbonate vein shown in Photo 1 occurs.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/43b62f4f-baa2-4629-9a6b-33a5b7bda7a8
The reader is cautioned that the above photo is not necessarily representative of the mineralization hosted on the property.
The 2126 m drilling program was designed to test for potential extensions of the Malachite cobalt zone drilled by previous workers in 2004. The Malachite zone was then described as “silicified and potassic altered rhyolite (carbonate-altered sediments) cut by 2-5% brassy to dark grey pyrite veins, 1 mm to 3 cm”. In the discovery hole, M04-04, the Malachite zone was reported at a grade of 0.35% cobalt over a 4.8 m core interval. This occurred within a 24.8 m core interval grading 0.180% cobalt and 0.182% copper from 24 to 48.8 m. These previous workers later reported a 0.8 m core interval grading 0.956% cobalt within a 4.8m core interval grading 0.352% cobalt in hole M04-05. (See news release dated March 13, 2018).
The seventh and final hole, RC18-16 was designed to test a chargeability high and mag anomaly approximately 1,000 m north of the Malachite zone. This hole intersected grey to black slates.
NI 43-101 DISCLOSURE
All drill core was delivered from the Ramsay Cobalt project to a secure facility for logging. After logging, selected samples were split or sawn and placed in sample bags clearly identified with numbered tags. Standard and blank samples were inserted at regular intervals in the sample sequence. The samples were shipped to AGAT Labs in Mississauga, Ontario for analysis 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 situated in the 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.
Suite 810
789 West Pender Street
Vancouver, British Columbia
V6C 1H2
T: 604-687-2038
F: 604-687-3141