VANCOUVER, April 20, 2018 /CNW/ - Quantum Cobalt Corp. (CSE: QBOT; OTC: BRVVF; FRA: 23B) ("Quantum" or the "Company") wishes to announce a summer work program targeting the Kahuna and Rabbit Lake Cobalt Properties (collectively the "Properties"), located 14km North East and 16km South East of Temagami, Ontario. The Properties lie in the famous 'Cobalt' province and are approximately 29km and 48km south of the town of Cobalt, Ontario.
The proposed summer programs will be conducted in two stages. Phase 1 will build on previously reported exploration conducted last year, which returned cobalt results of up to 79 times background levels in soil geochemistry. The Phase 1 program will aim to enhance previously identified soil geochemical anomalies with trenching, infill geochemical sampling and ground geophysics. Additionally, a more extensive geologic mapping program will be implemented throughout the project areas to build on last year's success.
A Phase 2 budget and program will be confirmed based on, and subject to, results from the Phase 1 exploration which may include additional ground based exploration and/or drilling.
The Phase 1 program is planned to commence in early summer upon permit approval. Field crew are scheduled to start early June but may initiate work programs earlier pending snow melt.
Quantum previously announced on January 18, 2018, a plan to drill test the historic rock pile at its Nipissing Lorrain historic mine. Based on further consultation and evaluation, the company is looking at more cost effective alternatives, such as bulk sampling and/or pitting to assess the pile and is seeking advice with respect to any potential reclamation liabilities that may be triggered.
About the Kahuna Cobalt Property:
The Kahuna Cobalt property is located 14 km northeast of the town of Temagami and 29km south of the town of Cobalt near the eastern border of Ontario. The district is mining friendly having a rich history of cobalt and silver production. The epicentre of past producing cobalt mines in Ontario.
Property Status and Configuration
The Kahuna Cobalt property is comprised of 77 claim units and covers approximately 1,200 hectares.
Access and Infrastructure
The Property is accessible by boat from Lorrain Lake which is 12 km by road from the nearby town of Temagami. The property is located 12 km from rail and power distribution lines.
Cobalt and silver mineralization occurs in calcite veins within the Nipissing Diabase as erythrite and native silver. The grade of 5 tonnes of material collected during past production was reported to be 22% Cobalt, and an assay of 20 oz/t Silver was reportedly obtained from a vein on the property.
Friday Mines Limited operated the property in the 1920's sinking a shaft and drifting on a 10 inch wide calcite vein with cobalt mineralization. In the 1960's, Gibson Mines Limited explored the property and found cobalt and silver mineralization. During this time, an assay of 20 oz/t silver was reportedly obtained from a vein. More recently, in 1998 a portion of the property was staked and a small soil survey reported cobalt in soils up to 440 ppm as well as gold-in-soil anomalies.
The historical information for the Kahuna Cobalt Property provided in Mineralization and History was obtained from the Mineral Deposit Inventory Report MDI31M04SE00035. The details of which are presented to provide a mineral potential and historical work perspective, and any sampling, analytical or test data underlying the information or opinions have not been verified by a Qualified Person. The Company intends to include check sampling during the current exploration phase.
About the "Rabbit Lake" Cobalt Property:
The Rabbit Cobalt property is located 14 km southeast of the town of Temagami and 48km south of the town of Cobalt near the eastern border of Ontario.
Property Status and Configuration
The approximately 1,040 ha Rabbit Cobalt property is comprised of 65 claim units.
Access and Infrastructure
The Property is accessible via Rabbit Lake which is accessed by 7 km of well-maintained gravel surface road leaving highway 11, 3.5 km south of the town of Temagami. The property is located 10 km from rail and 5 km from power distribution lines.
Cobalt, gold and nickel mineralization is hosted within a fracture zone in diabase approximately 18 inches in width. The fracture is described as being at the contact between the mafic intrusive and the Gowganda Formation. A grab sample collected by A.G. Burrows returned an assay of 8.76% Cobalt, and 6.56% Nickel. The grab samples are selective samples, and are not necessarily representative of the mineralization hosted on the property. This information was from Mineral Deposit Inventory for Ontario (MDI31L13NE00004). A qualified person has not verified the data disclosed in this written disclosure.
The town of Cobalt, Ontario is located along the Quebec border, near Temiskaming Shores in Norther Ontario. The town sprang up to serve as its hub during the cobalt silver rush. Sporadic exploration of the property has occurred since at least 1955 with minimal focus on cobalt mineralization in more recent years. In 2002 JML Resources flew airborne geophysics over several prospects in the area looking for diamondiferous kimberlites and partially covered the property. Tres-Or Resources in 2005 was also exploring the area for diamondiferous kimberlites. This information was from Mineral Deposit Inventory for Ontario (MDI31L13NE00004).
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: Contact Information: 800 - 1199 West Hastings Street, Vancouver, British ColumbiaV6E 3T5, Tel.: 604.283.1722 / Fax: 1.888.241.5996