VANCOUVER, BC / ACCESSWIRE / July
2, 2014 / GLOBAL COBALT
CORP. (TSXV:GCO, OTCBB:GLBCF, FRA:3P0) ("Global Cobalt"
and/or the
"Company") is
pleased to announce that it has surpassed historic tonnage numbers
with consistent grades for the initial National Instrument 43-101
technical report (the "Report") for the Karakul Cobalt Project
("Karakul" and/or the "Project"), located in the Altai Republic,
Russia. The independent NI 43-101 technical report prepared by
Wardell Armstrong International Limited ("WAI") is available under
the Company's profile on SEDAR and on the corporate website
www.globalcobaltcorp.com.
Highlights for the Karakul Cobalt Deposit NI
43-101 Report include:
-Resource demonstrates larger
than expected tonnages in indicated and inferred
categories
Click Image To View Full Size
-Western Zone Indicated
Sulphide Resources totaled 17,156.33kt at 0.318% CoEq and Indicated
Oxide Resources totaled 981.1kt at 0.257% CoEq for a Total
Indicated Oxide + Sulphide Resource totaling 18,137.34kt at 0.314%
CoEq at a 0.05% Cobalt equivalent cut-off.
-Western Zone Inferred
Resources totaled 2,915.63kt at 0.326% CoEq and Inferred Oxide
Resources totaled 17.82kt at 0.069% CoEq for a Total Inferred
2,933.45kt at 0.325% CoEq at a 0.05% Cobalt equivalent
cut-off.
-Eastern Zone Inferred
Sulphide Resources totaled 5,971.10kt at 0.237% CoEq and Inferred
Oxide Resources totaled 147.26kt at 0.261% CoEq for a Total
Inferred 6,118.36kt at 0.238% CoEq, both at a 0.05% Cobalt
equivalent cut-off.
-Indicated Mineral Resources
have been assigned to the majority of the Western Zone
mineralization and all Mineral Resources in the Eastern Zone here
have been classified as Inferred Resources.
-Both mineralised zones remain
open at depth.
-WAI recommends that a
comprehensive metallurgical test work programme be implemented in
order to improve the support for the CoEq calculation. With more
advanced technical work Global Cobalt will move forwards to a
Preliminary Economic Assessment (PEA).
Erin Chutter, President &
CEO of Global Cobalt commented on the Karakul resource
and technical report:
"We
are extremely impressed with robustness and continuity of the
Karakul deposit as outlined NI 43-101 resource report. We have surpassed
expectations from the already very promising historically stated
numbers. Having a cobalt resource of this scale and in such close
proximity to China will assist us position Global Cobalt within the
investment community for project advancement and future development
funding."
Paul Sarjeant, VP Exploration of
Global Cobalt:
"The 2013 GCO drill program was successful in
determining the historic Soviet and Russian era data was reliable
and was therefore able to be utilized in the new resource estimate.
The 2013 drilling also provided greater continuity to the
mineralised zones than previously indicated and modeling has been
able to link some of the individual zones previously thought
present into one continuous structure in the central part of the
Western Zone. We are very pleased with the outcome of the
report."
Though recent drilling has
delineated a continuous structure, the Eastern Zone remains a high
potential zone and further drilling is required to test the strike
and down dip extensions to mineralisation and closer spaced drill
grid will be required to increase the confidence level of this
resource. Within the Western Zone the mineralisation remains open
at depth and further drilling is required to test extensions to
mineralisation.
As the company moves to more
advanced stages of technical study, an Environmental and Social
Impact Assessment in accordance with IFC Performance Standards will
be required to highlight any sensitive receptors and to determine
any impacts requiring mitigation.
In parallel a Russian OVOS
document is also required to meet the local environmental and
social requirements, to include all the relevant permits and
licenses associated with the project will also be required. Though
initial work was undertaken, the process will need to be
restarted.
It is the opinion of WAI that both
open pit and underground mining methods will be considered for the
Karakul Exploration project.
The technical information in
this news release has been prepared in accordance with the Canadian
regulatory requirements set out in National Instrument 43-101 and
was reviewed on behalf of the company by its Qualified Person, Mr.
Paul Sarjeant, P.Geo, the Company's VP Exploration.
Mineral Resources estimated in
accordance with the guidelines of the CIM code, with an effective
date of 30 June 2014, were prepared by WAI staff. Qualified persons
are senior consultants from WAI, namely, Mark Owen and Nick Szebor
for Mineral Resources.
About Wardell
Armstrong International:
WAI has provided the mineral
industry with specialised geological, mining, and processing
expertise since 1987, initially as an independent company, but from
1999 as part of the Wardell Armstrong Group. WAI's
experience is worldwide and has been developed in the coal
and metalliferous mining sector. Their parent company
is a mining engineering/environmental consultancy that services the
industrial minerals sector from ten regional offices in the UK and
international offices in Almaty, Kazakhstan, and Moscow, Russia.
Total worldwide staff complement is now in excess of
400.
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 intends
to build upon the success of the Karakul
project, 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; OTCBB:GLBCF;
FRA:3P0; CUSIP:37890F
Cautionary Statement on Forward-Looking
Information: This news release contains "forward-looking
statements" and "forward-looking information" within the meaning of
applicable securities laws, concerning the business, operations and
financial performance and condition of the Company. All statements,
other than statements of historical fact, are forward-looking
statements. Forward-looking statements contained in this news
release include statements with respect to: expectations regarding
shareholder approval of the Amendment; the delivery of a National
Instrument 43-101 compliant technical report and mineral resource
estimate for the Karakul cobalt project and the ability of the
Company to raise the additional funds required for the continued
development of its mineral properties. Forward-looking statements
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in
such statements. Factors that could cause actual results to differ
materially from our expectations include uncertainty about the
level of shareholder support for the Amendment and the share
issuances contemplated thereunder; the need to obtain permits and
governmental approvals; risks of construction and mining projects
such as accidents, equipment breakdowns, bad weather,
non-compliance with environmental and permit requirements,
unanticipated variation in geological structures, ore grades or
recovery rates; unexpected cost increases; fluctuations in metal
prices and currency exchange rates; the impact of economic
sanctions on companies conducting business in Russia; and other
risk and uncertainties disclosed in reports and documents filed by
the Company with applicable securities regulatory authorities from
time to time. The forward-looking statements made in this news
release reflect management's beliefs, opinions and projections on
the date the statements are made. Except as required by law, Global
Cobalt assumes no obligation to update the forward-looking
statements of beliefs, opinions, projections, or other factors,
should they change.
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.
SOURCE: Global Cobalt Corporation
Global Cobalt Corporation (TSXV:GCO)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Global Cobalt Corporation (TSXV:GCO)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024