VANCOUVER, British Columbia, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Bankers Cobalt Corp. (TSX-V:BANC) (the “Corporation” or “Bankers”) announces that it has commenced the planned drilling program at the Kabolela concession located near Kambove, north of Likasi, in the southern DRC Copperbelt.
There are currently six diamond core drill holes planned for the Kabolela concession. The drill holes will test the depth continuation of exposed copper mineralization. At surface, copper oxides occur in brittle faulting zones, as well as in the fine veins and foliations of the surrounding meta-sedimentary rocks of the Nguba Group (Lower Kundelungu Group). The Nguba Group is stratigraphically just above the Roan Formation. Several units within the Roan Formation are the primary host for currently known deposits within the Katanga cobalt/copper belt in the DRC and Zambia. Individual drill hole depths are expected to vary between 70 and 200 meters in total depth and the total drilling for the planned program is between 750 and 1200 meters. The drill holes also have the possibility of drilling reaching the Roan Formation. The drilling program is estimated to take 30 to 60 days to complete. The drilling contractor is Sinodrill Company Limited.
Kevin Torudag, the President of Banker’s DRC operating subsidiary stated, “The drilling program at Kabolela is a concrete indication of our adhering to our business model of acquiring, assessing, exploring, developing, and selling of concessions with the potential for cobalt and copper in the DRC. Bankers, with its experienced team of professionals, will systematically evaluate our land package of 14 concessions to determine their resource potential. The commencement of drilling is also proof of our team’s ability to execute our plan, and execution is one of the key variables to being successful in the DRC operating environment. We are concurrently conducting geologic assessment efforts on five separate concessions. We have the full cooperation and assistance of our Congolese partners who have shown the foresight of recognizing the required upfront investment of capital and time in order to achieve a greater long-term benefit. We are very grateful for their continuing support. Bankers view is the DRC for the most part has not been adequately explored, and that companies willing to do the necessary work through the application of modern systematic exploration will jointly, with the DRC people, receive a tremendous benefit from this resource rich country.
Bankers approach is exploration in the DRC to world class Canadian standards with verifiable supply chain custody resulting in certified sources of cobalt and copper. Our principals, based on almost five years of operating in the DRC, anticipated the demand from end users of cobalt and copper to have certified sources of metals. There are almost daily articles in major publications identifying this need and the willingness of consumers to enforce this change. Bankers is well positioned to synergistically meet the existing DRC processors demand for certified resources.”
About Bankers
Bankers is a natural resource company focused on the acquisition, exploration and development of cobalt and copper mineral properties in the DRC to world class Canadian standards. This will address the supply chain custody and verifiable sources of ore issue being imposed on processors in the DRC by consumers. Bankers holds rights to 14 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area in excess of 210 km². Bankers has the intention to acquire interests in additional concessions. All concessions were obtained as either new grants or through reputable DRC partners and have clean title with no government involvement, making Bankers one of the few, and perhaps only, junior public mining company in the DRC to have 14 concessions capable of being currently explored and developed. Bankers has an experienced operations team operating in the southern Copperbelt of the DRC. Bankers believes it is one of the front runners in advancing cobalt and copper exploration by a junior mining company in the DRC.
