Korab Resources Ltd: Reports First Stage Results for Cobalt Review at Batchelor Project

Sydney - Korab Resources Ltd. (ASX:KOR) ("Korab", or "Company") is pleased to report first stage results of the review of cobalt potential of Korab's Batchelor project located near Darwin in the Rum Jungle Mineral Field. This first stage review encompassed geochemical assessment of 20 RC drillholes, 784 RAB drillholes drilled on a 40m x 200m grid, 2,950 soil samples taken on 40m x 100m and 40m x 200m grids, and 686 rock chip samples. RAB drilling averaged 10m in depth with 8,150 samples analysed.

- Highlights (above 700ppm Co) from Reverse Circulation drilling include following multiple zones of cobalt, copper and gold (where available) mineralization, refer to Table 1 (see link below).

- Full list of the anomalous RC drill samples with cobalt, copper and gold values (where available) is provided in Appendix A (see link below).

Korab's review confirmed presence of high grade cobalt mineralisation within our tenements (Figure 1 and Figure 2, see link below). Cobalt mineralisation appears to be pervasive, extending over multiple zones of significant surficial extent, covering in aggregate an area of approximately 13.9 mln m2. The largest single mineralisation zone covers 10.3 mln m2. In the northern zones cobalt appears to be associated with copper and gold, in the southern and central zones it appears to be associated with copper and nickel. High grade cobalt mineralisation is located either on top of, or near intersections of deep faults and crosscutting faults and fractures (see Figure 1 and Figure 2). All of the elevated cobalt drill intercepts are associated with surface geochemical anomalies present in soil, rock chips, and shallow RAB drilling.

- Highlights (above 500ppm Co) from surface sampling include following high grade cobalt samples, refer to Table 2 (see link below).

- Highlights (above 500 ppm Co) from shallow RAB drilling include following zones of cobalt mineralization, refer to Table 3 (see link below).

- The full list of the anomalous cobalt RAB and surface geochem samples with cobalt, copper, gold and nickel values (where available) is provided in Appendix A.

Korab now has sufficient information to complete the planning of the drilling program designed to test several high-priority zinc-lead-silver and cobalt-copper-gold prospects. Zinc prospects and targets were reported previously on 23 November 2016 and 25 January 2017. It is expected that the planning of this drill program will be completed shortly. Subject to permitting and availability of drilling rigs (which have finished drilling on neighbouring tenements) Korab anticipates that drilling will commence in the 2nd quarter of 2017.

While Korab is continuing the review of the lithium data it has been decided to prioritise the drilling program testing cobalt and zinc targets, rather than wait until the initial lithium exploration phase is completed.

- Diagram below (Figures 1 & 2) illustrates in 3D near surface cobalt values in shallow RAB drilling with faults and fractures.

To view the full release including tables and figures, please visit:
http://abnnewswire.net/lnk/0NK58YD3


About Korab Resources Limited:

Korab Resources Ltd. (ASX:KOR) is an international mining and exploration company with operations in Australia and Europe. Korab's projects include Winchester magnesium carbonate deposit and Geolsec phosphate rock deposit at Batchelor in the Northern Territory of Australia as well as a gold and silver deposit at Bobrikovo in eastern Ukraine. The Company also explores for gold and copper at Ashburton Downs in Western Australia and for various metals and specialty minerals at Batchelor in the Northern Territory. More information about Korab's projects can be sourced from Korab's website at www.korab.com.au. Korab's shares are traded on Australian Securities Exchange (ASX) and on the Berlin Stock Exchange (Berliner Börse) through Equiduct electronic trading platform.


Contact:

Korab Resources Ltd.
Andrej K Karpinski Executive Chairman
T: +61-8-9474-6166
www.korab.com.au