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Quantum Cobalt Corp
Symbol QBOT
Shares Issued 27,484,940
Close 2019-04-16 C$ 0.07
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Quantum Cobalt samples over 0.4% Co at Kahuna

2019-04-16 11:52 ET - News Release

Mr. David Schmidt reports

QUANTUM COBALT COMPLETES FIRST PHASE EXPLORATION ON THE KAHUNA PROJECT

Quantum Cobalt Corp. has completed the first phase of exploration at the Kahuna cobalt property.

The first phase of exploration was completed over a 24-day period and included extensive soil sampling, prospecting and trenching. Soil sampling covered the length of the project area, targeting the Nipissing Lorrain diabase for cobalt mineralization within calcite veins. Positive results from the soil program in 2017 proved the utility of soils as a method of analysis. The 2018 program was designed to cover the prospective zones throughout the property, as well as completing infill samples over last year's anomalies. A total of 775 soil samples and 13 rock grab samples were collected and submitted for assay to Bureau Veritas in Vancouver, B.C. (ISO/IEC 17025:2005 and ISO 9001:2015).

Of the 13 rock samples collected, 11 returned cobalt values of over 0.4 per cent (detection limit). Two of those samples also contained 1.068 per cent nickel with 3.4 grams per tonne silver and 1.08 per cent Ni with 7.9 g/t Ag, respectively.

                 ROCK SAMPLE RESULTS FROM THE 2018 PROGRAM

Sample ID        Type     Cu ppm    Ag g/t      Ni %          Co %       Bi ppm

3216776          Rock     281.50      1.90      0.37          >0.4     1,032.60
3216777          Rock     125.20      3.40      1.07          >0.4     1,159.10
3216778          Rock     155.10      0.80      0.16          >0.4       899.10
3216779          Rock     352.60      1.70      0.20          >0.4       192.60
3216780          Rock     241.60      4.00      0.19          >0.4     1,426.80
3216781          Rock     148.40      1.60      0.17          >0.4       225.10
3216782          Rock     190.80      2.00      0.26          >0.4       316.30
3216783          Rock      98.00      2.10      0.13          >0.4     4,000.00
3216784          Rock     183.40      2.30      0.12          >0.4       412.20
3216785          Rock     449.70      5.40      0.44          >0.4     1,175.80
3216786          Rock     433.90      7.90      1.08          >0.4     1,394.20
3216787          Rock      62.00      0.05      0.00          0.02         3.40
3216788          Rock      71.60      0.05      0.01          0.01         1.40

Preliminary review of results from the soil sampling identified multiple anomalous soil areas, along trend from historic workings and associated with localized structures. Peak values of up to 1,185.2 parts per million Co, 150.6 ppm Ni, 2,136.12 ppm copper and 1.293 ppm Ag were detected in soils across the property. The anomalies indicate the potential for further mineralization on the Kahuna property and will help vector Quantum's exploration going forward. The current exploration permit provisions for IP geophysics, as well as additional trenching and infill soil sampling.

Rock and soil sample locations were recorded in field notebooks, assay sample tag books and way points on a Garmin 64s GPS unit. Rock samples were collected into individual 18-inch-by-12-inch poly bags labelled with a unique seven-character sample ID. A tear-out tag with the barcode and unique sample ID was inserted in the bag, and the bag sealed with a cable tie in the field. Soil samples were collected from 30-centimetre to 60-centimetre depth using hand-held geo tools and soil augers. The lower B and upper C horizon was targeted for sampling, with the depth, soil horizon and colour recorded in field books. Each approximate 200-gram soil sample was placed into individually labelled Kraft paper bag with the sample tag and the sample number was written across the bottom. For the soil program, every 20th sample was taken as a field duplicate for quality assurance/quality control.

About the Kahuna cobalt property

Location

The Kahuna cobalt property is located 14 kilometres northeast of the town of Temagami and 37 kilometres south of the town of Cobalt near the eastern border of Ontario. The district is mining friendly, having a rich history of cobalt and silver production. This area is the epicentre of past-producing cobalt mines in Ontario.

Property status and configuration

The Kahuna cobalt property comprises 77 claim units and covers approximately 1,200 hectares.

Access and infrastructure

The property is accessible by boat from Lorrain Lake, which is accessed by 12 kilometres of well-maintained gravel surface roads off of leaving a major paved highway connecting the nearby towns of Temagami and New Liskeard. The property is located 12 kilometres from rail and power distribution lines.

Mineralization

Cobalt and silver mineralization occurs in calcite veins within the Nipissing diabase as erythrite and native silver. The grade of five tonnes of material collected during past production was reported to be 22 per cent cobalt, and an assay of 20 ounces per ton silver was reportedly obtained from a vein on the property.

History

Friday Mines Ltd. operated the property in the 1920s, sinking a shaft and drifting on a 10-inch-wide calcite vein with cobalt mineralization. Five tonnes of cobalt mineralization were produced with a grade of 22 per cent cobalt. In the 1960s, Gibson Mines explored the property and found cobalt and silver mineralization. An assay of 20 ounces per ton silver was reportedly obtained from a vein as well. More recently, in 1998, a portion of the property was staked and a small soil survey reported cobalt in soil up to 440 parts per million as well as gold-in-soil anomalies.

The historical information for the Kahuna cobalt property provided in mineralization and history was obtained from the mineral deposit inventory report MDI31M04SE00035, the details of which are presented to provide a mineral potential and historical work perspective, and any sampling, analytical or test data underlying the information or opinions have not been verified by a qualified person. The company intends to include check sampling during the current exploration phase.

Corporate update

The company would also like to announce the appointment of David Greenway to the board of Directors. Mr. Greenway brings more than two decades of experience in managing, financing and developing growth strategies for various TSX Venture Exchange- and Canadian Securities Exchange-listed companies, including involvement in acquisitions, business valuations and investor relations. His key expertise lies in the management and development of junior public resource companies, especially in the mining and oil and gas sectors. He has held directorships, senior management and business development positions, including his role as the chief executive officer of Stamper Oil & Gas Corp., Veritas Pharma Inc., Chief Consolidated Gold Mines, SNS Silver Corp., Moneta Resources Inc. and Sterling Mining Company, and his board position in Mountain View Conservation Centre. Mr. Greenway attended University in Bournemouth, England, where he studied accounting and finance.

The board of directors now consists of David Schmidt, David Greenway, Quinn Field-Dyte and Von Torres.

Other properties

The company has allowed its Grew Creek property to lapse. The company has also allowed the Musgrove properties to lapse and is currently in negotiation to settle claims arising from the lapse of royalty payments payable to the original optionor of the properties.

Qualified person

G.S. Davidson, PGeo, is the qualified person as defined in National Instrument 43-101 that has reviewed and approved the contents of this press release.

We seek Safe Harbor.

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