International Cobalt Completes Site Visits Confirming Extension to Ludwig Main and Initiates Airbore Survey
VANCOUVER, British Columbia, Nov. 09, 2017 (GLOBE NEWSWIRE) -- International Cobalt Corp. (CSE:CO) (FRANKFURT:42L) (the “Company” or “International Cobalt”) is pleased to announce that it has completed a second site visit to the Company’s Blackbird Creek Cobalt Project (“Blackbird Creek” or the “Project”).
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/0f8b8faa-a13c-4c30-9abd-ec05b9cbb6db
Highlights:
- This site visit, along with previous work confirmed a north-east extension to the high priority Ludwig Main Prospect.
- Additionally, the Company is immediately proceeding with a high-resolution airborne electromagnetic and magnetic geophysical survey at the Project ahead of further mapping and sampling work.
Site Visits
A second reconnaissance site visit over Blackbird Creek was completed on November 1st, 2017. The purpose of the site visit was to gain further understanding of the high priority Ludwig Main Prospect and confirm the potential of possible mineralised extensions of Ludwig Main Prospect to the northeast.
The exploration adit was confirmed and described as approximately two metres tall and has been sunk into the wall to a depth of approximately six metres. The wall rock of the adit is heavily fractured with pervasive erythrite throughout.
During the site visits the Company confirmed significant mineralised extensions of Ludwig Main Prospect to the northeast. The herein named “Ludwig NE Prospect” contains heavily biotite altered host rock in contact with quartz vein stock work, dark purple weathering and hydrothermal alteration. Azurite and malachite are also common with minor amounts of chalcocite and erythrite.
The Company notes that minimal historical exploration activity has taken place at Ludwig Main, Ludwig NE and over the Blackbird Creek Project and believes that the Project’s exploration potential is significant.
Ludwig Prospect Area – Background
In 1915, parts of the Ludwig Main Prospect (and surrounding area) were acquired as the Beliel group of claims (Anderson, 1943). Several prominent ledges were worked where cobalt bloom was identified between 500 and 1,000 feet above the West Fork of Blackbird Creek.
The Ludwig Main Prospect is historically described as twenty feet of just less than two per cent (2%) Cobalt (Umpleby, 1913). Additionally, mineralization within the prospect area is described as “40 feet wide with zones of ore four or five feet wide, exceptionally rich in cobalt.” (Anderson, 1943).
Exploration by Hanna Mining Company in 1969 include one drill hole which intersected two mineralized intervals. The first and more prominent 0.94 metre interval at 10 metres depth returned 1.17% Co and 0.46% Cu. Re-evaluation of this drill hole by Noranda in 1979 concluded that the drilling did not truly test the prospect.
Follow-up exploration by Noranda in 1979 include surface sampling of an exploration adit which returned 0.71% cobalt over 7.0 meters; and drilling which returned 0.40% cobalt over 7.9 meters. Eight drill holes were completed in 1979, with additional exploration recommended. The exploration model “suggests the presence of a large tonnage stratabound deposit of unknown grade within the Blackbird Breccia Stratigraphy”. No known work has been completed on the prospect since.
The results reported herein are historic in nature and while the company has not completed sufficient work to confirm the foregoing results, the company considers the historic information to be both relevant and reliable.
Immediate commencement of VTEM airborne survey
Company has retained Geotech Ltd. to complete a VTEM airborne survey over the Project. The survey will be the first property wide geophysical at the Project and marks the first of many modern exploration techniques that will be used to develop the Project. To the knowledge of the company the survey will be the first of its kind to be utilized in the Idaho Cobalt Belt.
The Company anticipates being able to use data from the survey to gather a better understanding of the geology of the Project and to resolve targets for ground follow up as soon as weather permits in 2018, and for a planned spring/summer 2018 drilling campaign.
ABOUT THE BLACKBIRD CREEK COBALT PROJECT
The 1,720-acre Blackbird Creek Cobalt Project is located adjacent to and along strike from eCobalt Solution’s advanced stage Idaho Cobalt Project (ICP) as well as the former producing Blackbird Co-Cu-Ag Mine. Despite cobalt mineralization having been recognized at Blackbird Creek as early as the 1940’s, the area only witnessed intermittent exploration in the late 1970’s. International Cobalt will be the first Company to bring modern exploration techniques to the Project. The Blackbird Creek Cobalt Project contains several historical cobalt showings including the Ludwig Main prospect, where surface sampling of an exploration adit returned 0.71% cobalt over 7.0 meters and a historic drill hole returned 0.4% cobalt over 7.9 meters. In addition to the historical showing several newly discovered geochemical anomalies require immediate follow-up.
The technical information in this news release has been reviewed by Neil McCalum,. P.Geol., of Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101.
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 rapidly growing large battery industry, a major consumer of cobalt, makes cobalt an appealing sector of focus. The Company seeks to add shareholder value by sourcing and developing projects in safe, progressive jurisdictions adhering to strict environmental and social standards.
On behalf of:
INTERNATIONAL COBALT CORP.
“Timothy Johnson”
Timothy Johnson, President
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.
International Cobalt Corp.
Suite 810
789 West Pender Street
Vancouver, British Columbia
V6C 1H2
T: 604-687-2038
F: 604-687-3141
www.internationalcobalt.com
