VANCOUVER, British Columbia, July 26, 2018 /PRNewswire/ --
Bankers Cobalt Corp. (TSXV: BANC) (OTCQB: NDENF) (FSE: BC2) (the "Corporation" or "Bankers") is pleased to announce it has entered an option with a private Namibian partner to acquire a 70% interest in a prospective base metals, precious metals and industrial metals license located in the country of Namibia. Namibia is situated north of South Africa and south of Zambia. The option is for a period of two years with no defined expenditure requirements and may be extended or converted into a 70/30 corporate joint venture within the two-year option timeline.
Stephen Barley, Chairman and CEO stated: "Bankers' primary focus will remain on the exploration of our large property portfolio in the DRC. Based on key relationships, Bankers was presented with the opportunity to participate in a highly prospective substantial land package in Namibia and the potential was so compelling the Corporation determined to add this to the portfolio. This allows Bankers to provide diversification from the DRC with nominal cash consideration, no additional share or equity consideration and with no distraction from our primary DRC cobalt and copper focus."
Grant Dempsey, President and COO of Bankers, stated: "Namibia is a stable English speaking country with an independent judiciary and clearly defined mining laws. Namibia is underdeveloped from an exploration perspective. The unexplored Kamanjab project at 135 km² in area, has the size and appropriate geology to possess a tremendous amount of upside potential regarding copper, cobalt and other metals. Bankers will utilize the considerable expertise of the existing DRC exploration team to evaluate the prospect avoiding any duplication of costs while continuing unabated with all planned activities in the DRC."
Kamanjab Project - Namibia
The 135 km² Kamanjab license is situated in the North of Namibia, approximately 500 km north west of Windhoek the capital city of Namibia, and 90 km north of the village of Kamanjab. The geology of this area is underlain by basement rocks of the Epupa/Nosib Group and alluvium sediments. Mineralization is widespread and variable in style, occurring in discrete sedimentary horizons, such as the Dolostone Ore Formation, where the copper-cobalt is associated with disseminations and veinlets of sulphide minerals, orogenic copper and strata bound zinc-lead mineralization. Existing regional geological data sets from the Geological Survey of Namibia as well as the known mineral occurrences within the vicinity, indicate the property has a potential to host base metals, precious metals and industrial minerals deposits. The majority of the geology is dominated by Nosib/Epupa porphyritic gneiss that is known to host copper mineralization. The high resolution aero-magnetic data carried out in the area, shows moderate magnetic responses with two large magnetic anomalies in the western and eastern parts of the permit, indicating potential occurrence of magnetic bodies. There is visible copper staining in multiple out cropping's on the permit. (click here for picture of outcropping). Copper minerals hosted by the Epupa/Nosib formation and Sandstone, are malachite, blue azurite, light blue chrysocolla, cuprite, bornite, and chalcopyrite. Zinc minerals are whitish willemite, brown limonite, and brown goethite. Lead minerals are anglesite, and galena. Tennantite (Cu, Fe, Zn, Ag) is also present.
Qualified/competent person -- National Instrument 43-101 and JORC Code
The geological information in this announcement has been reviewed by Mr. Adam Anderson, Member of the Australian Institute of Geoscientists (AIG), a competent person (as defined in the JORC code, 2012 edition) and (being a recognized professional organization for the purposes of the Australian Securities Exchange listing rules). Mr. Anderson is also the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the contents of this news release.
Mr. Anderson is the DRC Exploration Manager for Bankers. He has sufficient experience that is relevant to the style of mineralization, the type of deposit under consideration and to the activity being undertaken to qualify as a competent person as defined in the JORC code and under National Instrument 43-101.
Bankers is a natural resource company focused on the acquisition, exploration and development of cobalt and copper mineral properties in the DRC to world-class Canadian standards. As battery production for EV's surges, demand for cobalt will probably exceed supply for many years. According to a recent report by Transparency Market Research, global sales of lithium-ion batteries are expected to reach US$70B by 2024, for a compound growth rate of 11.6% over the years beginning in 2016. Bankers holds rights to 26 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area of more than 391 km². Bankers has the intention to acquire interests in additional concessions. All concessions were obtained as either new grants or through reputable DRC partners and have clean title with no government involvement, making Bankers one of the few, and perhaps only, junior public mining company in the DRC to have 26 concessions capable of being currently explored. Bankers has an experienced operations team operating in the southern CopperBelt of the DRC. Bankers believes it is the front runner in advancing cobalt and copper exploration by a junior mining company in the DRC.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
Chairman & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of applicable securities laws including statements relating to the option regarding the Kamanjab license, the Kamanjab license, the outlook of the business of the Corporation, the Corporation's intention to acquire additional concession, the Corporation's ability to explore and develop the concessions including Kamanjab license, the results of any development and exploration, the ability of the Corporation to meet standards for verifiable supply chain custody, and the Corporation's status as a leader in the junior mining sector for cobalt and copper in the DRC. Although the Corporation believes considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them as the Corporation can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this news release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation its securities, or its financial or operating results.
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SOURCE Bankers Cobalt Corp.