VANCOUVER, British Columbia, March 08, 2018 (GLOBE NEWSWIRE) -- International Cobalt Corp. (CSE:CO) (the “Company” or “International Cobalt”) is pleased to announce that it has received and compiled data from the Idaho Geological survey branch that had previously been confidential on the Company’s Blackbird Creek Cobalt Project (“Blackbird Creek” or “The Project”).
The recently released data relates to historical exploration work completed in the late 1970s and early 1980s. Although some of this data was previously known to the company, the entirety of the reports have never been made public. The company has compiled the information along with soil sampling data from the USGS and has been able to relate it to airborne geophysics recently completed by the company. (see figure below)
The compilation work has greatly assisted the company in the design of a field program for spring and summer of 2018. The field program will consist of property wide soil program with a more concentrated focus on target areas that have been developed through our compilation work. Channel sampling will be completed on a number of tourmaline breccia’s identified in and around the Ludwig showing and other mineralized outcrop as they are encountered. The company will also complete geological mapping and sampling of targeted geophysical anomalies along the eastern portion of its claim group including newly acquired claims (see news release dated February 21). The area of these anomalies although well within the geological unit hosting most of the known showings and mines within the Idaho Cobalt Belt has had little or no known sampling or detailed geological mapping.
UPDATED WEBSITE
The company would also like to direct the reader to our website where an updated investor presentation with further information on our Idaho Cobalt Projects may be downloaded.
http://internationalcobalt.com
ABOUT THE BLACKBIRD CREEK COBALT PROJECT
The 4,235 Acre (1,714 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 1940s, the area only witnessed intermittent exploration in the late 1970s and early 1980s. 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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3a87deaf-2d68-4de5-93e4-c86640544bc6
ABOUT THE COBALT MARKET
Cobalt prices recently reached a ten year high of over $80,000 US per tonne and have shown a steady increase since the mid point of 2015. Cobalt is an important component of many of the lithium-ion batteries used in a wide range of applications from cell phones to electric vehicles (EV) and the home energy storage market. Driven primarily by the EV market, demand for cobalt is expected to remain strong for the near future. Currently over 60% of the global supply of cobalt is sourced from mines operating in the Democratic Republic of the Congo (DRC). Political instability in the DRC coupled with social-economic issues surrounding mining in the country including reports of child labour have led many tech companies to seek supplies of the metal from more stable jurisdictions.
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 Company is well financed to pursue their objectives with approximately $11 million in treasury as at March 2018.
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.
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.
Timothy Johnson
T: 604-687-2038
F: 604-687-3141