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US Cobalt Drilling Intersects High Grade Cobalt and Discovers New Thicker Mineralized Zones

15.01.2018  |  GlobeNewswire

Hole IC17–19 intersects true thickness 19.1 feet (5.8 meters) grading 0.46% CoEq (0.43%Co+0.30%Cu) within 61.2 feet (18.7 meters) grading 0.37% CoEq (0.30%Co+0.67%Cu)

VANCOUVER, British Columbia, Jan. 15, 2018 (GLOBE NEWSWIRE) -- US Cobalt Inc. (the "Company") (TSXV:USCO) (Frankfurt:26X) (OTCQB:USCFF) announces analytical results from a further seven surface core holes drilled during 2017 at the Iron Creek project (the "Property") in Idaho, USA. All seven of these core holes encountered sulfide mineralization with significant cobalt values. Several of the holes have discovered much thicker cobalt-bearing zones not previously identified at Iron Creek. These mineralized zones occur in the footwall of the main No Name Zone. The interpretation of these results are allowing the expansion of the Company’s search for cobalt mineralization outward from the previously targeted areas.

The objective of the 40-hole, 2017 drilling campaign is to confirm the historical estimates of cobalt mineralization (see Company news release - September 7, 2016). The historical estimates are comprised of two zones with a gap along strike of approximately 400 feet (122 meters) between them. Hole IC17–19, located in this area, intersected a true thickness of 19.1 feet (5.8 meters) grading 0.46% CoEq (0.43%Co+0.30%Cu). This intercept lies within a true thickness of 61.2 feet (18.7 meters) grading 0.37% CoEq (0.30%Co+0.67%Cu). [CoEq = Cobalt Equivalent; calculated as copper/10.58=CoEq]. IC17–19 indicates the potential continuity of mineralization between the two areas of the historical estimates. Results of five additional holes completed in this gap will be released as they become available.

Significant intervals (true thickness) in the current seven drill holes include:

  • IC17-19: 19.1 feet (5.8 meters) grading 0.46% CoEq. (0.43%Co+0.30%Cu) within
    --61.2 feet (18.7 meters) grading 0.37% CoEq. (0.30%Co+0.67%Cu)

  • IC17-16: 9.3 feet (2.8 meters) grading 0.56% CoEq. (0.18%Co+4.05%Cu) within
    --21.9 feet (8.9 meters) grading 0.36% CoEq. (0.14%Co+2.39%Cu)

  • IC17-17: 23.1 feet (7.0 meters) grading 0.37% CoEq. (0.37%Co+0.001%Cu) within
    --78.2 feet (23.8 meters) grading 0.20% CoEq. (0.20%Co+0.001%Cu)

  • IC17-18: 4.7 feet (1.4 meters) grading 0.64% CoEq. (0.64%Co+0.02%Cu)

  • IC17-20: 8.9 feet (2.7 meters) grading 0.44% CoEq. (0.16%Co+3.02%Cu) within
    --47.4 feet (14.4 meters) grading 0.20% CoEq. (0.07%Co+1.42%Cu)

    Additional previously unknown thicker intervals (true thickness) include:

  • IC17-14: 116 feet (35.4 meters) grading 0.12% CoEq. (0.09%Co+0.34%Cu) incl.
  • IC17-16: 74.6 feet (22.7 meters) grading 0.18% CoEq. (0.16%Co+0.18%Cu) incl.
    --5.9 feet (1.8 meters) grading 0.32% CoEq. (0.32%Co+0.02%Cu) and incl.
    --9.6 feet (2.9 meters) grading 0.3% CoEq. (0.22%Co+0.96%Cu) and
    --6.5 feet (2.0 meters) grading 0.33% CoEq. (0.26%C0+0.75%Cu)

  • IC17-17: 364.4 feet (111.1 meters) grading 0.13% CoEq. (0.11%Co+0.13%Cu) incl
    --10.6 feet (3.2 meters) grading 0.25% CoEq. (0.13%Co+1.23%Cu) and incl.
    --18.1 feet (5.5 meters) grading 0.26% CoEq. (0.25%Co+0.07%Cu)

Sr. Vice President, Exploration, Brian Kirwin commented: "These exciting drill results continue to instill confidence in the historic work conducted by Noranda and Cominco, among others. The current results are very encouraging with respect to our goal of confirming the historic estimates. These drill results also indicate that mineralization may be continuous between the two zones which comprise the historic estimates. Further, the results confirm newly discovered cobalt-bearing zones in the footwall of the main No Name Zone, which will be targeted in our upcoming drilling. In response to the several very wide intercepts, the Company is expanding its sampling protocols."

Wayne Tisdale, President, commented: "These are further excellent drill results, from one of the very few active cobalt drilling programs in North America. With cobalt prices near $34 per pound, near 8 year highs, Iron Creek is showing expanding potential and we are excited to continue exploration at the project, with drilling from underground expected to begin imminently.”

US Cobalt is conducting the first exploration program at Iron Creek in several decades. The Iron Creek Property covers a west-northwest striking, steeply northerly dipping mineralized zone named the No Name Zone which contains cobalt and copper mineralization in sulfides. The 2017 surface drilling campaign is complete and analysis of the samples continues. The 2017 drilling consists of 40 drill holes with a combined length of approximately 35,000 feet. The Company is building the geological and grade models for resource estimation. In anticipation of completing a resource estimate during 2018, the company has started density testing, mineralogical investigations, and will soon initiate metallurgical testing.

A summary of the intercepts from the current drill holes are:

Hole
ID
From
feet
To
feet
Drilled
Length
feet
True
Thick
Feet
True
Thick
Cobalt% CoEq%
Meters Cu %
IC17-14 62 394.5 332.5 116 35.4 0.34 0.09 0.12
including 62 240 178 58.3 17.8 0.23 0.11 0.13
which includes 75.7 92 16.3 5.3 1.6 0.01 0.2 0.2
and includes 105 130 25 11 3.4 0.08 0.12 0.12
and includes 145 185 40 14.5 4.4 0.19 0.14 0.16
and includes 210 240 30 10.6 3.2 0.92 0.12 0.21
and includes 275 394.5 119.5 41.5 12.6 0.56 0.06 0.11
which includes 365 394.5 29.5 10.2 3.1 0.61 0.11 0.16
IC17-15 164 172 8 4.2 1.3 0.04 0.13 0.13
and 185 229 44 23 7.0 0.17 0.23 0.25
which includes 215 225 10 5.4 1.6 0.04 0.31 0.31
and 245 295 50 27.8 8.5 0.12 0.11 0.13
and 340 375 35 18.1 5.5 0.47 0.08 0.13
and 438.6 442.8 8.3 2.2 0.7 0.02 0.16 0.16
and 462.6 491.6 29 14.8 4.5 0.01 0.11 0.11
and 725 735 10 5.2 1.6 0.004 0.14 0.14
IC17-16 41.7 160 118.3 74.6 22.7 0.18 0.16 0.18
which includes 61 70 9 5.9 1.8 0.02 0.32 0.32
and includes 115 130 15 9.6 2.9 0.96 0.21 0.3
and 210 230 20 12.4 3.8 0.49 0.18 0.23
which includes 219.5 230 10.5 6.5 2.0 0.73 0.26 0.33
and 250 296.8 46.8 29.1 8.9 2.39 0.14 0.36
which includes 260 275 15 9.3 2.8 4.05 0.18 0.56
and 410 540 130 82.2 25.1 0.003 0.15 0.15
which includes 415 425 10 6.25 1.9 0.002 0.21 0.21
which includes 470 490 20 12.5 3.8 0.001 0.25 0.25
which includes 530.5 540 9.5 6.2 1.9 0.002 0.22 0.22
IC17-17 154.5 665.5 511 364.4 111.1 0.13 0.11 0.13
which includes 154.5 245 90.5 63.4 19.3 0.14 0.1 0.12
which includes 225 245 20 14.1 4.3 0.33 0.18 0.21
and includes 290 350 60 42.9 13.1 0.59 0.08 0.14
which includes 290 305 15 10.6 3.2 1.23 0.13 0.25
and includes 370 435 65 46.9 14.3 0.09 0.18 0.18
which includes 410 435 25 18.14 5.5 0.07 0.25 0.26
and includes 470 495 25 18.15 5.5 0.05 0.15 0.15
which includes 480 487.5 7.5 5.44 1.7 0.03 0.27 0.27
and includes 519.5 625 105.5 78.15 23.8 0.002 0.2 0.2
which includes 585 616 36 23.05 7.0 0.001 0.37 0.37
and includes 655 665.5 10.5 7.8 2.4 0.01 0.15 0.15
IC17-18 245 265 20 18.5 5.6 1.97 0.06 0.24
and 445 460 15 14.1 4.3 0.84 0.04 0.11
and 486.2 491.2 5 4.7 1.4 0.02 0.64 0.64
IC17-19 121 185 64 61.2 18.7 0.67 0.3 0.37
which includes 130 150 20 19.13 5.8 0.30 0.43 0.46
and 205 217.4 12.4 11.9 3.6 0.60 0.12 0.18
and 292 328.8 36.3 35.5 10.8 0.52 0.15 0.2
which includes 322 328.3 6.3 6.1 1.9 0.04 0.41 0.41
and 365 393 28 27 8.2 0.01 0.23 0.23
which includes 370 383.6 13.6 13.13 4.0 0.003 0.37 0.37
and 435 445 10 9.7 3.0 0.003 0.15 0.15
IC17-20 425.5 481.6 56.1 47.4 14.4 1.42 0.07 0.2
which includes 452.5 463 10.5 8.87 2.7 3.02 0.16 0.44
and 562 568.5 6.5 5.76 1.8 0.10 0.17 0.18
and 608.1 661.7 53.6 47.2 14.4 0.002 0.1 0.1
which includes 657 661.7 4.7 4.15 1.3 0.002 0.33 0.33
and 902.5 912.5 10 9.3 2.8 0.02 0.14 0.14
and 983.2 992.6 9.4 8.7 2.7 2.66 0.12 0.37

As previously announced, The Project is leased from Chester Mining Company subject to the Company's buy-out rights.

As previously announced, historic tonnage and grade estimates indicate that the Property contains 1,279,000 tons grading 0.59% cobalt – please refer to the Company's news release dated September 7, 2016. Due to the age of the geological work done to establish current anticipated tonnage, the Company is treating these tonnage and grade estimates as historical estimates. The historical estimates do not use categories that conform to current CIM Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") and have not been redefined to conform to current CIM Definition Standards. They were prepared in the 1980s prior to the adoption and implementation of NI 43-101. The historical estimates are contained within a report entitled "Iron Creek Prospect, Lemhi County, Idaho (#0483) Progress Report" by Terry A Webster and Thomas K Stump for Noranda Exploration, Inc., July 1980, which report does not detail cut-off grades and metal prices used to estimate the historical mineralization and used a tonnage factor of 11 cubic feet per ton. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and the Company is not treating the historical estimates as current mineral resources. More work, including, but not limited to, drilling, will be required to confirm the estimates to current CIM Definition Standards. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the Property. Other than as provided for in this press release, the Company has not undertaken any independent investigation of the historical estimates or other information contained in this press release nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. The Company believes that the historical estimates and other information contained in this press release are relevant to continuing exploration on the Property because they identify significant mineralization that will be the target of the Company's exploration program.

The drill samples and underground channel samples are collected by Company personnel or contractors working for the Company at the drill or portal. All of the Company's facilities are kept secure. The core is transported to the Company's core processing facility in Challis operated by Earl Waite and Sons Mining Contractors who are contracted by the Company. There the core is logged, cut and sampled and subsequently delivered to the laboratory. All facilities are secure.

All core is logged for recovery and other geotechnical features, prior to being sawed lengthwise in half by the Company's contractors. Individual core samples are selected on a geological basis to characterize mineralization. The core is geologically logged and half core is stored on site as reference samples in a secure facility. The samples are bagged, labeled and tied at the core processing facility by the Company's contractors. Geologic information is recorded on standardized sample description forms which included color, rock type, alteration, mineral species and abundance. Samples are stored in a secure facility at the core processing site until delivered to the laboratory. Blanks, duplicates and standards are inserted at the core processing site as part of the QA/QC program. The drill samples were loaded directly from the core processing facility the truck of a shipping company and driven directly to the laboratory where the lab took custody directly from a Company employee. The sampling was overseen by Brian Kirwin, Senior Vice President Exploration for the Company.

American Assay Laboratories (AAL) in Sparks, Nevada conducted the analyses of the drill core samples, and analyzed the Company's QA/QC samples at the same time, and the Company plans to utilize the services of AAL for the core samples. AAL is ISO / IEC 17025 certified and has successfully completed Canadian proficiency testing (CCRMP). Approximately 24% of the samples analyzed are control samples consisting of checks, blanks, and duplicates inserted by the Company - this is in addition to the control samples inserted by the lab. Correlation of the standards with expected values were excellent. At the AAL laboratory, the drill core samples were dried, weighed crushed to 85 % passing -6 mesh, roll crushed to 85% passing -10 mesh, split 250 gram pulps, then pulverized in a closed bowl ring pulverizer to 95 % passing -150 mesh, then analyzed by a 5 acid digestion for ICP analysis.

Mr. Garry Clark, P. Geo., of Clark Exploration Consulting, is the "qualified person" as defined in NI 43-101, who has reviewed and approved the technical content in this press release.

For additional information please contact:

US Cobalt Inc.
Wayne Tisdale, President
T: (604) 639-4457

E: info@uscobaltinc.com
Website: www.uscobaltinc.com.

Reader Advisory
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the proposed exploration program on the Property. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in mining operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the 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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