May 11, 2017
CobalTech Provides Update On Its Exploration Plans
TORONTO, ON–(Marketwired – May 11, 2017) – COBALTECH MINING INC. (TSX VENTURE: CSK) (FRANKFURT: 9BN1) (WKN: A2DG59) (OTC PINK: BNCIF) (the “Company” or “CobalTech”), is pleased to provide an update on its exploration plans for its recently acquired land package in the heart of Cobalt, Ontario. Through a series of acquisitions, CobalTech now controls 343 hectares in the heart of the Cobalt camp. These blocks include 11 former producers or advanced exploration projects with both surface and underground workings. The projects include the Kerr, Lawson, Drummond, Conisil, Hargraves, Belmont, Silver Cross, Campbell-Crawford, Juno, Airgiod and Silver Bird mines that had an estimated total output of 37.266 million ounces of silver and 253,000* pounds of cobalt all mined from shallow depths not exceeding 186m from surface**.
These include the former Kerr and Lawson Mines that produced 32.72 M oz of silver and an unknown quantity of cobalt between 1904 and 1960. It also includes the former Conisil Mine for which the 1994 Mine Closure Report filed with MNDM by Agnico-Eagle mentions cobalt mineralization of 78,966 tons @ 0.17% Co for a total of 270,462 pounds of cobalt as well as 500,000 ounces of silver. No details are provided with regards to this calculation in terms of method used, parameters, assumptions and categories. The mineralized inventory is a historical estimate as defined by National Instrument 43-101. It is important to note that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or mineral reserves. There has been no review of the methods and results of this historical resource estimate by a Qualified Person.
CobalTech has recently begun a compilation of the available historical data for all of its properties, to produce a comprehensive database of surface and underground information. The Company will also incorporate geophysical, geochemical and any additional information deemed pertinent to assist in the assessment of the properties. Field crews will be present on the property during the spring and summer to gather additional geological information, undertake orientation surveys and outcrop stripping and sampling.
A diamond drilling program should follow once all the information has been integrated in a 3D model and targets have been identified.
In parallel, the Company will begin metallurgical tests on 6,600 tonnes of stockpiled material to assess metal recovery potential through conventional methods. During the spring of 2017, field crews will also begin locating all the stockpiles, rock piles and tailings from previous operations. Representative samples will be collected along predetermined patterns and assayed to determine their potential and prioritize their evaluation. This data will then be used to prioritize areas where a resource calculation should be undertaken.
* Incomplete and partial records.
** Sergiades, A.O., Silver Cobalt Calcite Vein Deposits of Ontario; Ontario Department of Mines, Minera Resources Circular No. 10, 1968, 498p.
Antoine Fournier, P. Geo., M.Sc. is the Qualified Person, as defined by National Instrument 43-101, and he has prepared and reviewed the technical information on this press release.
Contact Person: Mr. Bruce Bragagnolo, CEO
Telephone: (604) 417-9517
CobalTech Mining Inc. is a North American cobalt company with assets in Ontario, Canada. The company owns the Duncan Kerr Property located outside of Cobalt, Ontario, in an area known for its geological setting responsible for unique mineralization composed of quartz-carbonate veins enriched in silver-cobalt-nickel-bismuth-arsenic. The company is committed to operating within the strict environmental, health, and safety framework governed by the e3 Plus regulation put forth by the Prospectors & Developers Association of Canada (PDAC).
CobalTech is working toward becoming a major cobalt miner and producer, supplying the growing North American battery market. The Company aims to obtain 100% ownership of mineral deposits and processing facilities, giving CobalTech the ability to deliver a ground to market business.
ON BEHALF OF THE BOARD
(signed) “Bruce Bragagnolo”
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.