VANCOUVER, British Columbia,
April 11, 2018 /PRNewswire/ --
Bankers Cobalt Corp. (TSXV: BANC) (FSE: BC2) (OTCQB:
NDENF) (the "Corporation" or "Bankers") is pleased to
provide an update on new cobalt and copper targets identified at
the Comipad-Comima and Kankutu projects in the Democratic Republic of Congo (DRC).
Highlights:
- Recent trenching at Kankutu discovers a 3km
strike of Mine Formation (Roan 1-2) series rocks
which are host to nearby Kimpe Mine
- Ground magnetics interpretation of
Kankutu indicate a potential extension onto the concession of
the structure which controls the nearby
operating Kimpe Mine
- 400m long +200 ppm elevated
copper in soil anomaly at
Comipad-Comima
Stephen Barley, President and CEO
states, "Kabolela North, Hole KADD013 returned 3.69% Copper over
6m from 72m - 78m depth extending the zone originally
discovered in Hole KADD011(3.17% copper over
4m from 28m) and Hole KADD012 (2.01%
copper over 6m from
34m;
including 1m
@ 0.3% cobalt from 39m). Drilling is continuing at Kabolela
North and results will be released as assays come available.
Soil sampling at Kabolela South has shown encouraging elevated
cobalt and copper results tracking the same stratigraphy as a
former operating pit on the southern border of the Kabolela
property. Our team has found highly encouraging cobalt and copper
in soil samples or trenches on both the Comipad-Comima and Kankutu
concessions. We are having exploration success on all three
property areas where our initial activities have been focused."
Adam Anderson, Bankers' DRC
Exploration Manager states, "Exploration at the Comipad-Comima and
Kankutu projects has been progressing well. At Comipad-Comima, the
team has setup a camp, created a 17 km vehicular access and
completed soil sampling and infill soil sampling to define a
400m long +200ppm copper in soil
anomaly and an adjacent 150m by 50m
long +200ppm copper in soil anomaly. The copper in soil anomalies
are interesting as they have coincident associated multi-element
anomalies. Both are associated with an EW trending tectonic breccia
which appears to be hydrothermally altered. At Kankutu, based on
ground magnetics interpretation, we have identified a potential
extension of the Kimpe Fault which hosts the operating Kimpe Mine
located 3.5kms from our Kankutu project."
Kankutu Project (PE 13370; PE 13371; PE
13372; PE 13441)
Kankutu covers a total of 14 sq kms and consists of four
contiguous concessions on the border of the operating Kimpe copper
and cobalt mine where a recent trenching program has discovered a
3km strike of Mine Formation series of rocks which are the host
rocks at the nearby Kimpe Mine.
A total of 1110 soil samples were collected over the project
area on a 200m by 50m grid and handheld XRF analysis indicated
areas of anomalous copper in soils. A total of 149 pits up to
8m in depth have been completed
highlighting an anomalous zone of copper in the SW corner of PE
13371. A trenching program has discovered a 3km strike of Mine
Formation series of rocks which are the host rocks at the nearby
Kimpe Mine.
Ground magnetics were collected over the four licenses and the
data processed by MSA in South
Africa. License 13441 in the north of the project has deep
soil cover up to 9m and geochemical
sampling using a RAB rig drilling vertical holes across the
interpreted geology is being utilized. The RAB drilling program is
being delayed due to access difficulties associated with the wet
season and is expected to be completed by the end of April. The
target area is an area of structural complexity highlighted by the
reprocessed ground magnetics where the Kimpe Fault is interpreted
to extend into the license. The Kimpe Fault is the main control on
cobalt and copper mineralization at the Kimpe Mine 3.5km to the SE
of the license.
Planned work at Kankutu includes the following:
- complete trenching and geochemical drilling program and
interpretation of the results
- RC drilling on identified targets
(Click here to review Kankutu maps)
Comipad-Comima Project (292)
Three trenches have subsequently been completed over the soil
anomalies and the breccia zone has clearly been defined in all
three trenches. The breccia in trench 2 contains zones of specular
hematite with relict sulfides now replaced by goethite. Handheld
XRF readings show these zones to have elevated cobalt and silver
but no copper has been identified in the rocks at surface to date.
The anomalous copper in soil anomaly suggests there may be leaching
at surface and this will require further work. Additional
50m spaced trenches east and west of
the breccia zone in trench 2 are currently in progress. Results of
the trenching are expected to take approximately 1-2 months as the
samples are sent to ALS Johannesburg for multielement ICPMS
analysis.
Planned work at the 292 license includes the
following:
- A series of 50m spaced EW
trenches centered on Trench 2 to expose the breccia and provide
samples of the breccia.
- RC drilling is planned soon to test areas highlighted by the
trenching
(click here to review Comipad-Comima maps)
Assay QAQC
Bankers Cobalt has implemented an industry best practice QAQC
program. All samples are picked up on site by Bankers' geologists
or delivered by the drillers to Bankers' personnel. All samples are
delivered by Bankers' personnel to the SGS Laboratory in
Lubumbashi, DRC for cobalt and copper determination. Check assay
standards and blanks are submitted every 20 samples with each assay
job and are then reviewed for accuracy.
Qualified/competent person -- National Instrument
43-101 and JORC Code
The geological information in this announcement has been
reviewed by Mr. Adam Anderson, a
competent person (as defined in the JORC Code, 2012 edition) and
Member of the Australian Institute of Geoscientists (AIG), a
recognized professional organization for the purposes of the
Australian Securities Exchange listing rules. Mr. Anderson, who has
reviewed and approved the contents of this news release, is also a
Qualified Person as defined by National Instrument 43-101.
Mr. Anderson is the DRC Country and Exploration Manager for
Bankers. He has sufficient experience that is relevant to the style
of mineralization, the type of deposit under consideration and to
the activity being undertaken to qualify as a competent person as
defined in the JORC Code and as a Qualified Person as defined in
National Instrument 43-101.
About Bankers
Bankers is a natural resource company focused on the
acquisition, exploration and development of cobalt and copper
mineral properties in the DRC to world-class Canadian standards. As
battery production for EV's surges, demand for cobalt will probably
exceed supply for many years. According to a recent report by
Transparency Market Research, global sales of lithium-ion batteries
are expected to reach US$70B by 2024,
for a compound growth rate of 11.6% over the years beginning in
2016. Bankers holds rights to 26 separate mineral concessions
strategically located in the southern DRC Copperbelt and having a
total area of more than 391 km². Bankers has the intention to
acquire interests in additional concessions. All concessions were
obtained as either new grants or through reputable DRC partners and
have clean title with no government involvement, making Bankers one
of the few, and perhaps only, junior public mining company in the
DRC to have 26 concessions capable of being currently explored.
Bankers has an experienced operations team operating in the
southern Cobalt-Copperbelt of the DRC. Bankers believes it is the
front runner in advancing cobalt and copper exploration by a junior
mining company in the DRC.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
"Stephen Barley"
President & CEO
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains "forward-looking
information" within the meaning of applicable
securities laws including statements relating to the outlook of the
business of the Corporation, including statements relating
to the Corporation's drilling and soil sampling
programs, timing, execution and results of such programs;
the Corporation's intention to acquire additional
concession, the Corporation's ability to explore and
develop the concessions, the results of any development and
exploration, the ability of the Corporation to meet standards for
verifiable supply chain custody, and the
Corporation's status as a leader in the junior mining
sector for cobalt and copper in the DRC. Although the Corporation
believes considering the experience of its officers and directors,
current conditions and expected future developments and other
factors that have been considered appropriate, that the
expectations reflected in this forward-looking information are
reasonable, undue reliance should not be placed on them as the
Corporation can give no assurance that they will prove to be
correct. Actual results and developments may differ materially from
those contemplated by these statements. The statements in this news
release are made as of the date of this release. The Corporation
undertakes no obligation to comment on analyses, expectations or
statements made by third-parties in respect of the Corporation its
securities, or its financial or operating results.
For further information:
Phone: +1-604-684-6730
Email: info@bankerscobalt.com
Website: http://www.bankerscobalt.com
SOURCE Bankers Cobalt Corp.