back Global Cobalt Demonstrates Increased Resource Size and Continuity with Historical Estimates for the Karakul Project and Files Initial NI 43-101 Technical Report
July 2, 2014 | Category: Press Releases
VANCOUVER, BC / July 2nd, 2014 / GLOBAL COBALT CORP. (TSXV:GCO, OTCBB:GLBCF, FRA:3P0) ("Global Cobalt" and/or the "Company") is pleased to announce that it has surpassed historic tonnage numbers with consistent grades for the initial National Instrument 43-101 technical report (the "Report") for the Karakul Cobalt Project ("Karakul" and/or the "Project"), located in the Altai Republic, Russia. The independent NI 43-101 technical report prepared by Wardell Armstrong International Limited ("WAI") is available under the Company's profile on SEDAR and on the corporate website www.globalcobaltcorp.com.
- Resource demonstrates larger than expected tonnages in indicated and inferred categories.
- Western Zone Indicated Sulphide Resources totaled 17,156.33kt at 0.318% CoEq and Indicated Oxide Resources totaled 981.1kt at 0.257% CoEq for a Total Indicated Oxide + Sulphide Resource totaling 18,137.34kt at 0.314% CoEq at a 0.05% Cobalt equivalent cut-off.
- Western Zone Inferred Resources totaled 2,915.63kt at 0.326% CoEq and Inferred Oxide Resources totaled 17.82kt at 0.069% CoEq for a Total Inferred 2,933.45kt at 0.325% CoEq at a 0.05% Cobalt equivalent cut-off.
- Eastern Zone Inferred Sulphide Resources totaled 5,971.10kt at 0.237% CoEq and Inferred Oxide Resources totaled 147.26kt at 0.261% CoEq for a Total Inferred 6,118.36kt at 0.238% CoEq, both at a 0.05% Cobalt equivalent cut-off.
- Indicated Mineral Resources have been assigned to the majority of the Western Zone mineralization and all Mineral Resources in the Eastern Zone here have been classified as Inferred Resources.
- Both mineralised zones remain open at depth.
- WAI recommends that a comprehensive metallurgical test work programme be implemented in order to improve the support for the CoEq calculation. With more advanced technical work Global Cobalt will move forwards to a Preliminary Economic Assessment (PEA).
Erin Chutter, President & CEO of Global Cobalt commented on the Karakul resource and technical report:
"We are extremely impressed with robustness and continuity of the Karakul deposit as outlined NI 43-101 resource report. We have surpassed expectations from the already very promising historically stated numbers. Having a cobalt resource of this scale and in such close proximity to China will assist us position Global Cobalt within the investment community for project advancement and future development funding."
Paul Sarjeant, VP Exploration of Global Cobalt:
"The 2013 GCO drill program was successful in determining the historic Soviet and Russian era data was reliable and was therefore able to be utilized in the new resource estimate. The 2013 drilling also provided greater continuity to the mineralised zones than previously indicated and modeling has been able to link some of the individual zones previously thought present into one continuous structure in the central part of the Western Zone. We are very pleased with the outcome of the report."
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and was reviewed on behalf of the company by its Qualified Person, Mr. Paul Sarjeant, P.Geo, the Company's VP Exploration.
About Wardell Armstrong International:
WAI has provided the mineral industry with specialised geological, mining, and processing expertise since 1987, initially as an independent company, but from 1999 as part of the Wardell Armstrong Group. WAI's experience is worldwide and has been developed in the coal and metalliferous mining sector. Their parent company is a mining engineering/environmental consultancy that services the industrial minerals sector from ten regional offices in the UK and international offices in Almaty, Kazakhstan, and Moscow, Russia. Total worldwide staff complement is now in excess of 400.
Global Cobalt Corporation is a Canada-based strategic metals company focused on the development of a new mining region in the Republic of Altai. Global Cobalt intends to build upon the success of the Karakul project, while aggressively expanding and exploring existing properties to meet the demand for cobalt and other strategic metals.