VANCOUVER, BC / ACCESSWIRE / MARCH
12th, 2014 / GLOBAL COBALT CORP. (TSXV:GCO)
("Global Cobalt" and/or the
"Company") (TSXV:GCO)
reports the most recent results from the Winter 2013 diamond
drill program at the Karakul Cobalt Project ("Karakul") that
continue to duplicate and support a metal
zonation geological model that demonstrates Karakul Cobalt Deposit
includes high grade cobalt, high grade copper and higher grading
tungsten and bismuth zones than previous work had
indicated.
The 2013 results are leading the exploration team to
consider the deeper, bulk tonnage underground potential of Karakul
and are contributing to a greater understanding of the zonation of
metals within mineralised zones. As a result of greater confidence
in other metals in the deposit, cobalt equivalent ("CoEq") grades
are being reported for the first time at Karakul.
Global Cobalt's team has initiated critical path
items such as updated environmental, social and metallurgical
studies required for mine planning under Russian subsoil
regulations. Global Cobalt has short listed several consultants to
complete updates to previously initiated environmental and social
studies and hope to announce new contracts in the near future.
Planning for additional metallurgical work, including a 750kg bulk
sample is underway as part of the 2014 Work Program that will also
focus on infill and deep drilling at the Western Zone and more
definition drilling along the Eastern Zone where higher grade
cobalt zones have been intersected.
"Each release of assay results
continues to confirm the validity of the historical drill and
technical data but more importantly, we are gaining an
understanding of the unique high grade sections for each metal
group within the Karakul Cobalt Project which is key as we initiate
on mine planning activities," said
Erin Chutter, CEO of Global Cobalt.
Paul Sarjeant, V.
P. Exploration commented, "We have received most of the drill results
from the lab and are currently processing the data. We will be
releasing the results from the final drill holes over the next few
weeks. At that point we will begin working to complete geological
modeling and from that the resource model will follow. Based on
results to date we are excited to advance development at
Karakul."
These new results
below, along with qualitative narrative are organized
geographically and their locations are illustrated on the
accompanying map.
Karakul Western Zone - NW Extension
Drill holes 193
and 194 where drilled on section 54-4 skewed to test for the
extension of mineralisation 100m south from section 54-8 skewed
where intersections in historic drill holes KK028 (11.8m @ 0.749%
Co, 0.414% Cu, 0.231% Bi and 0.031% WO3),
KK078 (10.4m @ 0.171% Co, 0.023% Cu, 0.03% Bi and 0.026%
WO3), KK079 (15.9m @ 0.127% Co, 1.179%
Cu, 0.059% Bi and 0.276% WO3) and KK120
(23.3m @ 0.120% Co, 0.133% Cu, 0.016% Bi and 0.199%
WO3) outlined a thick zone of
polymetallic mineralisation. Drill holes 193 and 194 were also
drilled in an attempt to explain relatively weak mineralisation in
KK036 (5.0m @ 0.003%Co, 0.030% Cu and 0.08%
WO3) on Section 54-4 skewed.
-------------------------------------------------------------------
|Hole # |From |To |Length*|Co |Cu |Bi |WO3 |Ag |CoEq |
| |(m) |(m) |(m) |(%) |(%) |(%) |(%) |(g/t)|(%)**|
|-----------------------------------------------------------------|
|193 |45.30|51.90|6.60 |0.155|0.347|0.097|0.011|5.624|0.334|
|-----------------------------------------------------------------|
|194 |62.10|63.20|1.10 |0.028|0.251|0.022|0.000|7.900|0.121|
|-----------------------------------------------------------------|
| |77.70|83.80|6.10 |0.147|0.255|0.156|0.077|3.995|0.425|
|-----------------------------------------------------------------|
|including|78.80|81.70|2.90 |0.236|0.416|0.272|0.132|6.676|0.711|
|-----------------------------------------------------------------|
| |103.1|103.8|0.70 |0.006|1.102|0.001|0.000|12.00|0.297|
-------------------------------------------------------------------
-The key intercepts in drill
holes 193 (45.3m to 51.9m) and 194 (77.7m to 83.8m) correlate well
on section and demonstrate the mineralised zones persists south to
Section 54-4 skewed.
^-Intercepts in drill holes
193 and 194 show little correlation with historic drill hole KK036
(on section) and confirms structural complexity of the
area.
-Further, closer spaced
drilling is required for greater understanding.
Drill hole 181 was
drilled 400m to the north of section 54-4 skewed and did not
intersect any significant results.
Karakul Western Zone - South Adit Area
Drill hole 213 (Section
35) was drilled to confirm and extend mineralised zone in Soviet
era historic drill hole KK022 (8.6m @ 0.102% Co, 0.579% Cu and
0.167% Bi).
-------------------------------------------------------------------------
|Hole # |From |To |Length* (m)|Co |Cu |Bi |WO3 |Ag |CoEq |
| |(m) |(m) | |(%) |(%) |(%) |(%) |(g/t)|(%)**|
|-----------------------------------------------------------------------|
|213 |90.50 |91.70 |1.20 |0.013|0.275|0.086|0.106|7.600|0.288|
|-----------------------------------------------------------------------|
| |108.40|117.70|12.60 |0.020|0.274|0.005|0.054|1.062|0.159|
|-----------------------------------------------------------------------|
|including|114.40|117.70|3.30 |0.019|0.403|0.007|0.090|1.609|0.235|
-------------------------------------------------------------------------
-Mineralisation at 108.40m to
117.70m appears to spatially correlate well with the primary
historical intercept in KK022.
-Results provide up dip
confirmation of the mineralised zone - approximate 100m separation
on section.
-Deepest intercept in historic
drill hole KK022 shows good grades and demonstrate mineralised
zones remain open at depth.
Drill holes 214 and 215
(Section 34-5) were drilled to test extension of mineralised zones
on this section that had not been previously drilled from surface.
Both drill holes were targeted to trace mineralisation encountered
in horizontal underground historic drill holes KK115 (no
significant results) and KK116 (8.6m @ 0.039% Co, 0.299% Cu and
0.013% Bi and 3.0m @ 0.10% Co and 0.01% Cu).
----------------------------------------------------------------
|Hole|From |To |Length*|Co |Cu |Bi |WO3 |Ag |CoEq |
|# |(m) |(m) |(m) |(%) |(%) |(%) |(%) |(g/t)|(%)**|
|--------------------------------------------------------------|
|214 |54.40 |55.50 |1.10 |0.005|0.218|0.004|0.017|3.400|0.088|
|--------------------------------------------------------------|
| |88.40 |91.40 |3.00 |0.015|0.114|0.032|0.000|0.240|0.066|
|--------------------------------------------------------------|
| |94.10 |94.90 |0.80 |0.011|0.239|0.029|0.012|9.000|0.123|
|--------------------------------------------------------------|
| |123.10|123.80|0.70 |0.006|0.032|0.005|0.061|0.800|0.094|
|--------------------------------------------------------------|
|215 |195.90|198.20|2.30 |0.013|0.737|0.030|0.040|9.439|0.281|
----------------------------------------------------------------
-The key mineralised zones are
represented in drill hole 214 by intercepts at 88.40m to 91.40m and
94.1m to 94.9m and they correlate well with the mineralised zone
defined in KK116.
-Mineralisation intercepted in
drill hole 215 at 195.9m to 198.2m appears to extend the
mineralised zone to depth approximately 80m down dip from historic
drill hole KK116.
-Overall, drill hole results
indicate that mineralised zones are present as predicted, though
grade variability is evident with lower cobalt grades but stronger
copper and bismuth grades as compared to historic
results.
-Mineralisation remains open
to depth with deepest intercept in drill hole 215 exhibiting
strongest overall grades.
Drill hole 216 (Section
33-5) was targeted to confirm and extend mineralisation in historic
drill hole KK136 (6.7m @ 0.102% Co, 0.484% Cu and 0.024% Bi).
---------------------------------------------------------------------
|Hole # |From |To |Length*|Co |Cu |Bi |WO3 |Ag |CoEq |
| |(m) |(m) |(m) |(%) |(%) |(%) |(%) |(g/t)|(%)**|
|-------------------------------------------------------------------|
|216 |103.10|104.30|1.20 |0.015|0.287|0.000|0.039|2.500|0.138|
|-------------------------------------------------------------------|
| |237.10|242.00|4.90 |0.059|0.373|0.007|0.009|2.845|0.170|
|-------------------------------------------------------------------|
|including|240.10|242.00|1.90 |0.102|0.564|0.008|0.008|4.200|0.262|
---------------------------------------------------------------------
-Drill hole 216 successfully
intercepted mineralisation from 237.1m to 242.0m and correlates
well with the location of the main mineralised zone identified in
KK136. The deepest intercept in drill hole 216 is approximately
220m below surface.
-Mineralisation remains open
to depth.
-Results appear to confirm
interpretation of mineralised zones.
Sample Preparation and Analysis
All drill core was
logged, photographed and cut in half with a diamond saw. Half of
the core was bagged, numbered and sent to Stewart Geochemical and
Assay (a subsidiary of ALS Global) of Moscow, Russia. All samples
were first analysed using ICP-MA technique that reports cobalt,
copper, bismuth and tungsten in parts per million (10,000 ppm =
1%). Any samples reporting greater than 2,000 ppm cobalt or bismuth
and any samples reporting greater 10,000 ppm copper were then
assayed by ICP-ORE methodology. Samples reporting greater than
2,000 ppm tungsten were then assayed using the ME-MS61 method and
reported as WO3. The results were verified by the application of
industry standard Quality Control and Quality Assurance (QA-QC)
procedures including laboratory internal duplicate sampling.
* Note: Lengths quoted
represent core lengths and do not necessarily represent the true
thickness of mineralised intervals. Samples were analysed by
Stewart Geochemical and Assay
** Note:
Cobalt equivalent (CoEq%) values are given for illustration to
express the aggregate content of cobalt, copper, bismuth, tungsten
and silver as a percent cobalt. This is calculated assuming 100%
metal recovery using metal prices of US$13.60/lb cobalt US$3.26/lb
copper, US$9.89/lb bismuth, $US16.73/lb tungsten and US$20 per troy
ounce silver. The cobalt equivalent calculation is as follows; CoEq
= Co grade + (Cu% x 0.24) + (Bi% x 0.73) + (WO3% x 1.23) + (Ag g/t
x 0.002)
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
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sale would be unlawful. The shares offered will not be and have not
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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.
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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.
Figure 1. Karakul Polymetallic Project
- Simplified Geology and Drill Hole Location
Click Image To View Full Size