VANCOUVER, Aug. 2, 2018 /CNW/ - Quantum Cobalt Corp. (CSE: QBOT; OTC: BRVVF; FRA: 23B) ("Quantum" or the "Company") has completed the first phase of exploration at the Kahuna Cobalt Property ("Kahuna" or "the 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 mineralisation 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 in-fill samples over last year's anomalies - specifically, the in-fill sampling focusing upon the historically mined Friday shafts area. The company is currently awaiting laboratory results for further analysis.
Pending results, further phases of exploration at the Kahuna project are planned for later this summer. The current exploration permits provisions for IP geophysics, as well as additional trenching and in-fill soil sampling.
About the Kahuna Cobalt Property:
The Kahuna Cobalt property is located 14 km northeast of the town of Temagami and 37km 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 is comprised of 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 km of well-maintained gravel surface roads off of leaving a major paved highway connecting the nearby town of Temagami and New Liskeard. The property is located 12 km from rail and power distribution lines.
Cobalt and silver mineralization occurs in calcite veins within the Nipissing Diabase as erythrite and native silver. The grade of 5 tonnes of material collected during past production was reported to be 22% Cobalt, and an assay of 20 oz/t Silver was reportedly obtained from a vein on the property.
Friday Mines Limited operated the property in the 1920's sinking a shaft and drifting on a 10-inch wide calcite vein with cobalt mineralization. 5 tonnes of cobalt mineralization was produced with a grade of 22% Co. In the 1960's, Gibson Mines Limited explored the property and found cobalt and silver mineralization. An assay of 20 oz/t 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 ppm 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.
Graham Davidson, P.Geol, is the qualified person as defined in NI 43-101, that has reviewed and approved the contents of this press release.
QUANTUM COBALT CORP.
David Schmidt, CEO and Director
Forward-Looking Information This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Quantum Cobalt Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE Quantum Cobalt Corp.
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