Pacific Rim Cobalt step-out drilling returns up to 1.91% nickel and 0.22% cobalt over 5 metres
VANCOUVER, British Columbia, April 01, 2019 (GLOBE NEWSWIRE) -- Pacific Rim Cobalt Corp. (the “Company” or “Pacific Rim Cobalt”) (CSE: BOLT) (OTCQB: PCRCF) (FRANKFURT: NXFE) is pleased to announce results from its ongoing 2019 drilling program at its flagship Cyclops, nickel/cobalt development project, Indonesia.
Drilling continues to confirm shallow intersections from surface with elevated cobalt up to 0.25% in the limonite zone and nickel values of 1.91% in the underlying transition and saprolite zones. A total of 29 holes for a total of 402 metres (m) have now been completed.
Highlights from the latest drilling results include:
|Hole||From (m)||To (m)||Length (m)||Nickel (%)||Cobalt (%)||NiEQ1(%)||Cutoff Grade (%)|
|* All drill intersections reported in this press release are true widths|
- Drilling consistently confirming elevated nickel and cobalt values
- Shallow mineralization from surface to maximum depths of 12m
- 2019 drilling to date was focused on delineation of the eastern boundary of mineralization
- Exploration to progressively expand to the west into core mineralized areas
- Resource estimate expected in late 2019
- Exploration funding in place for balance of 2019
“The strong drill results from an area that is historically underexplored indicates there’s room for expansion of the mineralization footprint at Cyclops,” remarked Ranjeet Sundher, Chief Executive Officer of Pacific Rim Cobalt. “We will soon be focused in core areas of the project where drilling the full depth of the mineralized horizons may provide further evidence of its true size potential.”
Indonesia is nickel
One of the world's largest sources of nickel production by nation is Indonesia. The country is rich with deposits of the metal, many of which have yet to be effectively exploited.
The dominant source of nickel in country is laterite deposits which are composed of long, shallow tabular bodies. The company's Cyclops project is such an occurrence.
Indonesia’s large nickel laterite ore reserves - prized for nickel pig iron used in stainless steel production - are also a vital ingredient for lithium-ion batteries used to power EVs. (Reuters)
Other laterite projects in the region include MMC’s $2.1 billion Ramu nickel mine in Papua New Guinea @ 1.0% nickel; ERAMET’s Weda Bay @ 1.36 % nickel; and ANTAM’s Gag island @ 1.63% nickel, both in Indonesia.
The Cyclops Project area located in Papua Province, Indonesia, benefits from excellent infrastructure, including proximity to a work force and supplies, sealed roads, ocean access, nearby port facility, and gentle topography. The road system enables year-round access to the project and connects it with the large town of Sentani, located about 15 kilometres (km) to the east, and with Jayapura, the capital city of Papua province, located about 40 kms to the east.
Additional drill results include:
|Hole ID||From (m)||To (m)||Length (m)||Nickel %||Cobalt %||NiEQ1 %||Cutoff Grade (%)|
1NiEQ calculation basis: cobalt price per 3 months (LME data) $32/kg; nickel price per 3 months (LME data) $13.07/kg
C = ratio between cobalt price/nickel price; C = $32/$13.07 = 2.44; NiEQ = (%Co x C) + % Ni. No metallurgical recoveries were applied to either metal as it is expected that the metallurgical recoveries will be similar for both metals.
All drilling results discussed in the press release are JORC compliant with all protocols in place2. Assaying was completed at the Geo Assay Laboratory - PT. Geoservices, Cikarang, Jakarta. The Geo Assay Laboratory analysed the samples using the XRF fusion method. PT Geoservices Ltd - Geo Assay Laboratory employed industry standard internal QA/QC methods that Pacific Rim Cobalt reviewed and found acceptable.
2JORC compliant exploration drilling and sample procedure protocols include: insertion of blank and certified samples; photographing and weighing of core; recording of recovery %; samples half cored with the balance retained for further analysis if required; sample intervals of 1m; sample recovery is core; all drill location and elevations recorded.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Garry Clark, PGeo, independent director of Pacific Rim Cobalt and a Qualified Person as defined by National Instrument 43-101.
About Pacific Rim Cobalt
Pacific Rim Cobalt is a Canadian‐based exploration company focused on the acquisition and development of production grade nickel and cobalt deposits, key raw material inputs for the growing lithium‐ion battery industry. Visit https://pacificrimcobalt.com/ to find out more.
Pacific Rim Cobalt Corp.
Ranjeet Sundher – President and CEO
Steve Vanry – CFO & Director
Sean Bromley – Director & Investor Contact
This news release may contain statements which constitute “forward-looking information” that are subject to risks and uncertainties. All statements herein, other than statements of historical fact, are to be considered forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company and with respect to the results of exploration and prospective plans in regards to the Cyclops project. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Information provided in this document is necessarily summarized and may not contain all available material information. Although Pacific Rim Cobalt has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, success of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and the Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.