VANCOUVER, Jan. 18, 2018 /CNW/ - Quantum Cobalt Corp. (CSE: QBOT; OTC: BRVVF; FRA: 23BA) ("Quantum" or the "Company") wishes to announce it has planned a drilling program (subject to permitting) to determine the size of a dump pile of material that was excavated during historic underground development work at the "Nipissing Lorrain Mine" Cobalt-Silver-Nickel Property (collectively, the "Nipissing Lorrain Mine Property" or the "Property") located 26km South East of Cobalt, Ontario. The company intends to use this information to prepare a mineral resource estimate (per CIM definitions) and file a technical report on SEDAR.
Following a successful sampling program over the historic waste pile in late 2017, Quantum has completed planning and budgeting of a tightly spaced grid of reverse circulation ("RC") drill holes to collect representative samples and dimensions of the pile. The company intends to begin permitting immediately and return to site as soon as weather conditions and permitting allow to carry out the systematic definition of the pile.
A recently completed first phase exploration program included grab samples from the historic development rock pile of the historically mined 'Staples Vein'. The average grade of the 15 previously released samples sent for assay from the pile was over 2.33% Co, with a peak value of 8.33% Co. The grab samples were carefully selected and are not necessarily representative of the mineralization hosted on the property.
About the Nipissing Lorrain Cobalt Project:
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. From north Cobalt, follow Highway 567 to Silver centre. 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. Past production means power and infrastructure is accessible within the area.
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).
Sporadic mining and exploration has continued 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).
Graham Davidson, P.Geol, is the qualified person as defined in NI 43-101, that has reviewed and approved the contents of this press release.
QUANTUM COBALT CORP.
Greg Burns, Director
Forward-Looking Information This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Quantum Cobalt Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company 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 may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE Quantum Cobalt Corp.
For further information: 800 - 1199 West Hastings Street, Vancouver, British Columbia, V6E 3T5, Tel.: 604.283.1722 / Fax: 1.888.241.5996