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Bankers Cobalt Corp. Provides Update on DRC Projects and Activities
VANCOUVER, British Columbia, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Bankers Cobalt Corp. (TSX-V:BANC) (the “Corporation” or “Bankers”) provided an update on activiti
About this update from Magma Silver Corp.
[{"type":"text","content":"VANCOUVER, British Columbia, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Bankers Cobalt Corp. (TSX-V:BANC) (the “Corporation” or “Bankers”) provided an update on activities in the DRC. Stephen Barley, President and CEO stated, “Bankers has made substantial progress in the Democratic Republic of Congo (DRC). The Corporation has 26 highly prospective copper-cobalt concessions within the Katanga province in the DRC, where 60 percent of the world’s known cobalt resources are located. A key market driver for cobalt is the global electrification of transport – driven mainly by batteries for plug-in electric vehicles (EVs). On average an EV requires approximately five times as much copper per vehicle than conventional vehicles and substantially more cobalt. Bankers is well positioned to benefit from this expected growth in demand for both battery metals. Bankers has assembled a strong operational team to efficiently and effectively execute on the exploration plan. Bankers is continuing to add to this strong operational group while accelerating exploration and development on the Corporation’s land holdings.” Kabolela Project The Kabolela Project is 3.6 km2 in area and located 130km northwest of Lubumbashi and 10km northwest of the historical mining town of Kambove. The concession is in an area of significant mining and processing activity and is contiguous to two operating mines. In November 2017, a small HQ diamond drilling program was commenced. To date, seven holes have been completed for a total of 871.4m. This exploration program targeted cobalt/copper mineralization found in mechanically dug pits (up to 80m long) located in the central west part of the concession. A total of 96 half core samples were submitted for assay at SGS Lubumbashi. Narrow high-grade copper zones have been noted. The mineralization in the pits trends to the NE which is the same direction as the northern pit at Congo Cobalt Corp. (“CCC”) operations 3km away. Based on this interpretation and geological and structural knowledge obtained from initial drilling, an additional six holes will be drilled from the NW to the SE. An additional three to five DDH holes are planned to target the Roan Formation which is the host formation of the mineralization at the CCC mine and directly along strike from the CCC mine 3.8km to the NW. Several Induced Polarization (IP) geophysical te...