VANCOUVER, Nov. 26, 2018 /CNW/ - Bankers Cobalt Corp.
(TSXV: BANC) (FSE: BC2); (OTCQB: NDENF) (the "Corporation"
or "Bankers") is pleased to announce entering a two year
option agreement to acquire a 70% interest in an additional 943 km²
permit showing high potential for copper, cobalt and other metals
including silver and gold adjoining the recently acquired Kamanjab
Project in Namibia.
Grant Dempsey, President and COO
of Bankers stated: "The Kamanjab project has the potential of being
a large deposit. The optioning of EPL 4477 further solidifies
Bankers control of the entire region. EPL 4477 displays the same
visible copper staining and other mineralization evident on the
adjoining license EPL 6217. The Kamanjab Project has similar
geological and tectonic-metallogenetic background to the Tsumeb
mine. Both are located on the Northern Zone of the Damara Orogeny
Belt. The Tsumeb copper- polymetallic mine was one of the biggest
and long-term mines in Namibia."
The Damara Orogeny Belt trends ENE across north-central
Namibia into Botswana and Zambia, connecting the Lufilian Arc in the
Democratic Republic of Congo and
the Zambezi Belt (The Katanga-Zambian Copper Belt). The dominant
strata of carbonate shelf which developed in the Damara Belt can be
traced from north central Namibia
to Zambia and the DRC. These
carbonaceous formations were grouped within the Damara Supergroup
in Namibia and the Katanga
Supergroup in Zambia and the DRC
where the strata become the major host of the copper-cobalt
mineralization.
Permit EPL 4477 - Kamanjab Project,
Namibia
Bankers has entered into an option agreement with a private
Namibian company to acquire a 70 % interest in Exclusive
Prospecting License 4477 (EPL 4477) bordering the previously
announced option agreement on EPL 6217 in northwestern Namibia. EPL 4477 has an area of 943 km²
bringing the current Kamanjab land package to a total of 1,078 km².
The acquisition cost was a small cash payment and no share
consideration will be given. The location of EPL 4477 in relation
to EPL 6277 is shown in the linked map. (click here to view map).
Like the recently acquired EPL 6277, EPL 4477 has visible copper
staining and is highly prospective for copper, and other
metals.
Bankers retained MinRom Consulting (PTY) Ltd. (MinRom), an
independent mining consulting group located in Johannesburg, South Africa, to conduct a site
visit on the Kamanjab Project. The report recommends minimal
additional surface work to be followed by an RC drilling program.
MinRom visited five locations and provided their interpretation of
the geological setting and mineralization. The first location was
within the northern limb of EPL 4477 and showed visible copper
staining (malachite and chrysocolla) within highly deformed
metasediments and metavolcanics of the Khoabendus Group where
stratigraphically close to the overlaid Damara Supergroup. The
second location close to the first location contained large
pegmatiodal quartz veins with schorl type tourmaline crystals
exhibiting large prismatic crystals to radiating and massive
textures. The occurrence of these tourmaline pegmatites suggests a
hydrothermal presence generated from intrusive complexes identified
nearby. The third location was situated close to the boundary
between EPL 3817 and EPL 6277 and mineralization was observed in
vertical to sub-vertical joints and brecciated zones within the
dolomitic and grey dolostone units of the Damara Supergroup. The
joint fill generally consisted of euhedral calcite and dioptase
crystals. Malachite and chrysocolla could also be observed along
the bedding contact between the dolomites and grey dolostone
radiating away from the vertical to sub-vertical, dioptase filled
joints and breccia. The fourth and fifth locations exhibited
distinctive malachite and chrysocolla mineralisation with large
cubic galena observed in the dolomitic units. Galena mineralisation
was generally observed in large breccia zones with malachite and
chrysocolla observed as joint fill, in bedding contacts, and as
nodules within grey dolostone.
Qualified/competent person -- National Instrument 43-101 and
JORC code
The geological information in this announcement has been
reviewed by Mr. Shu Zhan, Member and
Registered Professional Geoscientist of the Australian Institute of
Geoscientists (AIG), a competent person as defined in the JORC
code, 2012 edition. Mr. Zhan is also the Qualified Person as
defined by National Instrument 43-101 (being a member of a
recognized professional organization) who has reviewed and approved
the contents of this news release.
Mr. Zhan is a Director 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.
Finder's Fees
In connection with the option agreement on EPL 4477, Bankers has
agreed to issue 800,000 common shares at a deemed price of
$0.05 per share to two arms-length
parties. The shares will be subject to a four month hold period
from the date of issuance. The issuance of the shares remains
subject to the approval of the TSX Venture Exchange.
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 and Namibia to world-class Canadian standards.
Bankers has acquired an option on licenses covering 1,078 km² in
Namibia with the potential for
copper, cobalt and other metals. Bankers holds rights to 30
separate mineral concessions strategically located in the southern
DRC Copperbelt and having a total area of more than 400km². Bankers
has the intention to acquire interests in additional concessions or
relinquish concessions in the normal course of business. All DRC
concessions were obtained as either new grants or through reputable
DRC partners and have clean title with no government involvement.
Bankers has an experienced management team operating in the
southern CopperBelt of the DRC and Namibia.
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, including statements relating to , the
Corporation's intention to acquire additional
concession, the similarity to the Tsumeb Mine, 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.