VANCOUVER, British Columbia, November 26, 2018
VANCOUVER, British Columbia, November 26, 2018 /PRNewswire/ --
Bankers Cobalt Corp. (TSXV: BANC) (FSE: BC2); (OTCQB: NDENF) (the "Corporation" or "Bankers") is pleased to announce entering a two year option agreement to acquire a 70% interest in an additional 943 km² permit showing high potential for copper, cobalt and other metals including silver and gold adjoining the recently acquired Kamanjab Project in Namibia.
Grant Dempsey, President and COO of Bankers stated: "The Kamanjab project has the potential of being a large deposit. The optioning of EPL 4477 further solidifies Bankers control of the entire region. EPL 4477 displays the same visible copper staining and other mineralization evident on the adjoining license EPL 6217. The Kamanjab Project has similar geological and tectonic-metallogenetic background to the Tsumeb mine. Both are located on the Northern Zone of the Damara Orogeny Belt. The Tsumeb copper- polymetallic mine was one of the biggest and long-term mines in Namibia."
The Damara Orogeny Belt trends ENE across north-central Namibia into Botswana and Zambia, connecting the Lufilian Arc in the Democratic Republic of Congo and the Zambezi Belt (The Katanga-Zambian Copper Belt). The dominant strata of carbonate shelf which developed in the Damara Belt can be traced from north central Namibia to Zambia and the DRC. These carbonaceous formations were grouped within the Damara Supergroup in Namibia and the Katanga Supergroup in Zambia and the DRC where the strata become the major host of the copper-cobalt mineralization.
Permit EPL 4477 - Kamanjab Project, Namibia
Bankers has entered into an option agreement with a private Namibian company to acquire a 70 % interest in Exclusive Prospecting License 4477 (EPL 4477) bordering the previously announced option agreement on EPL 6217 in northwestern Namibia. EPL 4477 has an area of 943 km² bringing the current Kamanjab land package to a total of 1,078 km². The acquisition cost was a small cash payment and no share consideration will be given. The location of EPL 4477 in relation to EPL 6277 is shown in the linked map. (click here to view map). Like the recently acquired EPL 6277, EPL 4477 has visible copper staining and is highly prospective for copper, and other metals.
Bankers retained MinRom Consulting (PTY) Ltd. (MinRom), an independent mining consulting group located in Johannesburg, South Africa, to conduct a site visit on the Kamanjab Project. The report recommends minimal additional surface work to be followed by an RC drilling program. MinRom visited five locations and provided their interpretation of the geological setting and mineralization. The first location was within the northern limb of EPL 4477 and showed visible copper staining (malachite and chrysocolla) within highly deformed metasediments and metavolcanics of the Khoabendus Group where stratigraphically close to the overlaid Damara Supergroup. The second location close to the first location contained large pegmatiodal quartz veins with schorl type tourmaline crystals exhibiting large prismatic crystals to radiating and massive textures. The occurrence of these tourmaline pegmatites suggests a hydrothermal presence generated from intrusive complexes identified nearby. The third location was situated close to the boundary between EPL 3817 and EPL 6277 and mineralization was observed in vertical to sub-vertical joints and brecciated zones within the dolomitic and grey dolostone units of the Damara Supergroup. The joint fill generally consisted of euhedral calcite and dioptase crystals. Malachite and chrysocolla could also be observed along the bedding contact between the dolomites and grey dolostone radiating away from the vertical to sub-vertical, dioptase filled joints and breccia. The fourth and fifth locations exhibited distinctive malachite and chrysocolla mineralisation with large cubic galena observed in the dolomitic units. Galena mineralisation was generally observed in large breccia zones with malachite and chrysocolla observed as joint fill, in bedding contacts, and as nodules within grey dolostone.
Qualified/competent person -- National Instrument 43-101 and JORC code
The geological information in this announcement has been reviewed by Mr. Shu Zhan, Member and Registered Professional Geoscientist of the Australian Institute of Geoscientists (AIG), a competent person as defined in the JORC code, 2012 edition. Mr. Zhan is also the Qualified Person as defined by National Instrument 43-101 (being a member of a recognized professional organization) who has reviewed and approved the contents of this news release.
Mr. Zhan is a Director 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.
In connection with the option agreement on EPL 4477, Bankers has agreed to issue 800,000 common shares at a deemed price of $0.05 per share to two arms-length parties. The shares will be subject to a four month hold period from the date of issuance. The issuance of the shares remains subject to the approval of the TSX Venture Exchange.
Bankers is a natural resource company with a primary focus on the acquisition, exploration and development of cobalt and copper mineral properties in the DRC and Namibia to world-class Canadian standards. Bankers has acquired an option on licenses covering 1,078 km² in Namibia with the potential for copper, cobalt and other metals. Bankers holds rights to 30 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area of more than 400km². Bankers has the intention to acquire interests in additional concessions or relinquish concessions in the normal course of business. All DRC concessions were obtained as either new grants or through reputable DRC partners and have clean title with no government involvement. Bankers has an experienced management team operating in the southern CopperBelt of the DRC and Namibia.
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 outlook of the business of the Corporation, including statements relating to , the Corporation's intention to acquire additional concession, the similarity to the Tsumeb Mine, the Corporation's ability to explore and develop the concessions, 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.