VANCOUVER, BC (DECEMBER 19th,
2013)...GLOBAL COBALT CORP. (TSXV:GCO) ("Global Cobalt"
and/or the
"Company") (TSXV:GCO)
is pleased to announce that it has completed its
2013 drill program at the flagship Karakul Cobalt Project
("Karakul" and or the "Project") in Altai Republic, Russia
totalling 7,398 metres (45 holes).
Highlights:
-Visual estimates
over a number of sections suggest the mineralised zone appears to
be gaining width and exhibits strong mineralisation at
depth;
-Overall, visual and
assay results appear to demonstrate good continuity and correlation
with historic results adding confidence to the resource;
-East Zone drilling
indicates a new traceable zone requiring additional drilling for
further understanding and definition;
-All assay results
are pending and complete interpretation to be concluded once all
data is received.
"Global Cobalt is
pleased to have completed its 2013 resource definition drill
program safely, on budget and on time. This is due to the hard work
and diligence of our employees and contractors," said Erin Chutter,
President and CEO. "Additonally, our recent drill assay results
from the Karakul deposit confirm the mineralization delineated by
historic operators. The results from the remaining assays should
ultimately increase the confidence in the historic resource
estimates as we prepare an NI 43-101- compliant Resource Report in
the coming months."
Since October 2013,
Global Cobalt has completed 7,398 metres in 45 holes as part of
their mineral resource definition drill program. The program was
designed to establish continuity and confirmation of the work of
previous Soviet and post-Soviet operatiors as well as to in-fill
and define/add more mineralized material. The objective of
confirming and improving the confidence level of historic mineral
resources into the Canadian measured, indicated and inferred
categories, and become suitable for inclusion in a NI 43-101-
compliant Resource Report and ultimately into a pre-feasibility
study ("PFS"). In October 2013, the Company announced that it
awarded a Feasibility Study contract to advance the Karakul project
to Beijing General Research Institute of Mining & Metallurgy
("BGRIMM"), a leading global mining consultancy.
A summary of the most
recent, and unreported, results are outlined
below. The intersections described below are
all visual estimates and may or may not correspond to significant
assay results. Intersection of visual
mineralisation needs confirmation by assay to be understood and
included in the resource model. Samples from
all zones are still pending.
Section 33.5
-Hole 216 intersected
to separate zones of mineralisation. Vein and disseminated sulphide
mineralisation from 155-161m appears to be a new zone that is not
correlated with known zones in this area. The second intercept, a
zone of sulphide-chlorite-sulphide stockwork and disseminated
sulphide mineralisation at 226-241m supports an approximate 100m
down dip extension of mineralisation from historic hole C-136 that
had a 6.1m intercept grading 0.13% Co, 0.635% Cu, 0.035% Bi and
0.063% WO3.
The new intercept
represents a potentially substantial width of mineralisation and
may be the depth continuation of the zone.
Section 34.5
-Holes 214 and 215
were drilled to confirm mineralisation from underground drill hole
KK-116 that returned 8m grading 0.039% Co, 0.299% Cu, 0.013% Bi and
0.004% WO3.
-Hole 214 was drilled
to test the up dip extension of the results from hole KK-116. The
hole intersected two zones of visible mineralisation. The first is
a zone of strong limonite/goethite alteration at 87-96m down hole
that appears to correlate with the up dip projection from the
KK-116. Though no strong sulphides where encountered, this
intercept appears to validate the placement of the zone.
A second zone of
quartz-limonite-goethite stockwork was intercepted a 130-139m down
hole and appears to be a potential zone not tested by hole KK-116
as it was not drilled far enough.
-Hole 215 was drilled
to test the intercept in KK-116 down-dip. The hole intersected a
zone of veins and vein/disseminated quartz-sulphide zone from
184-199m down hole. This zone appears to correlate very well with
mineralisation in KK-116 and represents a 60-70m down dip extension
of mineralisation. If assay results support the visual estimate
this represents a substantial increase in width of
mineralisation.
Another zone of vein and
disseminated sulphide mineralisation was intersected at 155-161m
down hole and appears to correlate with mineralisation in the adit.
This section represents two parallel zones of mineralisation as
currently modeled.
Section 36.5
If the model holds, both intercepts
appear to be 100m down dip extension on identified zones and
mineralisation remains open to depth.
Section 38.5
-Hole 210 was drilled
to confirm mineralisation between historic drill holes KK-074 and
KK-075. Hole KK-074 hit multiple zones of mineralisation, the best
being 19m grading 0.122% Co, 0.329% Cu, 0.076% Bi and 0.008%
WO3 and KK-074
intersected 3.3 m grading 0.0146% Co, 0.468% Cu, 0.072% Bi and
0.001% WO3.
Though no assays have been returned
for hole 210 a zone of quartz-sulphide and vein/disseminated
sulphide mineralisation was encountered at 129-134 m down hole and
represents mineralisation that correlates very well between the
historic drill holes.
Section 54
Skew
-Hole 183 was drilled
to test the down dip extension of mineralisation in historic hole
KK-095 (2.3m grading 0.454% Co, 0.091% Cu and 0.034% Bi) and
intersected a strong zone of quartz-chlorite-sulphide stockwork
with zones of massive sulphides from 150-185m down hole. This
intersection spatially aligns very well with the results in hole
KK-095 and represents a 100m down dip extension.
If assay results confirm the extent
of the mineralised zone it would represent a significant increase
in width of the zone at depth. The zone remains open at depth on
this section.
East Zone
Drilling
The East Zone
represents a poorly understood area of similar mineralisation to
that at the main Karakul deposit. It occurs approximately 300
metres to the east and runs parallel for approximately 2 kilometres
in relation to the main Karakul mineralisation. Ten drill holes
were completed to fill in some very wide gaps between historic
drill how to determine if continuity can be
demonstrated over the extent of the zone. Generally speaking,
drilling confirms the continuity of the zone, though not all drill
holes intersected strong stockwork or sulphide mineralisation.
Further work is necessary to develop the zone and continue tracing
mineralisation down dip from current levels.
The scientific and
technical data contained in this news release was prepared under
the supervision of Paul Sarjeant, P.Geo who acts as a "Qualified
Person" under National Instrument 43-101.
Global Cobalt
Corporation:
Global Cobalt
Corporation is a Canada-based strategic metals company focused on
the development of a new mining region in the Republic of Altai.
Global Cobalt will build upon the success
of the Altai Projects while aggressively
expanding and exploring existing properties to meet the demand for
cobalt and other strategic metals.
For Further
Information:
Mr. Mitchell Smith, Corporate
Development
Suite 1510-1050 West Pender
Street
Vancouver, BC V6E 3T4
Tel: +1 (604) 688-4219
Fax: +1 (604) 688-4215
Email:
info@globalcobaltcorp.com
www.GlobalCobaltCorp.com
TSXV:GCO; FRA:3P0;
CUSIP:37890F
Cautionary
Statement on Forward-Looking Information: The statements made in
this News Release may contain certain forward-looking statements.
Actual events or results may differ from the Company's
expectations. Certain risk factors may also affect the actual
results achieved by the Company.
This news release
shall not constitute an offer to sell or the solicitation of any
offer to buy, nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful. The shares offered will not be and have not been
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") and may not be offered or sold
in the United States absent registration or an applicable exemption
from the registration requirements of the U.S. Securities Act and
applicable state securities laws.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.