Quantum Cobalt's Field Crew Completes First Pass Exploration on Kahuna Project Near Temagami, Ontario
The field crew visiting the property completed a first pass exploration program consisting of prospecting, mapping and sampling with results reported below;
Within the Friday shaft dump, quartz and carbonate veins were observed in a Nipissing diabase host rock. Mineralisation was observed to be closely associated with carbonate veining. Mineralisation included massive sulphides, pyrite, chalcopyrite, arsenides and cobalt bloom. Mineralisation occurred in patchy blebs, veins, massive sulphides and is disseminated. Prior sampling recorded values of up to 22% cobalt from the waste rock on the property.
In total, 28 In total, 28 rock samples and 166 soil samples were collected on the project with pending results.
In 1998, a soils program was conducted around Friday's shaft showing several strong anomalies. A further 10m x 10m soil sample program was completed to compliment the historic program and validate anomalous results. A total of 55 samples were collected. Additionally, 91 soil samples were collected between the Friday Mines' shaft and the shoreline 800m to the north. Samples were collected at 10 meter intervals across the diabase with 100m spacings for a total of 91 samples.
A further outcropping diabase on the western shore was also investigated. Evidence of faulting with slickensides, structures, iron staining and veining were observed. A 20cm wide quartz vein with traces of pyrite and chalcopyrite was sampled and stringer carbonate veining and disseminated sulphides were observed within the vicinity. A total of 20 soil samples were collected across the fault.
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.
Michael Waldegger, P.Geo, is the qualified person as defined in NI 43-101, that has reviewed and approved the contents of this press release.
QUANTUM COBALT CORP.
Greg Burns, 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.
800 - 1199 West Hastings Street, Vancouver, British Columbia, V6E 3T5, Tel.: 604.283.1722 / Fax: 1.888.241.5996