VANCOUVER, Aug. 29, 2018 /CNW/ - Bankers Cobalt Corp.
(TSXV: BANC) (FSE: BC2) (OTCQB: NDENF) (the "Corporation" or
"Bankers") is pleased to announce an update on extensive
exploration activity in the DRC and Namibia.
Grant Dempsey, President and COO
of Bankers stated: "Bankers has completed a significant amount of
exploration work on 12 concessions in the DRC in the past eight
months. A large portion of the exploration was completed during the
operationally difficult wet season, a testament to the quality of
our DRC team. Those efforts have resulted in multiple drill ready
targets now being tested. The work being conducted is necessary to
adequately and methodically evaluate our portfolio of green field
projects. Bankers is one of the few companies in the DRC
undertaking the exploration effort that is fundamental for the
discovery of new mineral resources."
Kankutu Project DRC
The Kankutu project is comprised of four contiguous concessions
near the operating Kimpe copper-cobalt mine. The work completed to
date includes 8 kms of access roads; 1,108 soil samples; 139 pits
(avg. depth 7 m); 11 trenches
(1,036 m); 60 RAB drilling holes
(2,474 m); and 26 RC drilling holes
(2,045m). The RC drilling was to
test shallow mineralization (up to 80m depth). The selected samples from the RC
drilling have been submitted to SGS in Lubumbashi for copper and
cobalt assays and these are pending and expected to be received in
three weeks.
Kabolela Project DRC
The Kabolela project is located within three kms of the active
Boss Mining copper-cobalt mine. The work completed to date includes
10 kms of access roads; 492 soil samples; 1 pit (depth 8 m); 11 trenches (895
m); 24 diamond drilling holes (2,351m) and to date 12 RC drilling holes
(212m). Assays from the diamond
drilling were previously released and contained significant copper
and cobalt results over narrow widths. The initial 12 RC drill
holes were conducted on the dump in the southern portion of the
project to determine grade distribution and RC drilling is
continuing on selected targets in the south-central portion of the
project. The 2m composite
samples from the RC drilling on the dump have been submitted to SGS
in Lubumbashi for copper and cobalt assays and these are pending
and expected to be received within one month.
292 Project DRC
The 292 project consists of four contiguous areas. The work
completed to date includes 23 kms of access roads; 3 bridges; 488
soil samples; 11 pits (avg. depth 4
m); 18 trenches (2,202m); and
54 auger drilling holes (59m). RC
drilling for a total of 10 holes (1,000m) is planned for first pass testing, once
the RC drilling program is completed at Kabolela and the drill rig
is moved to 292.
Additional DRC Concessions
Reconnaissance exploration has been conducted on a further 7
concessions totaling 97km2 in area, in the 26-concession
property portfolio. In total the work completed to date includes 24
kms of access roads; 3,846 soil samples (1,416 pending); 65 pits
(avg. depth 4m); and 123 auger
drilling holes (444m with 17 samples
currently pending assays at the ALS Johannesburg laboratory). The
results from the work completed to date will determine the amount
of additional exploration activity on these concessions. Initial
work programs and budgets have been completed for an additional 6
concessions totaling 89km2 in area in the coming three
months.
Kamanjab Project - Namibia
The 135 km² Kamanjab license is situated in Namibia, approximately 500 km north west of
Windhoek the capital city of
Namibia, and 90 km north of the
village of Kamanjab. A site visit in mid-August confirmed the
presence of multiple areas with visible copper staining hosted in
dolomites which have several kms of strike potential within the
license area. Eight grab samples have been forwarded to ALS
Johannesburg for multi-element ICPMS assays and are expected to be
received in 4 weeks.
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 with a primary focus on
the acquisition, exploration and development of cobalt and copper
mineral properties in the DRC to world-class Canadian standards.
Bankers has acquired an option on a 135 km² license in Namibia with the potential for copper, cobalt
and other metals. 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.
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 outlook of the
business of the Corporation, drill results, soil samples,
exploration work, 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.
SOURCE Bankers Cobalt Corp.