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Vancouver, British Columbia – (March 16, 2018) – Bankers Cobalt Corp. (TSX Venture: BANC) (the “Corporation” or “Bankers”) is pleased to announce results from the inaugural drill program at the Kabolela North concession in the Democratic Republic of Congo (the “DRC”).
Exploration drilling began at Kabolela in November 2017 and 12 holes have been completed for a total of 1,403 meters. Assays have been received on the first holes and drilling is ongoing with additional results expected shortly.
Stephen Barley, President and CEO of Bankers states, “We are very excited by the preliminary results from our very first drill program on the previously unexplored Kabolela concession indicating high-grade copper and cobalt in Kabolela North (see attached concession map). In terms of grade and depth, these results appear to be in line with producing mines in the region and follow the regional pattern of high-grade copper with pockets of cobalt. There are producing copper cobalt operations on the east and west side of Kabolela. Kabolela is favorably positioned to benefit Bankers shareholders from a new copper cobalt discovery in the DRC. We look forward to further defining the structure and potential size of this high-grade system.”
All drill core has been submitted to SGS Lubumbashi for Cu and Co determination by AAS. The initial drilling program is intended to provide information on the orientation, width, and strike length of the mineralization discovered to date. Mineralization is contained in two sub-parallel fault hosted zones and is open along strike and down dip at this early stage of exploration.
Drill hole KADD012 intersected a 6meter wide (downhole width) zone of carbonate altered breccia with disseminated and blebby chalcocite mineralization with minor native copper, chalcopyrite, malachite and azurite. KADD011 also shows the same breccia with blebs of chalcocite and clasts of strongly carbonate altered shales with strong chalcocite mineralization.
Drilling is continuing to follow up this intercept and provide additional structural information on the mineralization.
Note: Intercepts calculated using a weighted average for unequal sample lengths, 0.35% Cu cutoff, no internal waste and sample lengths are measured downhole as true widths of the mineralization are not known at this time.
Bankers Cobalt has implemented an industry best practice QAQC program. All core samples are picked up on site by Banker’s geologists or delivered by the drillers to Banker’s personnel. All samples are delivered by Banker’s personnel to the SGS Laboratory in Lubumbashi, DRC for cobalt and copper determination. Check assay standards and blanks are submitted every 20 samples with each assay job and are then reviewed for accuracy. Coarse reject splits will be done every 20 samples for duplicate samples of diamond core. Umpire assaying will be performed by ALS Chemex in Johannesburg, South Africa at a rate of 5% of submitted samples. Selected core samples are also being sent to ALS Chemex in Johannesburg, SA for multi-element analysis to identify geochemical signatures associated with mineralization in the concession.
The geological information in this announcement has been reviewed by Mr. Adam Anderson, Member of the Australian Institute of Geoscientists (AIG), a competent person (as defined in the JORC code, 2012 edition) and (being a recognized professional organization for the purposes of the Australian Securities Exchange listing rules). Mr. Anderson is also the Qualified Person as defined by National Instrument 43-101 who reviewed and approved the contents of this news release.
Mr. Anderson is the DRC Country and Exploration Manager for Bankers. He has sufficient experience that is relevant to the style of mineralization, the type of deposit under consideration and to the activity being undertaken to qualify as a competent person as defined in the JORC code and under National Instrument 43-101.
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. Bankers efforts 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 26 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area of more than 391 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 26 concessions capable of being currently explored and developed. Bankers has an experienced operations team operating in the southern Cobalt-Copperbelt of the DRC. Bankers believes it is the front runner junior mining company advancing cobalt and copper exploration in the DRC.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
President & CEO.
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This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the proposal to complete the Transaction and associated transactions, including statements regarding the terms and conditions of the Transaction, the proposed closing the Transaction, and the outlook of the business of Katanga, including whether Katanga will be successful in developing and selling mineral resources. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Transaction and associated transactions, that the ultimate terms of the Transaction and associated transactions will differ from those that currently are contemplated, and that the Transaction and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The terms and conditions of the Transaction may change based on the Corporation’s due diligence and the receipt of tax, corporate and securities law advice for both the Corporation and Katanga. The statements in this press release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, Katanga, their securities, or their respective financial or operating results (as applicable).