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Bankers Cobalt Corp. Announces Commencement of Drilling at Kabolela Concession
VANCOUVER, British Columbia, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Bankers Cobalt Corp. (TSX-V:BANC) (the “Corporation” or “Bankers”) announces that it has commence
About this update from Magma Silver Corp.
[{"type":"text","content":"VANCOUVER, British Columbia, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Bankers Cobalt Corp. (TSX-V:BANC) (the “Corporation” or “Bankers”) announces that it has commenced the planned drilling program at the Kabolela concession located near Kambove, north of Likasi, in the southern DRC Copperbelt. There are currently six diamond core drill holes planned for the Kabolela concession. The drill holes will test the depth continuation of exposed copper mineralization. At surface, copper oxides occur in brittle faulting zones, as well as in the fine veins and foliations of the surrounding meta-sedimentary rocks of the Nguba Group (Lower Kundelungu Group). The Nguba Group is stratigraphically just above the Roan Formation. Several units within the Roan Formation are the primary host for currently known deposits within the Katanga cobalt/copper belt in the DRC and Zambia. Individual drill hole depths are expected to vary between 70 and 200 meters in total depth and the total drilling for the planned program is between 750 and 1200 meters. The drill holes also have the possibility of drilling reaching the Roan Formation. The drilling program is estimated to take 30 to 60 days to complete. The drilling contractor is Sinodrill Company Limited. Kevin Torudag, the President of Banker’s DRC operating subsidiary stated, “The drilling program at Kabolela is a concrete indication of our adhering to our business model of acquiring, assessing, exploring, developing, and selling of concessions with the potential for cobalt and copper in the DRC. Bankers, with its experienced team of professionals, will systematically evaluate our land package of 14 concessions to determine their resource potential. The commencement of drilling is also proof of our team’s ability to execute our plan, and execution is one of the key variables to being successful in the DRC operating environment. We are concurrently conducting geologic assessment efforts on five separate concessions. We have the full cooperation and assistance of our Congolese partners who have shown the foresight of recognizing the required upfront investment of capital and time in order to achieve a greater long-term benefit. We are very grateful for their continuing support. Bankers view is the DRC for the most part has not been adequately explored, and that companies willing to do the necessary work t...