Quantum Cobalt's Field Crew Completes First Pass Exploration on Rabbit Lake Project Near Temagami, Ontario
VANCOUVER, Nov.15, 2017 /PRNewswire/ - Quantum Cobalt Corp. (CSE: QBOT; OTC: BRVVF; FRA: 23B) ("Quantum" or the "Company") wishes to announce it has completed a first pass exploration program on the Rabbit Lake Cobalt Property (collectively, the "Rabbit Lake Property" or the "Property"), located 14km South East of Temagami, Ontario. The property lies in the famous 'Cobalt' province and is approximately 47km south of the town of Cobalt, Ontario. A historical Cobalt-Gold-Nickel occurrence is well documented on the property.
The occurrence lies within a Nipissing diabase host towards the north of the property, containing an 18inch wide fracture zone with Co-Fe-Ni Arsenides and chalcopyrite mineralisation. Historic assays give values up to 8.76% Cobalt, 6.56% Nickel and 8.8g/t Gold.
A field crew has recently visited and completed a systematic exploration program on the property, reported below.
Prospecting over the northern area showed several unmapped diabase contacts. This coupled with the occurrence warranted the focus of a 25m x 200m grid soil geochemistry program, totalling 105 samples. Further, two prospective fault zones were identified elsewhere on the property and received 10m spaced soils for an extra 22 samples. A beep mat was utilised during the trip and a total of 29 grab samples taken.
All geochemical samples are pending results.
About the Rabbit Lake Cobalt Property:
The Rabbit Cobalt property is located 14 km southeast of the town of Temagami and 55km south of the town of Cobalt near the eastern border of Ontario.
Property Status and Configuration
The approximately 1,040 ha Rabbit Cobalt property is comprised of 65 claim units.
Access and Infrastructure
The Property is accessible via Rabbit Lake which is accessed by 7 km of well-maintained gravel surface road leaving highway 11, 3.5 km south of the town of Temagami. The property is located 10 km from rail and 5 km from power distribution lines.
Cobalt, gold and nickel mineralization is hosted within a fracture zone in diabase approximately 18 inches in width. The fracture is described as being at the contact between the mafic intrusive and the Gowganda Formation. A grab sample collected by A.G. Burrows returned an assay of 8.76% Cobalt, and 6.56% Nickel. The grab samples are selective samples, and are not necessarily representative of the mineralization hosted on the property. This information was from Mineral Deposit Inventory for Ontario (MDI31L13NE00004). A qualified person has not verified the data disclosed in this written disclosure.
The town of Cobalt, Ontario is located along the Quebec border, near Temiskaming Shores in Norther Ontario. The town sprang up to serve as its hub during the cobalt silver rush. Sporadic exploration of the property has occurred since at least 1955 with minimal focus on cobalt mineralization in more recent years. In 2002 JML Resources flew airborne geophysics over several prospects in the area looking for diamondiferous kimberlites and partially covered the property. Tres-Or Resources in 2005 was also exploring the area for diamondiferous kimberlites. This information was from Mineral Deposit Inventory for Ontario (MDI31L13NE00004).
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.
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