VANCOUVER, June 26, 2018 /CNW/ - Quantum Cobalt Corp. (CSE: QBOT) (OTC: BRVVF) (FRA: 23B) ("Quantum" or the "Company") wishes to announce it has received approval for an exploration plan at the Kahuna Cobalt Property (the "Kahuna Property" or the "Property"), located 14km North East of Temagami, Ontario.
The exploration plan details and permits Quantum's desired work programs over the property for the 2018 season. With news of the approval, the company is mobilising a field crew to commence work on the project later this month.
Quantum will build and develop exploration on the Kahuna project following successful fieldworks completed in late 2017. Emphasis will be along strike in both directions from the historic Friday mines area. The 2017 program showed soil sampling to be a particular effective means of exploration, and will therefore be utilised going forward.
The 2018 field crew will operate from a fly camp onsite, and plan on completing a 750 sample soil program, trenching, mapping and prospecting. The soil sampling program will include infill and follow up sampling from last year's results, as well as a broad survey over the project. By completing a more comprehensive sampling program, the company will better define the project and generate targets for future exploration.
Included in the approved exploration plan is the prior approval of an IP geophysical survey, which the company intends on undertaking later in the year, in order to follow up on 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. 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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