Pacific Rim Cobalt Commences 2018 Work Program
VANCOUVER, British Columbia, March 13, 2018 (GLOBE NEWSWIRE) -- Pacific Rim Cobalt Corp. (CSE:BOLT) (FRANKFURT:NXFE) (OTCQB:PCRCF) (the “Company” or “Pacific Rim Cobalt”) today announced commencement of a 2018 work program at its 100% controlled TNM Cobalt Project, Papua Province, Republic of Indonesia (“TNM”).
Today marks the launch of the initial work program to be conducted by Pacific Rim Cobalt at TNM, and the first since historical operators conducted extensive studies in the 1970’s and as again recently as 2011. The project encompasses 5000 hectares covering nine known cobalt-nickel prospects. A historical estimate*, not prepared in accordance with 43-101, indicates that mineralization is from surface and estimates potential mineralization of 37 million tonnes of 0.11% cobalt and 1.31% nickel at a 0.8% nickel cut-off grade. This information is based on a total of eight hundred and fifty-six (856) holes with average historic drilling to depths of 11-15 meters and twenty-six (26) test pits on five of the nine cobalt prospects located on the project. Historic data implies a potential for cobalt mineralization to over 25 meters in depth. For clarity, please review the note regarding these historical estimates further in this release.
As an initial step to guide the 2018 workplan, the Company has begun detailed drone operated topographic and photographic surveys. The resulting data will provide control for exploration planned activities including geological mapping, sampling, test pitting and diamond drilling to confirm historically reported* cobalt-nickel bearing laterite zones.
The project area has year-round access by road from the Sentani airport and is closely located to the administrative capital, Jayapura, which provides access to personnel and infrastructure. Additionally, the TNM Cobalt Project is directly situated on Pacific Coastal tidewater in direct shipping proximity to Asia, the world’s largest cobalt consumer.
Mr. Ranjeet Sundher, Pacific Rim Cobalt’s President and CEO, notes, “Like many business endeavours, location plays a key role in the success or failure of an enterprise. We believe that cost-effective oceangoing proximity to the largest cobalt markets in the world, combined with our strong in-country experience makes for a truly attractive business proposition. It appears that the battery raw material supply chain is becoming increasingly recognized as a great opportunity with significant growth potential.”
During 2018, diamond drilling and test pit excavations will be undertaken to delineate the lateral and vertical extent of cobalt and nickel mineralization within the project area. Sundher continues, “during 2018 we also expect to commission metallurgical studies of laterite materials from the TNM project for test processing at a North American-based pilot processing facility. The studies are intended to guide development of best practice industrial scale processing methods for battery grade cobalt and nickel sulfates, both of which are critical inputs for the rapidly growing lithium-ion battery industry.”
The Company further advises it has an ongoing program to identify and evaluate other Indonesian cobalt opportunities in order to enhance its position in the sector and is carrying out due diligence on a number of projects which may offer a strategic fit.
Pacific Rim Cobalt considers the cobalt and nickel tonnage and grade estimates contained herein to be historical estimates. The historical estimates are contained in the Summary Geologic Investigations, PT. Pacific Nikkel Indonesia 1969 – 1979 (Reynolds 1979). These historical estimates do not use categories that conform to current CIM Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") and have not been redefined to conform to current CIM Definition Standards. These estimates were prepared in the 1980s prior to the adoption and implementation of NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and Pacific Rim Cobalt is not treating the historical estimates as current mineral resources. More work, including but not limited to, drilling, will be required to conform the estimates to current CIM Definition Standards. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the Company’s property. Efforts to obtain any additional information regarding relevant historical work is ongoing, although there are no assurances that this original data will be found. Pacific Rim Cobalt believes that the historical estimates are relevant to continuing exploration on the property. For more information please refer to our technical report, filed on SEDAR on December 8, 2017 and available under the Company’s profile at www.sedar.com.
Mr. Garry Clark, P. Geo., Independent Director of Pacific Rim Cobalt, is the qualified person as defined in NI 43-101, who has reviewed and approved the scientific and technical content in this presentation.
About Pacific Rim Cobalt (CSE:BOLT) (FRANKFURT:NXFE) (OTCQB:PCRCF)
Pacific Rim Cobalt Corp. is a Canadian publicly listed company currently focused on the development of cobalt projects within Indonesia. It’s TNM cobalt project encompasses cobalt and nickel mineralization as well as excellent infrastructure for year-round development activities. The Company believes cobalt will be the next dominant investment trend related to the critical components of lithium-ion batteries. Cobalt is currently in a global supply deficit, has a vulnerable supply chain, and is part of an emerging sector with extraordinary potential. Pacific Rim believes that the quality of our assets and our proximity to markets give us the opportunity to be a leader in the cobalt development space. For more information, visit: www.pacificrimcobalt.com.
Pacific Rim Cobalt Corp.
Ranjeet Sundher – President and CEO
Steve Vanry – CFO & Director
Sean Bromley – Director & Investor Contact
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in both Pacific Rim Cobalt’s periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "plan", "estimate", "expect", "intend", "potential", "should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information. Forward-looking statements include, without limitation, statements regarding future oriented events and other statements that are not facts. Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Pacific Rim Cobalt operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Such forward-looking statements should therefore be construed in light of such factors. Although Pacific Rim Cobalt has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and Pacific Rim Cobalt disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Pacific Rim Cobalt does not assume any liability for disclosure relating to any other company herein.