VANCOUVER, British Columbia, Feb. 21, 2018 (GLOBE NEWSWIRE) -- International Cobalt Corp. (CSE:CO) (the “Company” or “International Cobalt”) is pleased to announce that it has received final data from the high-resolution airborne magnetic and electromagnetic VTEM survey completed by Geotech Ltd. in November of last year ( see company press release dated November 9, 2017) on the Company’s Blackbird Creek Cobalt Project (“Blackbird Creek” or the “Project”).
The significance of the new areas of interest identified by the survey prompted the Company to immediately hire staking contractors to acquire ground surrounding the company’s Blackbird Creek Project.
The company is pleased to announce that the staking of 2149 acres (870 hectares) of claims is complete and registered. This recent staking brings the total area of the company’s Blackbird Creek Project to 4235 Acres (1714 ha) consisting of the original Blackbird Creek claims, the Blackbird South Claims (announced Dec 12, 2017) and the newly acquired claims.
International Cobalt President, Timothy Johnson, stated: “Use of modern exploration tools such as airborne geophysics has not been utilized by other explores in the Idaho Cobalt Belt (ICB). We believe that in combination with the positive historical exploration, the results of the survey has bolstered the potential of our recently enlarged Blackbird Property.
With the completion of our recent $10 million financing, the Company looks forward to delivering on our goals and adding value for shareholders over the course of 2018.”
Geophysical Results
Data received from the airborne geophysical survey has identified several high priority targets that will require follow up. The survey was flown with 100 metre line spacing, and has given the company a unique set of data that is believed to be the first of its kind in the Idaho Cobalt Belt. The resulting geophysical anomalies indicate that target areas occur in a much wider area than previously expected. (See figure 1 below). A geological mapping program combined with extensive geochemical surveys is in the planning stages and will be initiated as soon as weather permits.
The technical information in this news release has been reviewed by Neil McCallum, P.Geol., of Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101.
ABOUT THE BLACKBIRD CREEK COBALT PROJECT
The 4235 Acres (1714 ha) Blackbird Creek Cobalt Project is located adjacent to and along strike from eCobalt Solution’s advanced stage Idaho Cobalt Project (ICP) as well as the former producing Blackbird Co-Cu-Ag Mine. Despite cobalt mineralization having been recognized at Blackbird Creek as early as the 1940’s, the area only witnessed intermittent exploration in the late 1970’ and early 1980’s. The Blackbird Creek Cobalt Project contains several historical cobalt showings including the Ludwig Main prospect, where surface sampling of an exploration adit returned 0.71% cobalt over 7.0 meters and a historic drill hole returned 0.4% cobalt over 7.9 meters. In addition to the historical showing several newly discovered geochemical anomalies require immediate follow-up.
ABOUT INTERNATIONAL COBALT CORP
International Cobalt Corp. (CSE:CO) is a Canadian based mineral exploration and development business focusing on the burgeoning cobalt sector. The rapidly growing large battery industry, a major consumer of cobalt, makes cobalt an appealing sector of focus. The Company seeks to add shareholder value by sourcing and developing projects in safe, progressive jurisdictions adhering to strict environmental and social standards. The companies projects include the 4235 acre (1714 ha) Blackbird Creek Project and the 1,160 acre (470 ha) Formation North Project, both contained in the prolific Idaho Cobalt Belt.
On behalf of:
INTERNATIONAL COBALT CORP.
“Timothy Johnson”
Timothy Johnson, President
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward‑looking statements. Although management 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
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789 West Pender Street
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T: 604-687-2038
F: 604-687-3141
CSE SYMBOL: CO
FRANKFURT: 42L
US: COBAF-Q
www.internationalcobalt.com
A photo accompanying this announcement is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/53a20d08-0e42-4876-9b52-f49ef9701445