International Cobalt Acquires District-Scale Gold-Cobalt Project and Provides Update
VANCOUVER, British Columbia, March 14, 2019 (GLOBE NEWSWIRE) -- International Cobalt Corp. (CSE: CO), (the “Company” or “International Cobalt”) is pleased to announce that it has acquired by staking, the JA Project (the “Project”) located in the Cobalt region of Lemhi County, Idaho.
The Project is located within a geological trend that is prospective for cobalt and gold mineralization in the area of the Idaho Cobalt Belt (ICB). Based upon the Company’s research and observations in the area, the 15 kilometre long “Jackass Zone” parallels the over-simplified trend of the ICB. Some researchers have connected the historical Blackbird mine, the Blackpine prospect and the Iron Creek deposit with a straight line to create the ICB. Detailed observations of the US Geological Survey Open File Report 90-0234A demonstrate that the properties of the Yellowjacket Formation rocks southeast of the ICB are amenable for cobalt mineralization. Observations include variably magnetic siltite beds of the Yellowjacket formation, and cobalt-bearing pyrite at another location.
The Project is located approximately 25 km southwest of Revival Gold's Beartrack gold deposit. Geologically, the Project has the potential to host gold mineralization that is similar to other deposits located along the Panther Creek graben within the major northeast-trending Trans-Challis Structural Zone (TCSZ) (known as the Great Falls Tectonic Zone in Montana). This structural zone provides a controlling effect on the location of volcanic vents, dikes, mineralization, and normal faulting along its length. The TCSZ is about 260 kilometres long and has been active since Precambrian time. Gold deposits associated with the TCSZ include the Beartrack gold deposit (historical mines and current resources of Revival Gold), the historical Yellowjacket gold mines, the historical Grouse Creek gold mines, the Humbug gold prospect and other past producers to the northeast and southwest.
Idaho has always been one of the most favourable jurisdictions in the U.S. and globally, but the region has seen a strong recovery in the past decade. Of late, Barrick Gold Corporation has recently invested USD$38 million into the Stibnite Gold Project in Idaho, and others such as Revival Gold, Otis Gold and Integra Resources are advancing major gold projects in the state.
The Company has given notice to the vendor of the Ramsay Cobalt Project, SLAM Exploration Ltd. of its intent to terminate the option agreement and return the property.
The Company also wishes to advise that the special meeting of shareholders initially scheduled for February 20, 2019 at 10:00 am (local time) and subsequently adjourned to March 15, 2019 at 10:00 am (local time) at the offices of the Company has been cancelled.
NI 43-101 DISCLOSURE
Neil McCallum, PGeol., Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
ABOUT INTERNATIONAL COBALT CORP
International Cobalt Corp. (CSE: CO) is a Canadian based mineral exploration and development business focusing on the burgeoning cobalt sector. The Company seeks to add shareholder value by sourcing and developing projects in safe, progressive jurisdictions adhering to strict environmental and social standards. The company has projects in the Idaho Cobalt belt, one of the premier locations to explore for primary cobalt deposits and in Atlantic Canada with a rich history of mine development and operation. International Cobalt is well funded to pursue its objectives.
ABOUT THE COBALT MARKET
Cobalt prices recently reached a 10 year high of $42.75 US per pound and have shown a steady increase since the mid-point of 2015. As a vital component of many of the lithium-ion batteries used in a wide range of applications from cell phones to electric vehicles (EV), demand for Cobalt is anticipated to remain strong. Currently over 60% of the global supply of cobalt is sourced from mines operating in the Democratic Republic of the Congo (DRC).
On behalf of:
INTERNATIONAL COBALT CORP.
Timothy Johnson, President
+1 (604) 687-2038
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward‑looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.