VANCOUVER, Nov. 30, 2017 /CNW/ -Quantum Cobalt Corp. (CSE: QBOT; OTC: BRVVF; FRA: 23B) ("Quantum" or the "Company") further to the news release announced on November 8th, 2017, the Company wishes to announce that it has closed its previously announced acquisition of 1142674 BC Ltd. (the "Target") pursuant to a share exchange agreement, dated November 29, 2017 (the "Share Exchange Agreement"), among Quantum, the Target and the shareholders of the Target. Nipissing Lorrain Cobalt Project (the "Property") located 26km South East of Cobalt, Ontario. The property consists of two separate claims and is adjacent to First Cobalt's 'Silver Centre' claims. Six separate underground workings have been historically mined for Cobalt-Silver-Nickel.
Pursuant to the share exchange agreement, Quantum will pay an aggregate amount of $1,000,000 over a six month period from date of close of the Share Exchange Agreement, with an initial cash payment of $500,000 due on closing and $250,000 subsequently every three months. A total of five million common shares in the capital of the Company will also be issued on closing to the shareholders of the target in exchange for one Class A common share in the capital of the target.
Greg Burns, CEO commented "We are pleased to have added the Nipissing Lorrain Cobalt Project to our portfolio. Exploration plans on the Property will be conducted with a heightened level of confidence and commitment recognizing it was a past producer."
About the Nipissing Lorrain Cobalt Project:
Location
The Nipissing Lorrain Mine Cobalt property is located 26km southeast of the town of Cobalt near the eastern border of Ontario. Cobalt is the epicentre of past Cobalt mining in Ontario. The district is mining friendly, with a rich history of cobalt and silver production.
Property Status and Configuration
The property consists of 29 claim units for approximately 464 Hectares.
Access and Infrastructure
The Property is accessible by road, 26km from Cobalt. Leaving from north of Cobalt, follow Highway 567 to First Cobalt's Silver Center. After 26.85km turn left on Maiden Road and continue for a further 4.35km. The road passes through the property with the Staples Vein visible on the left-hand side of the road. Power and infrastructure is very accessible within the area from past production facilities.
Mineralization
Cobalt, silver and nickel mineralization occur on multiple fracture zones and veins within the property. Mineralisation is associated with calcite veins within close proximity to diabase sills. Mineralisation occurs as Co-Fe-Ni Arsenides, argentite, niccolite and native Silver. Silver grades up to 261 g/t, and Cobalt grades up to 14.75% have been reported from the property. This information is from Mineral Deposit Inventory for Ontario (MDI31M03NW00011 & MDI31M03NW00024).
History
Sporadic mining and exploration has continued on the property since 1925. The first shafts were sunk into the Staples vein in 1925 by Nipissing Mining Co. Ltd. Underground mining continued until 1940 with numerous shafts and up to 5 different mining levels developed. Total production is reported as 2507kg Co, 1597kg Ni and 10,886kg Ag from 122 tonnes. From 1961 until 1967 further exploration, sampling and geophysics programs were completed. Since then, bulk sampling has been completed on the Staples Vein waste pile in 1982 and 1994. "Grades from bulk sampling ranged from 0.05oz/t to 1.25 oz/t Ag (for a 20lb sample)". This information is from Mineral Deposit Inventory for Ontario (MDI31M03NW00011).
Qualified Person
Mike Waldegger, P.Geo, is the qualified person as defined in NI 43-101, that has reviewed and approved the contents of this press release.
