Global Cobalt Completes Twinning Soviet-Era Holes; Resource Definition Program Begins
VANCOUVER, BC (NOVEMBER 6th, 2013)...Global Cobalt Corp. (TSXV:GCO) ("Global Cobalt" and/or the "Company") (TSXV:GCO) is pleased to announce that the Company has completed the initial phase of its confirmation drilling with 7 of 46 proposed holes completed on the Karakul Cobalt Project ("Karakul" and/or the "Property") located in the Altai Republic, Russia.
Seven diamond drill holes totaling nearly 1,400 metres have been completed since the program commenced on October 15th, 2013. This initial phase of the Karakul drill program was designed to twin historical holes from the Soviet era and confirm and validate historical drilling data in order to prepare a new mineral resource estimate. Historical drill data will be combined with the new information to derive a mineral resource estimate by SRK Consulting Ltd. Samples are being prepped for transport to Alex Stewart Laboratories ("ASL") in Moscow, Russia for analysis. ASL is a division of ALS Global, one of the world's largest and most diversified analytical testing service providers.
Initial observations by Paul Sarjeant P.Geo., Global Cobalt's VP Exploration and supervisor of the drill program, have led to positive visual confirmation of the existence of the zones defined by Soviet era drilling. Assaying of these new core samples should provide further clarity on confirming the zones.
Since reporting the first two holes on October 22nd, the Company has mobilized a second drill rig to site, which has assisted in the completion of the remainder of the twinning holes that compromise the initial confirmation phase.
Hole #176 was drilled to test Soviet era hole C-12. Historic results from C-12 include:
-73.7 to 89.8m - 16.1m intercept length grading 0.282% Co, 0.040% Bi and 0.052% Cu
-95.5 to 105.0m - 9.5m intercept length grading 0.265% Co, 0.149% Bi and 0.053% Cu
-149.0 to 155.8m - 6.8m intercept length grading 0.513% Co, 0.455% Bi and 0.135% Cu
This new drilling has intersected what appears to be significant visual mineralisation from 86 to 107m and a second significant visual zone from 148 to 160m down-hole. These intercepts would appear to visually confirm the location of the zones identified in the historic Soviet era drilling.
Hole #177 was completed to a depth of 190m and was designed to test Soviet era hole C-30. Historic results from C-30 include:
-81.8 to 90.3m - 8.5m intercept length grading 0.215% Co, 0.048% Bi and 0.117% Cu
-162.4 to 168.8m - 6.4m intercept length grading 0.098% Co, 0.040% Bi and 0.075% Cu
-174.3 to 183.2m - 8.9m intercept length grading 0.156% Co, 0.046% Bi and 0.056% Cu
Hole #177 has just completed and no visual estimates have been made at this point.
Hole #178 was designed to test Soviet era hole C-20 and determine low-grade levels of mineralisation as a check against historic assay results as required by SRK. As expected, very limited zones of sulphide rich mineralisation have been intersected within the hole, essentially confirming the findings of C-20.
Hole #179 was completed to a scheduled depth of 160m and was designed to test Soviet era hole C-11. Historic results from C-11 include:
-130.9 to 138.1m - 7.2m intercept length grading 0.224% Co, 0.023% Bi and 0.059% Cu
A zone of sulphide mineralisation and quartz stockwork was visually identified from approximately 124m to 138m down hole. This would appear to support the findings of the Soviet era hole; pending assay results.
Hole #180 was drilled to validate mineralisation intersected in underground drilling from the adit. The nearest historic hole was KK-118, drilled horizontally from the adit in a westerly direction and intersected the following:
-34.0 to 50.0m - 16.0m intercept length grading 0.173% Co, 0.080% Bi, 0.696% Cu and 0.061% WO---3
Hole #180 appears to have intersected a broad mineralized zone beginning at approximately 56 m and concluding around 76m down hole. Pending assay results, this would appear to have located mineralisation up dip from the Soviet era underground drilling.
Mr. Sarjeant states that, "The initial drill intersects appear to visually identify mineralization as hoped and confirm the location of the zones identified in the historic Soviet era drilling. We are looking forward to receiving assay results."
With the completion of the initial twinning phase the Company has now initiated a second phase which comprises the remainder of the drill program, approximately 6,000m of drilling. This next phase of the program will focus the drilling on intersecting modeled zones of mineralisation at different points to build and define additional pierce points that should further validate and increase confidence in the model and attempt to extend mineralisation were possible.
The first of these holes, Hole #181, is now complete; however, as there is no direct comparable, mineralization information will be released upon the completion of assay results.
The scientific and technical data contained in this news release was prepared under the supervision of Paul Sarjeant, P.Geo who acts as a "Qualified Person" under National Instrument 43-101.
The Company would also like to report that further to its news release dated October 22nd, 2013 that it has completed its non-brokered private placement of 4,021,000 units at a price of $0.05 per unit for gross proceeds of approximately $201,050 (the "Offering").
Each unit consists of one common share ("Share") and one Share purchase warrant ("Warrant") of the Company. Each Warrant will entitle the holder to acquire one Share (a "Warrant Share") of the Company at a price of $0.07 per Warrant Share for a period of 24 months.
The Company issued to the finders under the Offering a total of 160,000 Warrants to purchase up to 160,000 Shares at a price of $0.07 per Share for a period of 24 months. In addition, the Company paid cash commissions to the finders totaling $8,000.
All securities issued pursuant to the Offering are subject to a four-month hold period.
The Company will use the proceeds of the Offering towards its existing operations and for working capital.
Global Cobalt Corp. is a Canada-based strategic metals company focused on the development of a new mining region in the Republic of Altai. Global Cobalt will build upon the success of the Altai Projects while aggressively expanding and exploring existing properties to meet the demand for cobalt and other strategic metals.
For Further Information:
Mr. Mitchell Smith, Corporate Development
Suite 1510-1050 West Pender Street
Vancouver, BC V6E 3T4
Tel: +1 (604) 688-4219
Fax: +1 (604) 688-4215
Email: info@globalcobaltcorp.com
TSXV:GCO; FRA:3P0; CUSIP:37890F
Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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