International Cobalt makes new discovery at Blackbird Creek Project.
August 08, 2018, Vancouver, British Columbia, Canada: International Cobalt Corp. (CSE: CO), the “Company” or “International Cobalt” is pleased to announce that it has discovered a new mineralized zone on the Company’s Blackbird Creek Project.
Field crews have identified a previously undocumented mineralized zone herein named the “Raven Prospect”. The new Raven Prospect is characterized by an approximately 15m x 100m zone of angular cobaltite and erythrite bearing boulders. The jagged nature of the boulders and their narrow dispersion indicates that these mineralized boulders are likely close to their source. (see Fig. 1). Samples from the prospect have been shipped to ALS Global Laboratories for analysis and detailed mapping and prospecting continues, with results expected in the coming weeks.
The prospect is located approximately 1500m along strike from drilling on high grade zones completed by Noranda Exploration in the late 1970’s and early 1980’s including the Idaho Zone where 1.2 Mt of 0.58% Co and 2.29% Cu was delineated (historical and 43-101 compliant).
Figure 1 Distribution of mineralized boulders across talus slope
Figure 2 Local Prospect map
Figure 3 Blackbird Regional Compilation map
Figure 4 Company Geologist examines samples with Ecobalt’s Idaho Cobalt Project in the background.
In addition to the new discovery, the Company’s geological exploration team has made significant progress in completing a property-wide geological mapping, soil and rock sampling program. The program was designed to follow up on results from the Company’s airborne magnetic and electromagnetic surveys, complimented with a large historic compilation of data from Noranda’s (Glencore) exploration between 1979 and 1981 see news release dated May 24, 2018. In addition to the mineralization at the historical Ludwig Zone, the other historical prospects have been verified. Based on the compilation of work completed by the company, over twenty potential drill sites have been identified, and will be prioritized throughout the current exploration campaign.
After a recent site visit Tim Johnson CEO states “I was very impressed by the progress our crews had made in some very rugged terrain under challenging conditions. The discovery of the Raven Prospect confirms management’s belief that systematic application of modern exploration techniques including geophysics and multi-element geochemistry will result in new discoveries in the Idaho Cobalt belt”.
NI 43-101 DISCLOSURE
Neil McCallum, P.Geol, of Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release
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 seeks to add shareholder value by sourcing and developing projects in safe, progressive jurisdictions adhering to strict environmental and social standards. The company has projects in the 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 $9.5 million in treasury at the time of this publication.
ABOUT THE COBALT MARKET
Cobalt prices recently reached a 10 year high of $42.75 US per pound and have shown a steady increase since the mid-point of 2015. As a vital component of many of the lithium-ion batteries used in a wide range of applications from cell phones to electric vehicles (EV), demand for Cobalt is anticipated to remain strong. Currently over 60% of the global supply of cobalt is sourced from mines operating in the Democratic Republic of the Congo (DRC).
For more information on the Blackbird Project or International Cobalt Corp. please contact:
On behalf of:
INTERNATIONAL COBALT CORP.
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.