International Cobalt Provides Update on Ramsay Cobalt Exploration Plans
July 3, 2018, Vancouver, British Columbia, Canada: International Cobalt Corp. (CSE: CO, the “Company” or “International Cobalt”) is pleased to announce it has completed and received preliminary data from the high resolution Magnetic (MAG) and Time Domain Electromagnetic (TDEM) airborne survey at the Ramsay Cobalt Project (“Ramsay” or the “Project”) previously announced May 07, 2018. Once the Company has reviewed and compiled the data with historical information on the Project, updated maps will be released to the public. Management has recently returned from a Project site visit and is preparing field crews for a comprehensive summer season. The 2018 Ramsay summer program will include; geological mapping and sampling, a geochemical program expanding on work completed by previous operators and a 20km Induced Polarity (IP) survey intended to delineate and determine future drill targets. The Company will also complete a minimum 2000m drill program with up to 200m of trenching, management anticipates the permitting of an additional 3000m of drilling in the coming weeks. The 2018 summer program is focused on confirming and expanding known showings on the Ramsay Project.
ABOUT THE RAMSAY PROJECT
The 8,000-hectare Ramsay Cobalt Project is well situated on the edge of the prolific Bathurst mining camp (BMC) located in northern New Brunswick, approximately 25 kilometres west of the Caribou mine operated by Trevali Mining Corp. With paved road access and nearby electric power, the Project is close to well-developed infrastructure and is in a mining-friendly jurisdiction.
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. Currently the company has projects in the prolific 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. Cobalt is a vital 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.
On behalf of:
INTERNATIONAL COBALT CORP.
Timothy Johnson, President
For more information on International Cobalt Corp. please contact:
Tyler Lowes, Corporate Development
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.