International Cobalt Corp. (CSE: CO), the “Company” or “International Cobalt”) is pleased to announce that final review of data from the high resolution Magnetic (MAG) and Time Domain Electromagnetic (TDEM) airborne survey previously announced May 07, 2018 has resulted in the identification of 15 areas of interest requiring further follow up.
International Cobalt Corp. (CSE:CO), the “Company” or “International Cobalt”) is pleased to announce that final review of data from the high resolution Magnetic (MAG) and Time Domain Electromagnetic (TDEM) airborne survey previously announced May 07, 2018 has resulted in the identification of 15 areas of interest requiring further follow up. The areas of interest were based on an interpretation by consulting geophysicist, Joël Dubé, P. Eng. of Dynamic Discovery Geoscience. Of these 15 targets four are considered by the company to be high priority and are currently the focus of crews on the ground.
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ABOUT THE RAMSAY PROJECT
The 8,000-hectare Ramsay project is well situated on the edge of the prolific Bathurst mining camp (BMC) located in northern New Brunswick, approximately 25 kilometers west of the Caribou mine operated by Trevali Mining Corp. With paved road access and nearby electric power, the project is close to well-developed infrastructure and is in a mining-friendly jurisdiction.
Nine holes were drilled on the Ramsay cobalt property by previous workers in 2004. Reported results include: 0.8 metres grading 0.956% cobalt within a 4.8 metres grading 0.352% cobalt (Hole M04-04). Such higher-grade zones typically occur within wider core intervals ranging to 24.8 m grading 0.180% cobalt and 0.182% copper.
NI 43-101 DISCLOSURE
Neil McCallum, PGeol, Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
The Company would also like to announce that it has concluded the sale of its “Grouse” property to Eastern Zinc Corp. the 1,763 Hectare property is located in the Bulkley-Nechako Regional District of British Columbia. To earn its interest, Eastern Zinc has agreed to pay to the International Cobalt $10,000 cash, 300,000 common shares and spend $250,000 in exploration expenditures on the Property within two years, a minimum of $100,000 to be spent in year one.
ABOUT INTERNATIONAL COBALT CORP
International Cobalt Corp. (CSE: CO) is a Canadian based mineral exploration and development business focusing on the burgeoning cobalt sector. The Company seeks to add shareholder value by sourcing and developing projects in safe, progressive jurisdictions adhering to strict environmental and social standards. The company has projects in the Idaho Cobalt belt, one of the premier locations to explore for primary cobalt deposits and in Atlantic Canada with a rich history of mine development and operation. International Cobalt is well funded to pursue its objectives and currently holds in excess of $9.5 million in treasury at the time of this publication.
ABOUT THE COBALT MARKET
Cobalt prices recently reached a 10 year high of $42.75 US per pound and have shown a steady increase since the mid-point of 2015. As a vital component of many of the lithium-ion batteries used in a wide range of applications from cell phones to electric vehicles (EV), demand for Cobalt is anticipated to remain strong. Currently over 60% of the global supply of cobalt is sourced from mines operating in the Democratic Republic of the Congo (DRC). Political instability in the DRC coupled with social-economic issues have led many consumers towards securing supply in safer regions.
For more information on the Ramsay Deposit or International Cobalt Corp. please contact:
On behalf of:
INTERNATIONAL COBALT CORP.
Timothy Johnson, President
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward‑looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.