VANCOUVER, British Columbia,
April 7, 2018 /PRNewswire/ --
Bankers Cobalt Corp. (TSXV: BANC; FSE: BC2; OTCQB: FDENF)
(the "Corporation" or "Bankers") is pleased to
provide an update on elevated cobalt and copper soil sampling at
the Kabolela South project in the Democratic Republic of Congo (DRC).
Stephen Barley, President and CEO
states, "Kabolela North, Hole KADD013 returned 3.69% Copper over
6m from 72m - 78m depth extending the zone originally
discovered in Hole KADD011(3.17% copper over
4m from 28m) and Hole KADD012 (2.01%
copper over 6m from
34m;
including 1m
@ 0.3% cobalt from 39m). Soil sampling at Kabolela South has
shown encouraging elevated cobalt and copper results tracking the
same stratigraphy as a former operating pit on the southern border
of the Kabolela property. The exploration efforts at Kabolela
continue to increase the potential for this project. Updates on
activities at our Kankutu (Kimpe) and Comipad-Comima (292) projects
will be released shortly."
Adam Anderson, Bankers' DRC
Exploration Manager states, "The soil program has highlighted two
areas with elevated cobalt and copper. These areas have been infill
sampled and results are pending. The soil results are interesting
as they are constrained to the Roan-4 formation in the southern
area which hosts the nearby 48hr pit in the same stratigraphy."
Soil Sampling with Anomalous Copper and Cobalt
A total of 384 soil samples were collected over the entire Kabolela
license on a 50m (along line) and
200m spaced lines. The copper and
cobalt XRF/Laboratory results are then plotted, and anomalous areas
are contoured. Further infill samples are collected to better
define the areas with anomalous cobalt and copper in soils. Once
the infill soils have been processed and plotted on the map, areas
with anomalous copper and coincident cobalt will be trenched to
verify the soil anomaly prior to drilling. Near surface leaching of
metals is a common issue in the DRC CopperBelt. RC drilling will be
utilized to test anomalous areas as access improves with the
expected end of the wet season in late April. (Click here to see
Kabolela South soil sampling grid and results)
Dump
Near the southern boundary of the Kabolela concession is a large
dump from the previously operated 48 Hours mine. This mine was
operated between 2014 and 2016 on the basis that only high-grade
copper was targeted, and cobalt was discarded as most local
processing facilities did not have a cobalt processing capability.
Selected grab samples from this area have provided encouraging
cobalt and copper results based on laboratory analysis at SGS
Lubumbashi.
RC drilling is an effective method to test the composition and
continuity of the visual mineralized material contained in the dump
to determine the average grade of cobalt and copper that was dumped
rather than removed from site. RC drilling on a grid is planned as
access improves with the expected end of the wet season in late
April.
Assay QAQC
Bankers Cobalt has implemented an industry best practice QAQC
program. All samples are picked up on site by Bankers' geologists
or delivered by the drillers to Bankers' personnel. All samples are
delivered by Bankers' personnel to the SGS Laboratory in
Lubumbashi, DRC for cobalt and copper determination. Check assay
standards and blanks are submitted every 20 samples with each assay
job and are then reviewed for accuracy.
Qualified/competent person -- National Instrument
43-101 and JORC Code
The geological information in this announcement has been reviewed
by Mr. Adam Anderson, a competent
person (as defined in the JORC Code, 2012 edition) and Member of
the Australian Institute of Geoscientists (AIG), a recognized
professional organization for the purposes of the Australian
Securities Exchange listing rules. Mr. Anderson, who has reviewed
and approved the contents of this news release, is also a Qualified
Person as defined by National Instrument 43-101.
Mr. Anderson is the DRC Country and Exploration Manager for
Bankers. He has sufficient experience that is relevant to the style
of mineralization, the type of deposit under consideration and to
the activity being undertaken to qualify as a competent person as
defined in the JORC Code and as a Qualified Person as defined in
National Instrument 43-101.
About Bankers
Bankers is a natural resource company focused on the acquisition,
exploration and development of cobalt and copper mineral properties
in the DRC to world-class Canadian standards. As battery production
for EV's surges, demand for cobalt will probably exceed supply for
many years. According to a recent report by Transparency Market
Research, global sales of lithium-ion batteries are expected to
reach US$70B by 2024, for a compound
growth rate of 11.6% over the years beginning in 2016. Bankers
holds rights to 26 separate mineral concessions strategically
located in the southern DRC Copperbelt and having a total area of
more than 391 km². Bankers has the intention to acquire interests
in additional concessions. All concessions were obtained as either
new grants or through reputable DRC partners and have clean title
with no government involvement, making Bankers one of the few, and
perhaps only, junior public mining company in the DRC to have 26
concessions capable of being currently explored and developed.
Bankers has an experienced operations team operating in the
southern Cobalt-Copperbelt of the DRC. Bankers believes it is the
front runner in advancing cobalt and copper exploration by a junior
mining company in the DRC.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
"Stephen Barley"
President & CEO
Website: http://www.bankerscobalt.com
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains "forward-looking
information" within the meaning of applicable
securities laws including statements relating to the outlook of the
business of the Corporation, the Corporation's
intention to acquire additional concession, the
Corporation's ability to explore and develop the
concessions, the results of any development and exploration, the
ability of the Corporation to meet standards for verifiable supply
chain custody, and the Corporation's status as a
leader in the junior mining sector for cobalt and copper in the
DRC. Although the Corporation believes considering the experience
of its officers and directors, current conditions and expected
future developments and other factors that have been considered
appropriate, that the expectations reflected in this
forward-looking information are reasonable, undue reliance should
not be placed on them as the Corporation can give no assurance that
they will prove to be correct. Actual results and developments may
differ materially from those contemplated by these statements. The
statements in this news release are made as of the date of this
release. The Corporation undertakes no obligation to comment on
analyses, expectations or statements made by third-parties in
respect of the Corporation its securities, or its financial or
operating results.
Contact:
Phone: +1-604-684-6730
Email: info@bankerscobalt.com
Website: http://www.bankerscobalt.com
SOURCE Bankers Cobalt Corp.