Hybrid Minerals Inc. Provides Update on the CAS Cobalt/Gold Project
May 22 2018 - 3:05AM
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE U.S.
Hybrid Minerals Inc. (TSXV:HZ)
(Frankfurt:HM4) (“
Hybrid” or the
“
Company”) is pleased to summarize historic
exploration activities on the CAS Project and announce plans for
more exploration work.
The Project is located within the Idaho Cobalt
Belt, the prime cobalt exploration area in the USA. It
contains several important cobalt/copper/gold deposits, including
the Blackbird mine (eCobalt Solutions) and the Iron Creek Project
(First Cobalt). It consists of 85 mining claims and adjoins
the northern boundary of First Cobalt’s Iron Creek Project. The
stratiform deposits are hosted in metasedimentary strata of the
Apple Creek Formation (Proterzoic age).
Drilling on the property has encountered
significant cobalt and gold mineralization, including:
- IC03-03 1.5m @0.54% Co and 8.5g/t
Au
- IC03-04 4.6m @0.34% Co and 8.3g/t
Au
- IC03-07 3.0m @0.08% Co and 9.2g/t
Au
Cobalt and gold deposits are exposed at the
surface, including road cuts; and additional subsurface resources
are indicated by ground geophysics (SP and Resistivity
anomalies). A detailed airborne magnetic survey outlines the
structure and stratigraphic units of the project area.
James Lunbeck (QP) collected surface samples
that contained significant amounts of cobalt and gold. Cobalt
values ranged from 82 ppm to 6360 ppm (average 2512 ppm); gold
values ranged from 0.39 ppm to 29.7 ppm (average 14.7 ppm).
This work was followed up with a NI 43-101 compliant Technical
Report. The Technical Report recommended additional work and
proposed an exploration program with a budget of $251,000 USD.
A trenching program was conducted this past
field season to test some geophysical anomalies. A Plan of
Operation has been submitted to the US Forest Service for more
trenching and drilling to be done this coming field season.
For more information on Hybrid please visit the
Company’s website at: www.hybrid-minerals.com.
“Glen Macdonald”Chief Executive Officer
“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."
FOR ADDITIONAL INFORMATION CONTACT: Hybrid Minerals Inc. Office:
604-719-8129; email: geoglen@shaw.ca
Completion of the proposed transaction is
subject to a number of conditions, including receipt of appropriate
regulatory approvals. The transaction cannot close until all
such conditions are satisfied. There can be no assurance that
the transaction will be completed as proposed or at all.
Investors are cautioned that, except as
disclosed in the disclosure document to be prepared in connection
with the transaction, any information released or received with
respect to the Acquisition may not be accurate or complete and
should not be relied upon. Trading in securities of Hybrid
Minerals Inc. should be considered highly speculative.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful. The securities
issued, or to be issued, under the Concurrent Financing have not
been, and will not be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or an applicable exemption
from registration requirements.
This news release contains forward-looking
information, which involves known and unknown risks, uncertainties
and other factors that may cause actual events to differ materially
from current expectations. Important factors – including the
availability of funds, the results of financing efforts and the
parties’ due diligence reviews, and general market conditions –
that could cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents
filed from time to time on SEDAR (see www.sedar.com). Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press
release. The company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
We seek safe harbour.
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