Pacific Rim Cobalt Corp. (the “
Company” or
“
Pacific Rim Cobalt”) (CSE: BOLT) (OTCQB: PCRCF)
(FRANKFURT: NXFE) is pleased to announce additional results from
its ongoing 2019 shallow vertical diamond drilling program at its
flagship Cyclops, nickel/cobalt development project, Indonesia. The
drilling is part of a multi-faceted exploration program aimed at
confirming historical results and producing a resource estimate in
late 2019.
Drill highlights include:
Hole |
From (m) |
To (m) |
Length (m) |
Nickel (%) |
Cobalt (%) |
NiEQ1(%) |
DD271 |
0 |
5 |
5 |
0.82 |
0.13 |
1.18 |
And |
5 |
12 |
7 |
1.69 |
0.05 |
1.83 |
Including |
5 |
11 |
6 |
1.79 |
0.05 |
1.93 |
|
|
|
|
|
|
|
DD273 |
0 |
6 |
6 |
1.16 |
0.22 |
1.77 |
And |
6 |
8 |
2 |
1.46 |
0.06 |
1.63 |
Including |
7 |
9 |
2 |
1.61 |
0.26 |
2.24 |
The recent drilling results from 7 holes in the
Yapase area are well correlated with the historical drill data,
confirming possible expansion of the mineralized footprint outlined
in the Historical Estimate2. The data from the program will provide
the inputs for an updated mineral resource, and is expected to be
used as the basis for eventually undertaking a preliminary economic
assessment for the project. The resource calculation is expected to
be completed in late 2019.
Other results include:
Hole |
From (m) |
To (m) |
Length (m) |
Nickel (%) |
Cobalt (%) |
NiEQ1(%) |
DD260 |
0 |
2 |
2 |
1.09 |
0.25 |
1.78 |
And |
2 |
3 |
1 |
0.67 |
0.03 |
0.75 |
|
|
|
|
|
|
|
DD261 |
0 |
2 |
2 |
0.71 |
0.08 |
0.93 |
And |
2 |
9 |
7 |
0.85 |
0.02 |
0.91 |
Including |
2 |
3 |
1 |
1.14 |
0.08 |
1.36 |
|
|
|
|
|
|
|
DD270 |
0 |
1 |
1 |
1.13 |
0.09 |
1.38 |
And |
1 |
4 |
3 |
0.94 |
0.02 |
1.00 |
Including |
1 |
2 |
1 |
1.48 |
0.02 |
1.54 |
|
|
|
|
|
|
|
DD272 |
0 |
2 |
2 |
0.81 |
0.18 |
1.31 |
And |
2 |
9 |
7 |
0.95 |
0.02 |
1.01 |
Including |
2 |
4 |
2 |
1.13 |
0.04 |
1.24 |
|
|
|
|
|
|
|
DD274 |
0 |
4 |
4 |
0.80 |
0.10 |
1.08 |
And |
4 |
5 |
1 |
1.42 |
0.15 |
1.83 |
All drill
intersections reported in this press release are true widths. All
holes are vertical and the mineralizing system is flat lying and
parallel to the surface topography. |
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 drilling 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.
Exploration drilling and sample procedure
protocols include: insertion of blank and certified samples;
photographing and weighing of core; recording of recovery %;
samples half cored with the balance retained for further analysis
if required; sample intervals of 1m; sample recovery is core; all
drill location and elevations recorded.
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.
1NiEQ
Calculation basis: cobalt price per 3 months (LME data) $34.75/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.
2Historical
Estimate
A historical estimate, which dates from before
the requirement for uniform regulatory compliance and therefore
fails to meet the current standards of National Instrument 43-101,
is being referenced as a guide for Pacific Rim Cobalt's 2018 work
program. This early data employed measurements still in use today
and indicate mineralization from surface with an estimated
potential of 37 million tonnes of 0.11 per cent cobalt and 1.31 per
cent nickel at a 0.8-per-cent-nickel-cut-off grade. The company
intends to validate the resource and, where possible, expand upon
the historical estimate, as only five of the nine known
cobalt/nickel occurrences were the subject of the historical
studies. The company affirms this data in no way implies an
estimated resource valuation but are offered as a basis for its
current exploratory efforts and approach.
Pacific Rim Cobalt considers the cobalt and
nickel tonnage and grade estimates contained herein to be
historical estimates. The historical estimates are contained in the
summary geologic investigations, PT Pacific Nikkel Indonesia 1969
(Reynolds, 1979). These historical estimates do not use categories
that conform to current CIM (Canadian Institute of Mining,
Metallurgy and Petroleum) definition standards on mineral resources
and mineral reserves as outlined in National Instrument 43-101
(Standards of Disclosure for Mineral Projects) and have not been
redefined to conform to current CIM definition standards. These
estimates were prepared in the 1980s prior to the adoption and
implementation of NI 43-101. A qualified person has not done
sufficient work to classify the historical estimates as current
mineral resources, and Pacific Rim Cobalt is not treating the
historical estimates as current mineral resources. More work,
including, but not limited to drilling will be required to conform
the estimates to current CIM definition standards. Investors are
cautioned that the historical estimates do not mean or imply that
economic deposits exist on the company's project. Efforts to obtain
any additional information regarding relevant historical work are
continuing, although there are no assurances that these original
data will be found. Pacific Rim Cobalt believes that the historical
estimates are relevant to continuing exploration on the project.
For more information, please refer to the technical report, filed
on SEDAR on Dec. 8, 2017, and available under the company's profile
at SEDAR.
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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