Highlights:
- Sample intervals include; 5 metres of 1.80% and 6 metres of 1.53% nickel equivalent (NiEQ)
- All test pits from surface to maximum depth of 6 metres
- Sampling consistently confirming elevated nickel and cobalt values
VANCOUVER, British Columbia, June 20, 2019 (GLOBE NEWSWIRE) -- Pacific Rim Cobalt Corp. (the “Company” or “Pacific Rim Cobalt”) (CSE: BOLT) (OTCQB: PCRCF) (FRANKFURT: NXFE) is pleased to announce test pit results from ongoing exploration at its flagship Cyclops, nickel/cobalt development project, Indonesia. The test pits are part of a 2019 multi-faceted program aimed at confirming historical results and providing mineralized material for process testing studies.
A total of 9 shallow test pits were completed coincident with areas of recent drilling in order to provide bulk samples for metallurgical testing as well as, confirm intersections in the near surface zone, and clarify the distribution and profile of the of high-grade source laterite zone.
Test pits ranged in depth from 1.7m to 6m.
Results confirm elevated nickel coincides with widespread development of green colored hydrous nickel magnesium silicates (garnierite) and is indicator of high-grade mineralization.
Significant elevated cobalt values are present from surface to shallow depths in iron rich limonite and transition zones and is developed as a continuous horizon between drill holes.
Test Pit Assay Results:
| From (m) | To (m) | Length (m) | Nickel (%) | Cobalt (%) | NiEQ (%) | |
| TP 200 | 0 | 5 | 5 | 0.99 | 0.14 | 1.38 |
| And | 5 | 6 | 1 | 2.40 | 0.10 | 2.70 |
| TP 219 | 0 | 4 | 4 | 0.82 | 0.14 | 1.21 |
| And | 4 | 6 | 2 | 1.75 | 0.13 | 2.11 |
| TP 201 | 0 | 3 | 3 | 1.15 | 0.14 | 1.54 |
| And | 3 | 6 | 3 | 1.81 | 0.01 | 1.81 |
| TP 466 | 0 | 2 | 2 | 1.39 | 0.20 | 1.94 |
| And | 2 | 5 | 3 | 1.40 | 0.01 | 1.44 |
| Including | 2 | 4 | 2 | 1.65 | 0.03 | 1.72 |
| TP 220 | 0 | 6 | 6 | 1.00 | 0.20 | 1.53 |
| TP 203 | 0 | 2 | 2 | 0.88 | 0.12 | 1.22 |
| And | 2 | 3 | 1 | 1.20 | 0.10 | 1.44 |
| TP 203B | 0 | 5 | 5 | 1.36 | 0.16 | 1.80 |
| TP 222 | 0 | 3 | 3 | 1.05 | 0.13 | 1.42 |
| And | 3 | 6 | 3 | 1.61 | 0.05 | 1.74 |
| Including | 3 | 5 | 2 | 1.67 | 0.05 | 1.79 |
| TP 202 | 0 | 1.7 | 1.7 | 0.60 | 0.10 | 0.80 |
| TP 221 | 0 | 1 | 1 | 0.60 | 0.10 | 0.82 |
| And | 1 | 1.7 | 0.7 | 1.60 | 0.10 | 1.78 |
NiEQ
calculation basis: cobalt price per 3 months (LME data) $34.25/kg; nickel price per 3 months (LME data) $12.45/kgC = ratio between cobalt price/nickel price; C = $34.25/$12.45 = $2.75; NiEQ = (%Co x C) + % Ni. No metallurgical recoveries were applied to either metal as it is expected that the metallurgical recoveries will be similar for both metals
The Cyclops Project area located in Papua Province, Indonesia, benefits from excellent infrastructure, including proximity to a work force and supplies, sealed roads, ocean access, nearby port facility, and gentle topography. The road system enables year-round access to the project and connects it with the large town of Sentani, located about 15 kilometres (km) to the east, and with Jayapura, the capital city of Papua province, located about 40 kms to the east.
Sample Processing
All sample results discussed in the press release are JORC compliant with all protocols in place. Assaying was completed at the Geo Assay Laboratory - PT. Geoservices, Cikarang, Jakarta. The Geo Assay Laboratory analysed the samples using the XRF fusion method. PT Geoservices Ltd - Geo Assay Laboratory employed industry standard internal QA/QC methods that Pacific Rim Cobalt reviewed and found acceptable.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Garry Clark, PGeo, independent director of Pacific Rim Cobalt and a Qualified Person as defined by National Instrument 43-101.
About Pacific Rim Cobalt
Pacific Rim Cobalt is a Canadian‐based exploration company focused on the acquisition and development of production grade nickel and cobalt deposits, key raw material inputs for the growing lithium‐ion battery industry. Visit https://pacificrimcobalt.com/ to find out more.
Pacific Rim Cobalt Corp.
Ranjeet Sundher – President and CEO
(604) 922-8272
rsundher@pacificrimcobalt.com
Steve Vanry – CFO & Director
(604) 922-8272
steve@vanrycap.com
Sean Bromley – Director & Investor Contact
(778) 985-8934
sbromley@investfortuna.com
Reader Advisory
This news release may contain statements which constitute “forward-looking information” that are subject to risks and uncertainties. All statements herein, other than statements of historical fact, are to be considered forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company and with respect to the results of exploration and prospective plans in regards to the Cyclops project. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Information provided in this document is necessarily summarized and may not contain all available material information. Although Pacific Rim Cobalt has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, success of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and the Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.