22:19:32 EDT Fri 10 Jul 2020
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or Name

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Pacific Rim Cobalt Corp
Symbol BOLT
Shares Issued 63,094,358
Close 2019-06-13 C$ 0.14
Recent Sedar Documents

Pacific Rim drills two m of 2.24% NiEq at Cyclops

2019-06-13 03:13 ET - News Release

Mr. Ranjeet Sundher reports


Pacific Rim Cobalt Corp. has released additional results from its continuing 2019 shallow vertical diamond drilling program at its flagship Cyclops nickel/cobalt development project, Indonesia. The drilling is part of a multifaceted exploration program, aimed at confirming historical results and producing a resource estimate in late 2019.

Drill highlights include those found in the attached drill highlights table.

                                    DRILL HIGHLIGHTS 
Hole           From (m)      To (m)     Length (m)    Nickel (%)    Cobalt (%)    NiEq (1) (%)

DD271                0           5              5          0.82          0.13            1.18
And                  5          12              7          1.69          0.05            1.83
Including            5          11              6          1.79          0.05            1.93
DD273                0           6              6          1.16          0.22            1.77
And                  6           8              2          1.46          0.06            1.63
Including            7           9              2          1.61          0.26            2.24

The recent drilling results from seven holes in the Yapase area are well correlated with the historical drill data, confirming possible expansion of the mineralized footprint outlined in the historical estimate (2). The data from the program will provide the inputs for an updated mineral resource, and are expected to be used as the basis for eventually undertaking a preliminary economic assessment for the project. The resource calculation is expected to be completed in late 2019.

Other results include those found in the other drill results table.

                                      OTHER DRILL RESULTS 
Hole            From (m)      To (m)       Length (m)      Nickel (%)      Cobalt (%)      NiEq (1) (%)

DD260                 0           2                2            1.09            0.25              1.78
And                   2           3                1            0.67            0.03              0.75
DD261                 0           2                2            0.71            0.08              0.93
And                   2           9                7            0.85            0.02              0.91
Including             2           3                1            1.14            0.08              1.36
DD270                 0           1                1            1.13            0.09              1.38
And                   1           4                3            0.94            0.02              1.00
Including             1           2                1            1.48            0.02              1.54
DD272                 0           2                2            0.81            0.18              1.31
And                   2           9                7            0.95            0.02              1.01
Including             2           4                2            1.13            0.04              1.24
DD274                 0           4                4            0.80            0.10              1.08
And                   4           5                1            1.42            0.15              1.83

All drill intersections reported in this press release are true widths. All holes are vertical, and the mineralizing system is flat lying and parallel to the surface topography.

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 kilometres to the east.

Sample processing

All drilling results discussed in the press release are Joint Ore Reserves Committee compliant with all protocols in place. Assaying was completed at the Geo Assay Laboratory, PT Geoservices Ltd., Cikarang, Jakarta. The Geo Assay Laboratory analyzed the samples using the XRF fusion method. PT Geoservices Geo Assay Laboratory employed industry standard internal quality assurance/quality control methods that Pacific Rim Cobalt reviewed and found acceptable.

Exploration drilling and sample procedure protocols include: insertion of blank and certified samples; photographing and weighing of core; recording of recovery percentage; samples half cored with the balance retained for further analysis if required; sample intervals of one metre; sample recovery of core; all drill location and elevations recorded.

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, a qualified person as defined by National Instrument 43-101.

(1) Nickel equivalent

(2) Historical estimate

A historical estimate, which dates from before the requirement for uniform regulatory compliance and therefore fails to meet the current standards of National Instrument 43-101, is being referenced as a guide for Pacific Rim Cobalt's 2018 work program. These early data employed measurements still in use today and indicate mineralization from surface with an estimated potential of 37 million tonnes of 0.11 per cent cobalt and 1.31 per cent nickel at a 0.8-per-cent-nickel-cut-off grade. The company intends to validate the resource and, where possible, expand upon the historical estimate, as only five of the nine known cobalt/nickel occurrences were the subject of the historical studies. The company affirms these data in no way imply an estimated resource valuation, but are offered as a basis for its current exploratory efforts and approach.

Pacific Rim Cobalt considers the cobalt and nickel tonnage and grade estimates contained herein to be historical estimates. The historical estimates are contained in the summary geologic investigations, PT Pacific Nikkel Indonesia, 1969 (Reynolds, 1979). These historical estimates do not use categories that conform to current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards on mineral resources and mineral reserves as outlined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and have not been redefined to conform to current CIM definition standards. These estimates were prepared in the 1980s prior to the adoption and implementation of NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources, and Pacific Rim Cobalt is not treating the historical estimates as current mineral resources. More work, including, but not limited to drilling, will be required to conform the estimates to current CIM definition standards. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the company's project. Efforts to obtain any additional information regarding relevant historical work are continuing, although there are no assurances that these original data will be found. Pacific Rim Cobalt believes that the historical estimates are relevant to continuing exploration on the project. For more information, please refer to the technical report, filed on SEDAR on Dec. 8, 2017, and available under the company's profile at SEDAR.

About Pacific Rim Cobalt Corp.

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.

We seek Safe Harbor.

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