VANCOUVER, BC / ACCESSWIRE / MARCH
24th, 2014 / GLOBAL COBALT CORP. (TSXV:GCO)
("Global Cobalt" and/or the
"Company") (TSXV:GCO)
is pleased to release further drill results from the Karakul
Project in the Altai region of Russia.
Drill Hole Highlights:
-
- Drilling
validates presence of expected mineralisation with good correlation
at depth and along strike
- Additional
drill holes targeted untested ground intersected
mineralisation
- Mineralisation
remains open at depth
- Hole 208
intersected 0.481% Co (1.643% CoEq.) over 1.30m
- Hole 209
intersected 0.240% Co (0.581% CoEq.) over 2.10m
- Hole 203
intersected 0.311% Co (0.516% CoEq.) over 1.50m
Commenting on the latest
results, Paul Sarjeant, P.Geo., Vice President Exploration
said:
"The results presented below continue to
demonstrate the polymetallic nature of the deposit's
mineralization." He continues, "Cobalt remains the principal metal
of our analysis, however, we cannot ignore the importance of the
secondary or by-product metals in our development
model."
Global Cobalt's Chief
Operating Officer, Dr. Michael Hitch, PhD., P.Geo., P.Eng., also
commented on Karakul's primary cobalt character and the strong
exhibition of accessory metals:
"We
are fortunate with Karakul and its array of high demand, specialty
commodities. This structure remains open at depth representing an
opportunity to further increase the understanding and value
proposition of the Karakul property."
The
Company continues with its practice of presenting a technical
narrative for each set of hole results and are as
follows:
Section 41-5; Drill Holes 207, 208
and 209
Drill
holes 207, 208 and 209 were drilled in the central area of the
deposit, proximal to the adit area, and were targeted to validate
mineralised zones as predicted from historic drilling on
neighbouring sections. Section 41-5 had previously not been drilled
during any previous drilling program.
----------------------------------------------------------------------
|Hole # |From |To |Length*|Co |Cu |Bi |WO3 |Ag |CoEq |
| |(m) |(m) |(m) |(%) |(%) |(%) |(%) |(g/t) |(%)**|
|--------------------------------------------------------------------|
|207 |5.70 |7.10 |1.40 |0.031|0.047|0.103|0.000|1.071 |0.119|
|--------------------------------------------------------------------|
| |16.80 |26.30 |9.50 |0.055|0.076|0.031|0.000|0.320 |0.097|
|--------------------------------------------------------------------|
|including|16.80 |19.60 |2.80 |0.058|0.114|0.030|0.000|0.432 |0.109|
|--------------------------------------------------------------------|
|including|22.00 |24.30 |2.30 |0.098|0.084|0.031|0.000|0.430 |0.142|
|--------------------------------------------------------------------|
| |35.20 |41.40 |6.20 |0.036|0.478|0.199|0.266|0.641 |0.625|
|--------------------------------------------------------------------|
|including|35.20 |39.30 |4.10 |0.048|0.650|0.301|0.398|0.952 |0.915|
|--------------------------------------------------------------------|
|208 |26.70 |27.00 |0.30 |0.119|0.328|0.030|0.000|0.000 |0.220|
|--------------------------------------------------------------------|
| |58.80 |59.10 |0.30 |0.195|0.129|0.097|0.000|0.000 |0.296|
|--------------------------------------------------------------------|
| |66.40 |75.70 |9.30 |0.097|0.273|0.074|0.055|0.449 |0.285|
|--------------------------------------------------------------------|
|including|66.40 |68.80 |2.40 |0.045|0.066|0.061|0.000|0.000 |0.105|
|--------------------------------------------------------------------|
|including|74.40 |75.70 |1.30 |0.481|1.611|0.395|0.391|3.215 |1.643|
|--------------------------------------------------------------------|
|209 |14.10 |15.20 |1.10 |0.004|0.016|0.007|0.000|74.800|0.173|
|--------------------------------------------------------------------|
| |20.50 |21.40 |0.90 |0.037|0.046|0.106|0.000|2.300 |0.130|
|--------------------------------------------------------------------|
| |25.70 |28.70 |3.00 |0.125|0.059|0.124|0.000|0.430 |0.230|
|--------------------------------------------------------------------|
| |105.30|106.50|1.20 |0.167|0.046|0.102|0.000|0.000 |0.252|
|--------------------------------------------------------------------|
| |115.40|116.20|0.80 |0.197|0.023|0.068|0.000|2.100 |0.256|
|--------------------------------------------------------------------|
| |124.00|126.10|2.10 |0.240|0.451|0.185|0.077|1.600 |0.581|
----------------------------------------------------------------------
-
- All drill holes
intersected mineralisation as predicted representing two,
sub-parallel zones dipping approximately 50 degrees to the
east.
- Zones show good
correlation on section and also to mineralisation represented both
on sections immediately to the north and south.
- The deepest
intercept in drill hole 209 (124.0m to 126.1m) occurs approximately
100m below surface and all intercepts in this hole remain open at
depth.
Section 42; Drill Hole 206
Drill hole
206 targeted untested ground between historic drill holes KK062
(3.9m @ 0.147% Co, 1.138% Cu and 0.083% Bi) and KK063 (9.1 m @
0.151% Co, 0.127% Cu and 0.072% Bi).
----------------------------------------------------------------
|Hole|From |To |Length*|Co |Cu |Bi |WO3 |Ag |CoEq |
|# |(m) |(m) |(m) |(%) |(%) |(%) |(%) |(g/t)|(%)**|
|--------------------------------------------------------------|
|206 |7.80 |9.30 |1.50 |0.021|0.021|0.119|0.000|0.000|0.113|
|--------------------------------------------------------------|
| |96.30 |97.50 |1.20 |0.117|0.067|0.023|0.000|0.000|0.150|
|--------------------------------------------------------------|
| |103.70|105.10|1.40 |0.123|0.297|0.079|0.028|6.800|0.300|
----------------------------------------------------------------
-
- Mineralised
zones at 96.30m to 97.5m and 103.70m to 105.1m where intersected as
predicted and the zone at 7.80m to 9.30m higher up in the hole was
previously unknown.
- Though
intersections were narrower than the historic results, the results
in drill hole 206 are consistent with geological interpretations on
surrounding cross sections.
- Mineralisation
remains open at depth on the section. The deepest intercept is
mapped in historic drill hole KK064 (2.3m @ 0.120% Cu, 0.390% Cu
and 0.089% Bi) and occurs approximately 230m below
surface.
Section 42-5; Drill Holes 203, 204 and
205
Drill
holes 203, 204 and 205 were drilled to provide continuity and
increased drill density on Section 42-5 that had not been
previously drilled.
-------------------------------------------------------------------
|Hole # |From |To |Length*|Co |Cu |Bi |WO3 |Ag |CoEq |
| |(m) |(m) |(m) |(%) |(%) |(%) |(%) |(g/t)|(%)**|
|-----------------------------------------------------------------|
|203 |8.60 |9.60 |1.00 |0.009|0.031|0.124|0.000|0.000|0.106|
|-----------------------------------------------------------------|
| |11.10|13.60|2.50 |0.210|0.197|0.112|0.000|0.520|0.339|
|-----------------------------------------------------------------|
|including|12.10|13.60|1.50 |0.311|0.322|0.174|0.000|0.467|0.516|
|-----------------------------------------------------------------|
| |41.70|46.50|4.80 |0.048|0.398|0.046|0.026|2.475|0.215|
|-----------------------------------------------------------------|
|204 |63.30|64.60|1.30 |0.029|0.047|0.066|0.000|7.154|0.104|
|-----------------------------------------------------------------|
| |72.90|73.90|1.00 |0.286|0.637|0.215|0.188|6.000|0.839|
|-----------------------------------------------------------------|
|205 | | |NO SIGNIFICANT RESULTS | | | |
-------------------------------------------------------------------
-
- Overall results
are consistent with mineralised zone as projected from sections
immediately to the north and south.
- Though drill
hole 205 did not intersect mineralisation, the zone was predicted
to attenuate in this general area. Historic drilling on sections
immediately to the north and south of section 42-5 returned strong
results and indicate mineralisation continues to depth.
The Company looks forward to
receipt of the final set of drill hole results from the 2013
program. Final selection is underway of appropriate environmental
consultants to direct the Environmental Impact Assessment ("EIS")
necessary for permitting under the Russian regulatory
system.
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 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
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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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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