VANCOUVER, BC (DECEMBER 9th, 2013)...GLOBAL COBALT CORP. (TSXV:GCO) ("Global Cobalt" and/or the "Company") (TSXV:GCO) today announced that a fourth rig is now active at Karakul Cobalt Project Altai Republic, Russia and that the Company has now completed the majority of planned holes for the 2013 drill program aimed at historic resource confirmation and infill work.
Commenting today, Paul Sarjeant, Global Cobalt's VP Exploration, stated, "We are well underway and continue to make excellent progress at Karakul with a total of four drill rigs on site. To date we have completed 39 of 45 holes having drilled 5,517 metres. Several samples shipments have been sent to the lab and we are awaiting results of those assays. We hope to have results from the first shipment in the very near future."
As previously reported, the Company continues its 7,500 metre ("m") drill program at Karakul. Below is a summary of the most recent completed drill holes since the last release dated November 20th, 2013. Intersection of visual mineralisation needs confirmation by assay to be understood and included in the resource model.
This section has 3 holes designed to fill the gap between section 46 and section 47. All holes hit significant visual mineralization.
-- Hole 197 uncovered quartz-carbonate-sulphide stockwork with intercepts from 47.7m-55.2m and from 59m-61.6m. Hole 197 confirms adit mineralisation and a second zone beneath the adit.
-- Hole 198 uncovered quartz-sulphide stockwork mineralisation with areas of quartz-sulphide breccia and densely disseminated sulphide zones 0.7m-1.0m wide with intercepts from 45.9m-54.4m and from 156.7m-161.7m. Hole 198 appears to have hit the predicted zones 50m below surface, the upper intercept, and also appears to extend the deeper intercept in 197 approximately 110m down dip.
-- Hole 199 intersected two mineralized zones: a quartz-sulphide stockwork with areas of massive sulphides from 86m-130m and a quartz-sulphide stockwork with areas of massive sulphides from 201m-226m. The two intercepts in hole 199 appear to extend the zones in Hole 198 approximately 100m down dip.
Hole 200 was designed to extend and confirm previous known mineralised zones. The hole hit 3 zones that correspond well with previous results in holes KK130 and KK140 drilled in 2006. The new intercepts extend mineralisation down dip approximately 50m. The lower most intercept is substantially wider than the lower most zone in KK140.
Hole 201 was designed to test between holes KK069 and KK070. It was successful in hitting two visual zones of mineralisation at the approximate locations where predicted with visual intersections being wider than previous established.
-- Hole 202 uncovered a quartz-chlorite-sulphide stockwork from 215m-237m with areas of densely disseminated sulphide ores up to 1.0m wide. .Hole 202 was designed to test down section continuity from hole KK014, and this year's hole 179, a twin of KK011. The hole was successful in intersecting a previously predicted zone of mineralisation and appears to extend the zone down dip approximately 80m from the previous known depth.
Holes drilled on Section 42.5 were designed to fill the gap between section 42 and 43 to add confidence to the resource and trace surface mineralisation. Though all three holes hit visual evidence of mineralisation, the intercepts were narrow in nature.
-- Hole 203 uncovered quartz-chlorite-sulphide stockwork mineralisation from 91m-97.4 m, however appears to have missed the upper zone as projected from surface.
-- Hole 204 shows good mineralisation at the predicted extension of surface mineralisation uncovering quartz-sulphide stockworks from 70m-75m and 83m-114m, however, it appears to have missed the zone in Hole 203.
-- Hole 205 uncovered a quartz vein with limonite, intercepting from 134.1m-134.5m.
The three new holes in this section were designed to fill between sections and to demonstrate down dip continuity of mineralised zones. The section looks very positive in that all holes hit visual mineralisation and demonstrate significant widths and strong continuity of the mineralised zone.
-- Hole 207 uncovered a stockwork of quartz-sulphide veinlets with intercepts from 10m-44m and 51m-60 m.
-- Hole 208 uncovered a quartz-sulphide stockwork with intervals of densely disseminated sulphides up to 2m wide from 61m-76m.
-- Hole 209 uncovered massive sulphides from 24m-28m, and from 105m-128m. The mineralized zones are comprised of quartz-chlorite-sulphide stockwork with areas of massive and disseminated sulphides 0.5m-1.2m wide.
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
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.
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