Go Cobalt Property & Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - February 25, 2019) - Go Cobalt Mining Corp. ("Go Cobalt" or the "Company") is pleased to provide the following property and corporate update.
Highlights regarding the Upcoming 2019 Monster Yukon Property Exploration Program:
- The Company has engaged IOCG expert Rodrigo Diaz to continue target generation and prioritization on the Monster property using Remote Spectral Geology (RSG) data in preparation for Go Cobalt's 2019 field program. Mr. Diaz' expertise in RSG and particularly on IOCG deposits includes 28 years of development in exploration with mining companies like Phelps Dodge, Rio Tinto and Codelco.
- Additionally, the Company has engaged Southern Geoscience Consultants to re-process historic gravity data on the Monster property with new high-resolution elevation data collected by Go Cobalt in 2018. Southern Geosciences Consultants is a group of highly experienced geophysicists based out of Perth, Western Australia that have contributed to exploration successes around the globe.
- Go Cobalt is planning an extensive detailed gravity survey in early 2019 to use in combination with the successful detailed airborne magnetic and radiometric survey flown by Go Cobalt in 2018. Together, gravity and magnetic surveys have been used to successfully identify IOCG deposits and will prove invaluable in drill hole targeting moving forward.
- The Company is also reviewing new passive EM surveys being developed by Precision Geo-surveys which may be able to outline certain characteristics associated with large IOCG deposits that could also be implemented this year.
- Go Cobalt is currently applying for a Yukon Mineral Exploration Program (YMEP) grant from the Yukon Government which offers mining incentives to qualified exploration companies for the upcoming season.
Barrachois Vanadium Property in Quebec
Following the successful identification of up to 2.01% vanadium pentoxide (V2O5) (see release dated November 27, 2018) the company began compiling all historic data and has started planning its summer program at the Barrachois Vanadium-Lead-Silver-Zinc prospect. The Barrachois project is road accessible and has mineralization close to surface in three widely spaced historical multi-element occurrences.
Mineralization is hosted in mudstones, shales, sandstones and conglomerates. The sedimentary units hosting mineralization are relatively flat lying and contain mineralization where exposed along a regional northwest trend. In addition to Vanadium historic samples have run up to 8.75% lead and up to 5.24% zinc (Quebec assessment report GM64643). No drilling has been done to date on the Barachois Property.
The Company expects to spend no less than $200,000 in qualifying exploration expenditures this year to meet its flow-through commitments in Quebec.
IR and Marketing
After successful events in Vancouver at VRIC and the AME Roundup, Go Cobalt will be attending PDAC in Toronto on March 5th and 6th and invites you to visit booth 2625.
Go Cobalt has started an advertising campaign with First Marketing GmbH of Heidelberg, Germany focused on engaging the European market. The campaign will highlight the company's cross listing on the German stock exchange under the symbol '47G'.
Wels Property Joint Venture
K2 Gold made the final payment of 500,000 common shares to Go Cobalt and satisfied all the terms of its option agreement thus earning a 90% interest in the Wels gold project located 45 km east of Beaver Creek in the Yukon Territories. K2 Gold will now advance the project as operator and Go Cobalt will hold a 10% working interest.
Under the Joint Venture, the K2 Gold will fund the project fully through completion of a preliminary economic assessment. Following, project expenditures will be funded on a 90/10 proportionate basis between K2 Gold and Go Cobalt, respectively.
President and CEO of K2, Steve Swatton stated: "Wels is currently our priority exploration project and I am pleased that we have fulfilled our earn-in option."
President and CEO of Go Cobalt, Scott Sheldon comments: "We are pleased to have K2 as the financing partner on the Wels project. The K2 team has substantial experience developing gold projects in the Yukon and we believe that they will add significant value."
Adrian Smith, P.Geo., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information presented within this news release.
About Go Cobalt Mining Corp.
Go Cobalt is a Vancouver based mining exploration company. We develop exciting and relevant energy metal projects to help meet demand for a battery powered future.
For further information, please contact:
Scott Sheldon, President
This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43005