Primary Cobalt Corp. Completes Acquisition of 100% of the RD Cobalt/Gold Property, in Hazelton BC
Vancouver, British Columbia (FSCwire) - Primary Cobalt Corp. (the “Company” or “Primary Cobalt”) (CSE: PRIM) is pleased to announce it pursuant to the DG Resource Management Ltd. (“DG”) agreement dated March 31, 2017 (the "RD Property Agreement"), as the final payment, the Corporation will issue 855,000 Shares at a deemed price of $0.065 per Share. The Corporation has 20,398,770 Shares outstanding as of August 29th, 2018, with the issuance of the Share to DG, the Outstanding Shares will equal 21,253,770.
RD COBALT PROPERTY
The RD Cobalt Property comprises five contiguous mineral claims that cover an area of approximately 7,327 ha. The Property is approximately 1 km south of the Yellowhead Highway, a major interprovincial highway in western Canada. The west end of the Property (the Golden Wonder area) can be reached by a gravel road that links to Highway 16 southwest of Sealey Lake Provincial Park. ATV trails run west from this road north (for ~1,400 m) and south (for ~1100 m) of Denys Lake. The northern section of the Property (West’s Knoll, Daley West areas) is mostly accessible from Highway 16 by ATV along trails or by foot.
The Property encompasses several historic Copper, Gold and Cobalt mineral showings, including Golden Wonder, Daley West, Hecla, Black Prince, Blue Lake, and Silvertip Glacier. The Golden Wonder Showing has received the most attention historically, with exploration work recorded as early as 1912.
The exploration target is a Besshi Type Massive Sulfide occurrence similar to the Windy Craggy Deposit in northwest B.C., which remains one of the largest undeveloped Cu, Au, Co deposits worldwide.
On August 27th 2018 the company announced results from the 2018 field program on the RD Cobalt Property.
The new results from the Golden Wonder area expanded the zone of anomalous Au, Cu, Co to appromately 500 m of strike length. A high proportion of rock samples displayed anomalous Au values, with 22 of the 85 samples returning greater than 0.5 g/t Au, and 37 returning greater than 0.1g/t Au. Sample highlights include:
- Sample 128240: 18.2 g/t Au, 0.054% Co & 1.91% Cu (0.30 m chip)
- Sample 128241: 11 g/t Au, 0.667% Co & 0.414% Cu (0.20 m chip)
- Sample 128254: 2.2 g/t Au, 0.176% Co & 0.935% Cu (grab)
- Sample 128272: 4.7 g/t Au, 0.215% Co & 0.28% Cu (0.30 m chip)
- Sample 128278: 18.7 g/t Au, 0.653% Co & 0.969% Cu (grab)
- Sample 128283: 7.1 g/t Au, 0.256% Co (0.20 m chip)
- Sample 128288: 20 g/t Au, 0.194% Co (0.25 m chip)
- Sample 128294: 9.9 g/t Au, 0.17% Co (grab)
In addition, a number of chip sample sections were completed perpendicular to the structural trend in the area. The section in the main pit area returned promising values:
- Samples 128976-128977: 1.3 g/t Au, 0.041% Co & 0.35% Cu across 6 metres
A soil sample grid over Golden Wonder further reinforced the approximately 500 m mineralized trend, as a number of highly anomalous samples were located between mapped outcrops, with values of up to 3.97 and 5.89 g/t Au reported. In addition, a number of anomalous Au values were noted at both the ENE and WSW ends of the grid.
The technical information contained in this news release has been reviewed and approved by Patrick J. Kluczny, B.Sc., P.Geol., who is a Qualified Person as defined under National Instrument 43-101.
Patrick Morris, CEO and President said; “With the 100% ownership in our Hazeleton RD project, is another great step forward for Primary. We are very pleased with sample values from this summer’s work program and excited to see the significant increase in strike length at the Golden wonder target.”
About Primary
PRIMARY Energy Metals Inc. (CSE: PRIM) is a listed junior exploration company and is engaged in the business of acquiring, exploring and developing ethically sourced Cobalt, Copper, Nickel and Vanadium focussed mineral resource properties to create value for its shareholders. Current projects include Gold and Cobalt in Hazelton British Columbia, and 2 Cobalt and 2 Vanadium permits in Spain.
ACQUISITION FOCUS - Other projects Primary is investigating are in the clean energy sector. In this sector, the Company is focused specifically upon exploration opportunities to source green energy power minerals for use in battery production. Primary’s interests in this sector are guided by the following:
- Identifying opportunities in regions that are conducive to mining due to the regulatory nature of the government with existing infrastructure.
- Identifying opportunities in geographical locations that provide easy access large markets for these metals.
- Identifying opportunities with locations with existing mine shafts.
ON BEHALF OF THE BOARD OF DIRECTORS
Patrick Morris, CEO
Telephone: +1 778-735-1000
E-mail: info@primarycobalt.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
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Source: Primary Cobalt Corp. (CSE:PRIM)
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