Located in the Bathurst Mining Camp of New Brunswick
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.