Mr. Ranjeet Sundher reports
PACIFIC RIM COBALT STEP-OUT DRILLING RETURNS UP TO 1.91% NICKEL AND 0.22% COBALT OVER 5 METRES
Pacific Rim Cobalt Corp. has released results from its continuing 2019 drilling program at its flagship Cyclops nickel/cobalt development project, Indonesia.
Drilling continues to confirm shallow intersections from surface with elevated cobalt up to 0.25 per cent in the limonite zone and nickel values of 1.91 per cent in the underlying transition and saprolite zones. A total of 29 holes for a total of 402 metres have now been completed.
HIGHLIGHTS FROM THE LATEST DRILLING RESULTS
Hole From To Length Nickel Cobalt NiEq (1) Cut-off grade
(m) (m) (m) (%) (%) (%) (%)
DD265 0 1 1 0.53 0.06 0.68 0.05% Co
and 1 7 6 1.75 0.03 1.82 1.00% Ni
including 1 6 5 1.91 0.03 1.98 1.50% Ni
DD266 0 5 5 1.12 0.22 1.66 0.05% Co
and 5 9 4 0.92 0.04 1.02 0.50% Ni
including 5 7 2 1.26 0.06 1.41 1.00% Ni
* All drill intersections reported in this press release are true widths.
Key points:
-
Drilling consistently confirming elevated nickel and cobalt values;
- Shallow mineralization from surface to maximum depths of 12 m;
- 2019 drilling to date focusing on delineation of the eastern boundary of mineralization;
- Exploration to progressively expand to the west into core mineralized areas;
- Resource estimate expected in late 2019;
-
Exploration financing in place for balance of 2019.
"The strong drill results from an area that is historically underexplored indicates there's room for expansion of the mineralization footprint at Cyclops," remarked Ranjeet Sundher, chief executive officer of Pacific Rim Cobalt. "We will soon be focused in core areas of the project where drilling the full depth of the mineralized horizons may provide further evidence of its true size potential."
Indonesia is nickel
One of the world's largest sources of nickel production by nation is Indonesia. The country is rich with deposits of the metal, many of which have yet to be effectively exploited.
The dominant source of nickel in country is laterite deposits which are composed of long, shallow tabular bodies. The company's Cyclops project is such an occurrence.
Indonesia's large nickel laterite ore reserves -- prized for nickel pig iron used in stainless steel production -- are also a vital ingredient for lithium-ion batteries used to power electric vehicles.
Other laterite projects in the region include MMC's $2.1-billion Ramu nickel mine in Papua New Guinea at 1.0 per cent nickel; Eramet's Weda Bay at 1.36 per cent nickel; and Antam's Gag Island at 1.63 per cent nickel, both in Indonesia.
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 to the east, and with Jayapura, the capital city of Papua province, located about 40 km to the east.
ADDITIONAL DRILL RESULTS INCLUDE
Hole ID From To Length Nickel Cobalt NiEq (1) Cut-off grade
(m) (m) (m) (%) (%) (%) (%)
DD239 0 3 3 0.92 0.12 1.21 0.05% Co
and 3 13 10 0.90 0.02 0.95 0.5% Ni
including 3 9 6 1.09 0.02 1.14 1% Ni
DD201 0 2 2 0.89 0.09 1.11 0.05% Co
and 2 7 5 1.58 0.04 1.68 1% Ni
including 2 5 3 1.91 0.05 2.03 1.5% Ni
DD202 0 4.8 4.8 0.91 0.16 1.30 0.05% Co
DD262 0 7 7 0.84 0.16 1.23 0.05% Co
and 7 12 5 0.96 0.02 1.01 0.5% Ni
including 7 10 3 1.18 0.02 1.23 1% Ni
including 7 8 1 1.51 0.02 1.56 1.5% Ni
DD263 0 3 3 0.85 0.11 1.12 0.05% Co
and 3 5 2 1.07 0.03 1.14 0.5% Ni
including 3 4 1 1.14 0.05 1.26 1% Ni
DD264 1 3 2 1.42 0.25 2.03 0.05% Co
and 3 8 5 1.10 0.04 1.20 0.5% Ni
including 3 6 3 1.38 0.06 1.53 1% Ni
including 3 5 2 1.54 0.09 1.76 1.5% Ni
(1) NiEq calculation basis: cobalt price per three months (London Metal Exchange
data) $32/kilogram; nickel price per three months (LME data) $13.07/kg
C equals ratio between cobalt price/nickel price; C equals $32/$13.07 equals 2.44;
NiEq equals (per cent Co times C) plus per cent Ni. No metallurgical recoveries
were applied to either metal as it is expected that the metallurgical recoveries
will be similar for both metals.
Sample processing
All drilling results discussed in the press release are JORC (Joint Ore Reserves Committee) compliant with all protocols in place. Assaying was completed at the Geo assay laboratory -- PT Geoservices, Cikarang, Jakarta. The Geo assay laboratory analyzed the samples using the XRF (X-ray flourescence) fusion method. PT Geoservices Ltd.'s Geo assay laboratory employed industry-standard internal quality assurance/quality control 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 Garry Clark, PGeo, independent director of Pacific Rim Cobalt and a qualified person as defined by National Instrument 43-101.
About Pacific Rim Cobalt Corp.
Pacific Rim Cobalt is a Canada-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.
We seek Safe Harbor.
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