International Cobalt Acquires Ramsay Cobalt Project
March 13, 2018, Vancouver, British Columbia, Canada: International Cobalt Corp. (CSE: CO, the “Company” or “International Cobalt”) is pleased to announce that it has signed a Letter of Intent (“LOI”) to acquire a 100% interest in SLAM Exploration’s (“SLAM”) Ramsay Cobalt Project (“the Project”).
The Ramsay Cobalt Project, totaling approximately 8007 hectares, is located in the Bathurst Mining Camp (BMC) of New Brunswick. The world-class mining camp boasts approximately 46 volcanogenic massive sulfide (VMS) mineral deposits with defined tonnage and another hundred mineral occurrences.
The Project is approximately 25 km west of the producing Caribou zinc-lead-silver-copper-gold mine operated by Trevali Mining Corp. In addition to nearby highway and power that supports other current mining activity, New Brunswick is known to be a mining friendly jurisdiction. (see figure below for location)
International Cobalt has agreed to cash payments totaling five hundred thousand $500,000 and to issue two million five hundred thousand shares (2,500,000) over a twenty-four (24) month period. The project is subject to a 2% NSR in favor of SLAM of which one half may be purchased by International Cobalt for one million dollars ($1,000,000). Slam Exploration will continue to maintain obligations to underlying option holders other than certain royalties which will become the responsibility of International Cobalt.
Previous operators identified Cobalt and Copper mineralization over a 650m strike length through trenching, geochemical surveys, ground-based geophysics and a limited drilling program totaling 1,321 meters. The mineralized zone remains open along strike and at depth. The project also includes other early-stage cobalt targets.
Nine holes were drilled on the Ramsay cobalt property by previous workers in 2004. Reported results include: 0.8 metres grading 0.956% cobalt within a 4.8 metres grading 0.352% cobalt (Hole M04-04). Such higher-grade zones typically occur within wider core intervals ranging to 24.8 m grading 0.180% cobalt and 0.182% copper. Significant core intervals from all nine holes are summarized in the table below:
ABOUT THE COBALT MARKET
Cobalt prices recently reached an 10 year high of $37.88 US per pound and have shown a steady increase since the mid point of 2015. Cobalt is an important component of many of the lithium-ion batteries used in a wide range of applications from cell phones to electric vehicles (EV) and the home energy storage market. Driven primarily by the EV market demand for cobalt is expected to remain strong and growing for the near future. Currently over 60% of the global supply of cobalt is sourced from mines operating in the Democratic Republic of the Congo (DRC). Political instability in the DRC coupled with social-economic issues surrounding mining in the country including reports of child labour have led many tech companies to seek supplies of the metal from more stable jurisdictions.
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.
The technical information in this news release has been reviewed by Neil McCallum, P.Geol., of Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101.
On behalf of:
INTERNATIONAL COBALT CORP.
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.