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VANCOUVER, British Columbia, Jan. 23, 2018 (GLOBE NEWSWIRE) -- Pacific Rim Cobalt Corp. (the “Company” or “Pacific Rim Cobalt”) (CSE:BOLT) (FRANKFURT:NXFE) (OTCQB:PCRCF) announces today the Company’s exploration and development team has commenced 2018 activities at its 100% controlled TNM Cobalt Project, Indonesia. This will be the initial work program conducted by Pacific Rim Cobalt at TNM and the first since historical operators completed a total of eight hundred and fifty-six (856) holes and twenty-six (26) test pits, on five of the nine cobalt prospects located on the project.
During November and December 2017, the Company selected and retained a talented and experienced core team who are responsible for executing various development initiatives at the TNM project. The team is comprised of predominantly in-country professionals providing expertise in the fields of geology, finance, logistics and local government/mining regulation.
The site project and logistics manager has been onsite since the middle of November 2017 selecting various locations for the operational headquarters and support camps to assist in the logistical supply chain for development activities. A key component of the overall plan is to make the sampling and analysis more efficient and cost effective. The operational headquarters are expected to house sample preparation, field nickel and cobalt assay capability and sample storage. Small sized pulp samples will be sent to an accredited laboratory in Jakarta. Results of the analysis will then be used to prioritize zones of interest.
The project area has year-round access by road and sea from the large towns of Sentani and Jayapura. The airport at Sentani is approximately 15 km to the east of the project area and the port of Jayapura, the administrative capital, provides access to the sea. The TNM Cobalt Project is situated on tidewater of the Pacific coast with direct access to markets in Asia.
In February of 2018, the Company plans to conduct detailed drone controlled topographic and photographic surveys. This information will provide control for exploration activities including geological mapping, test pitting and diamond drilling to confirm historically reported cobalt-nickel bearing laterite zones. Quotes have been received from relevant in-country service providers and are currently being evaluated.
During 2018, additional diamond drilling and test pitting will be undertaken to delineate the lateral and vertical extent of cobalt and nickel mineralization within the project area.
Ranjeet Sundher, Pacific Rim Cobalt’s President and Chief Executive Officer, said, “I believe we have an exceptional opportunity as a pre-production “pure-play” cobalt company. Pacific Rim Cobalt plans on creating significant shareholder value by leveraging the “once in a lifetime” global shift from fossil fuels to renewable energy.”
About Pacific Rim Cobalt
Pacific Rim Cobalt is a Canadian-based exploration company focused on the acquisition and development of production grade cobalt deposits, a key raw material input for the growing lithium-ion battery industry.
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.
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.
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