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:
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- 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| ----------------------------------------------------------------------
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- 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| ----------------------------------------------------------------
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- 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 | | | | -------------------------------------------------------------------
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- 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 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: [email protected]
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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Figure 1. Karakul Polymetallic Project - Simplified Geology and Drill Hole Location
Click Image To View Full Size