VANCOUVER, July 26, 2018 /CNW/ - Bankers Cobalt Corp.
(TSXV: BANC) (OTCQB: NDENF) (FSE: BC2) (the "Corporation" or
"Bankers") is pleased to announce it has entered an option
with a private Namibian partner to acquire a 70% interest in a
prospective base metals, precious metals and industrial metals
license located in the country of Namibia. Namibia is situated north of South Africa and south of Zambia. The option is for a period of two
years with no defined expenditure requirements and may be extended
or converted into a 70/30 corporate joint venture within the
two-year option timeline.
Stephen Barley, Chairman and CEO
stated: "Bankers' primary focus will remain on the exploration of
our large property portfolio in the DRC. Based on key
relationships, Bankers was presented with the opportunity to
participate in a highly prospective substantial land package in
Namibia and the potential was so
compelling the Corporation determined to add this to the portfolio.
This allows Bankers to provide diversification from the DRC with
nominal cash consideration, no additional share or equity
consideration and with no distraction from our primary DRC cobalt
and copper focus."
Grant Dempsey, President and COO
of Bankers, stated: "Namibia is a
stable English speaking country with an independent judiciary and
clearly defined mining laws. Namibia is underdeveloped from an exploration
perspective. The unexplored Kamanjab project at 135 km² in area,
has the size and appropriate geology to possess a tremendous amount
of upside potential regarding copper, cobalt and other metals.
Bankers will utilize the considerable expertise of the existing DRC
exploration team to evaluate the prospect avoiding any duplication
of costs while continuing unabated with all planned activities in
the DRC."
Kamanjab Project - Namibia
The 135 km² Kamanjab license is situated in the North of
Namibia, approximately 500 km
north west of Windhoek the capital
city of Namibia, and 90 km north
of the village of Kamanjab. The geology of this area is underlain
by basement rocks of the Epupa/Nosib Group and alluvium sediments.
Mineralization is widespread and variable in style, occurring in
discrete sedimentary horizons, such as the Dolostone Ore Formation,
where the copper-cobalt is associated with disseminations and
veinlets of sulphide minerals, orogenic copper and strata bound
zinc-lead mineralization. Existing regional geological data sets
from the Geological Survey of Namibia as well as the known mineral
occurrences within the vicinity, indicate the property has a
potential to host base metals, precious metals and industrial
minerals deposits. The majority of the geology is dominated by
Nosib/Epupa porphyritic gneiss that is known to host copper
mineralization. The high resolution aero-magnetic data carried out
in the area, shows moderate magnetic responses with two large
magnetic anomalies in the western and eastern parts of the permit,
indicating potential occurrence of magnetic bodies. There is
visible copper staining in multiple out cropping's on the permit.
(click here for picture of outcropping). Copper minerals hosted by
the Epupa/Nosib formation and Sandstone, are malachite, blue
azurite, light blue chrysocolla, cuprite, bornite, and
chalcopyrite. Zinc minerals are whitish willemite, brown limonite,
and brown goethite. Lead minerals are anglesite, and galena.
Tennantite (Cu, Fe, Zn, Ag) is also present.
Qualified/competent person -- National Instrument 43-101 and
JORC Code
The geological information in this announcement has been
reviewed by Mr. Adam Anderson,
Member of the Australian Institute of Geoscientists (AIG), a
competent person (as defined in the JORC code, 2012 edition) and
(being a recognized professional organization for the purposes of
the Australian Securities Exchange listing rules). Mr. Anderson is
also the Qualified Person as defined by National Instrument 43-101
who has reviewed and approved the contents of this news
release.
Mr. Anderson is the DRC 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 under 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.
Bankers has an experienced operations team operating in the
southern 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"
Chairman & CEO
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 option
regarding the Kamanjab license, the Kamanjab license, 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 including Kamanjab license, 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.
SOURCE Bankers Cobalt Corp.