Test Pit Results Confirm Near Surface High-Grade Nickel/Cobalt Mineralization
June 20 2019 - 12:05AM
Pacific Rim Cobalt Corp. (the “
Company” or
“
Pacific Rim Cobalt”) (CSE: BOLT) (OTCQB: PCRCF)
(FRANKFURT: NXFE) is pleased to announce test pit results from
ongoing exploration at its flagship Cyclops, nickel/cobalt
development project, Indonesia. The test pits are part of a 2019
multi-faceted program aimed at confirming historical results and
providing mineralized material for process testing studies.
A total of 9 shallow test pits were completed
coincident with areas of recent drilling in order to provide bulk
samples for metallurgical testing as well as, confirm intersections
in the near surface zone, and clarify the distribution and profile
of the of high-grade source laterite zone.
Test pits ranged in depth from 1.7m to 6m.
Results confirm elevated nickel coincides with
widespread development of green colored hydrous nickel magnesium
silicates (garnierite) and is indicator of high-grade
mineralization.
Significant elevated cobalt values are present
from surface to shallow depths in iron rich limonite and transition
zones and is developed as a continuous horizon between drill
holes.
Test Pit Assay Results:
|
From (m) |
To (m) |
Length (m) |
Nickel (%) |
Cobalt (%) |
NiEQ (%) |
TP 200 |
0 |
5 |
5 |
0.99 |
0.14 |
1.38 |
And |
5 |
6 |
1 |
2.40 |
0.10 |
2.70 |
|
|
|
|
|
|
|
TP 219 |
0 |
4 |
4 |
0.82 |
0.14 |
1.21 |
And |
4 |
6 |
2 |
1.75 |
0.13 |
2.11 |
|
|
|
|
|
|
|
TP 201 |
0 |
3 |
3 |
1.15 |
0.14 |
1.54 |
And |
3 |
6 |
3 |
1.81 |
0.01 |
1.81 |
|
|
|
|
|
|
|
TP 466 |
0 |
2 |
2 |
1.39 |
0.20 |
1.94 |
And |
2 |
5 |
3 |
1.40 |
0.01 |
1.44 |
Including |
2 |
4 |
2 |
1.65 |
0.03 |
1.72 |
|
|
|
|
|
|
|
TP 220 |
0 |
6 |
6 |
1.00 |
0.20 |
1.53 |
|
|
|
|
|
|
|
TP 203 |
0 |
2 |
2 |
0.88 |
0.12 |
1.22 |
And |
2 |
3 |
1 |
1.20 |
0.10 |
1.44 |
|
|
|
|
|
|
|
TP 203B |
0 |
5 |
5 |
1.36 |
0.16 |
1.80 |
|
|
|
|
|
|
|
TP 222 |
0 |
3 |
3 |
1.05 |
0.13 |
1.42 |
And |
3 |
6 |
3 |
1.61 |
0.05 |
1.74 |
Including |
3 |
5 |
2 |
1.67 |
0.05 |
1.79 |
|
|
|
|
|
|
|
TP 202 |
0 |
1.7 |
1.7 |
0.60 |
0.10 |
0.80 |
|
|
|
|
|
|
|
TP 221 |
0 |
1 |
1 |
0.60 |
0.10 |
0.82 |
And |
1 |
1.7 |
0.7 |
1.60 |
0.10 |
1.78 |
NiEQ calculation basis: cobalt
price per 3 months (LME data) $34.25/kg; nickel price per 3 months
(LME data) $12.45/kgC = ratio between cobalt price/nickel price; C
= $34.25/$12.45 = $2.75; NiEQ = (%Co x C) + % Ni. No metallurgical
recoveries were applied to either metal as it is expected that the
metallurgical recoveries will be similar for both metals
The Cyclops Project area located in Papua
Province, Indonesia, benefits from excellent infrastructure,
including proximity to a work force and supplies, sealed roads,
ocean access, nearby port facility, and gentle topography. The road
system enables year-round access to the project and connects it
with the large town of Sentani, located about 15 kilometres (km) to
the east, and with Jayapura, the capital city of Papua province,
located about 40 kms to the east.
Sample Processing
All sample results discussed in the press
release are JORC compliant with all protocols in place. Assaying
was completed at the Geo Assay Laboratory - PT. Geoservices,
Cikarang, Jakarta. The Geo Assay Laboratory analysed the samples
using the XRF fusion method. PT Geoservices Ltd - Geo Assay
Laboratory employed industry standard internal QA/QC methods
that Pacific Rim Cobalt reviewed and found acceptable.
National Instrument 43-101
Disclosure
The technical content of this news release has
been reviewed and approved by Mr. Garry Clark, PGeo, independent
director of Pacific Rim Cobalt and a Qualified Person as defined by
National Instrument 43-101.
About Pacific Rim Cobalt
Pacific Rim Cobalt is a Canadian‐based
exploration company focused on the acquisition and development of
production grade nickel and cobalt deposits, key raw material
inputs for the growing lithium‐ion battery industry. Visit
https://pacificrimcobalt.com/ to find out more.
Pacific Rim Cobalt Corp.
Ranjeet Sundher – President and CEO(604)
922-8272rsundher@pacificrimcobalt.com
Steve Vanry – CFO & Director(604)
922-8272steve@vanrycap.com
Sean Bromley – Director & Investor
Contact(778) 985-8934sbromley@investfortuna.com
Reader Advisory
This news release may contain statements which
constitute “forward-looking information” that are subject to risks
and uncertainties. All statements herein, other than statements of
historical fact, are to be considered forward-looking, including
statements regarding the plans, intentions, beliefs and current
expectations of the Company, its directors, or its officers with
respect to the future business activities of the Company and with
respect to the results of exploration and prospective plans in
regards to the Cyclops project. The words “may”, “would”, “could”,
“will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”,
“expect” and similar expressions, as they relate to the Company, or
its management, are intended to identify such forward-looking
statements. Although the Company believes the expectations
expressed in such forward-looking information are based on
reasonable assumptions, such information is not a guarantee of
future performance and actual results or developments may differ
materially from those contained in forward-looking information.
Information provided in this document is necessarily summarized and
may not contain all available material information. Although
Pacific Rim Cobalt has attempted to identify important factors that
could cause actual results, performance or achievements to differ
materially from those contained in the forward-looking statements,
there can be other factors that cause results, performance or
achievements not to be as anticipated, estimated or intended.
Factors that could cause actual results to differ materially from
those in forward-looking information include, but are not limited
to, fluctuations in market prices, success of the operations of the
Company, continued availability of capital and financing and
general economic, market or business conditions. There can be
no assurances that such information will prove accurate and,
therefore, readers should not place undue reliance on
forward-looking statements. The forward-looking statements in this
news release are made as of the date of this news release, and the
Company does not assume any obligation to update any
forward-looking information except as required under the applicable
securities laws.
Neither the Canadian Securities Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the Canadian Securities Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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