Vancouver, British Columbia – (July 5, 2018) – Bankers Cobalt Corp. (TSX Venture: BANC) (OTCQB:NDENF) (the “Corporation” or “Bankers”) ”), is pleased to provide an update on exploration activities in the Democratic Republic of Congo (“DRC”).
Grant Dempsey, President and COO of Bankers, stated: “In line with Bankers aggressive exploration approach, we intend to simultaneously drill on three concessions being the Kankutu, Kabolela, and 292 permits. Bankers can implement these drill programs due to the exploration work completed during the last 8 months in the DRC. We are excited to be drill testing these well-located permits”.
Bankers has started Reverse Circulation drilling (“RC”) at the Kankutu Project located south of Lubumbashi and within 3 kms of the operating Kimpe cobalt and copper mine. This drilling is being conducted based on positive geochemical and geophysics results. The drilling program is planned for 1250 meters and may be adjusted based on results received.
RC drilling is expected to commence on the Kabolela permit within the next few days as a drill has been mobilized to the site. Drilling will initially focus on the large dump located close to the southern property boundary to determine the grade distribution within the dump. Drilling is also planned on the south-central area of Kabolela to test zones that returned elevated soil sampling results. The drilling program is planned for 1100 meters and may be adjusted based on results received.
Trenching at 292 has intersected a zone with elevated copper, cobalt and silver in trench grab samples at the western end of the license area. The anomalous zone is hosted in and proximal to a silicified breccia with open space fill. Infill trenching to date has intersected the same breccia zone up to 150m along strike. The drilling program is planned for 1600 meters and may be adjusted based on results received.
Additional Exploration Activity
Auger drilling has commenced on the Mamba and Green Mamba licenses which are directly along strike from African Battery Metals (ABM) Kasinka Project, approximately 40km east of Lubumbashi. These permits are in an area with 7 producing cobalt/copper mines within a 40km radius of the licenses. Auger drilling is also planned to start next month on several other licenses which are located along known highly prospective mineralized corridors to accelerate the exploration work in the DRC during the dry season. Bankers uses auger drilling as a preliminary exploration tool on licenses having thick over burden to obtain reliable geochemical samples. The auger drill holes average 9 meters in depth to reach bedrock.
Qualified/competent person — National Instrument 43-101 and JORC Code
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 has reviewed and approved the contents of this news release.
Mr. Anderson is the DRC 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. As battery production for EV’s surges, demand for cobalt will probably exceed supply for many years. According to a recent report by Transparency Market Research, global sales of lithium-ion batteries are expected to reach US$70B by 2024, for a compound growth rate of 11.6% over the years beginning in 2016. 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. Bankers has an experienced operations team operating in the southern Copperbelt of the DRC. Bankers believes it is the front runner in advancing cobalt and copper exploration by a junior mining company 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).