TORONTO, ON--(Marketwired - May 08, 2017) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
COBALTECH MINING INC. (TSX VENTURE: CSK) (9BN1.F) (WKN:A2DG59) (OTC PINK: BNCIF) (the "Company" or "CobalTech") announces that further to its press releases of October 3, 2016 and October 19, 2016, the Company has made the final payment in connection with the Purchase Agreement (the "Purchase Agreement") with TrioResources AG Inc. ("Trio") with respect to the acquisition of mineral claims and related production facilities and equipment (the "Assets") of the past-producing Duncan Kerr Project (the "Project") located in the Cobalt region of Northeastern Ontario, Canada (the "Acquisition").
The Duncan Kerr Project is located within the historical Cobalt camp in northeastern Ontario and consists of two contiguous patented mining claims totalling 32.374ha in area. The property encompasses part of the historical mine workings of the Kerr Lake Mine, as well as the historical mine workings of the Lawson Mine. An estimated total of 32,715,590 oz of Ag have been produced from the Kerr Lake and Lawson Mines as well as unknown quantity of cobalt (Sergiades, 1963). The equipment and buildings for a fully permitted 100 tpd mill are also part of the purchase.
The Project contains 3 stockpiles located where a report produced by Golder & Associates for the previous owner estimated a non NI 43-101 resource at 6,588 tons grading 761 g/t Ag, 0.95% Co, and 0.33% Ni. The Company is in the process of shipping a small amount of the stockpiles to processing facilities for metallurgical and grade testing in preparation for larger shipments. Any revenues from the sale of metals would be used to finance further exploration and for administrative purposes. The mineralized inventory is a historical estimate as defined by National Instrument 43-101. It is important to note that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or mineral reserves. There has been no review of the methods and results of this historical resource estimate by a Qualified Person.
The Company will proceed with mapping and sampling of on surface rock piles and waste dumps remaining from past operations in preparation for a resource estimate later this summer.
Sergiades, A.O., Silver Cobalt Calcite Vein Deposits of Ontario; Ontario Department of Mines, Mineral Resources Circular No. 10, 1968, 498p