Cobaltech Mining Inc.(CSK:CA) has released positive results from the due diligence samples collected during a recent property visit on the Duncan Kerr project in Cobalt, Ont., Canada. The company also wishes to announce that it is granting stock options to directors, consultants and employees of the company.

Cobaltech has successfully identified high-grade Cobalt and Silver during a field visit in the Cobalt area on its Duncan Kerr Project in Ontario. Samples from 4 lithotypes were collected and assayed to validate the Cobalt and Silver potential of the project. These are:

  • The high-grade material from the crushed concentrate piles.
  • A mineralized calcite vein typical of the ore material described in historical reports.
  • An unmineralized “barren” mafic volcanic sample.
  • An altered piece of wallrock that line the veins.

The assay results are presented in the following table:

Assay results from grab samples   
                                               
                       Ag   Co    Cu    Ni  Zn 
                      ppm  ppm    ppm  ppm ppm 
High-grade concentrate1160> 5000> 1000082208680
Vein material         36.9> 5000   38.11400 7.8
Barren Volcanics      6.61    48    169 33865.3
Altered wallrock      5.25> 5000    100 12898.1

Three (3) of the four (4) samples reached the upper instrumental assay limits for cobalt and are currently being re-assayed using a higher limit method to adequately quantify the cobalt content of these rocks. Silver content is usually very erratic on this type of deposit and these samples were selected to try to estimate a background value. It is interesting to note that even the “barren” material returned positive silver grades.

Antoine Fournier, President & CEO comments: “Although the intent was to gain an honest appraisal of the project, we were very pleased to see that cobalt grades were above detection limits for the 3 samples with visible mineralization. These are samples coming from rock piles lying directly at surface on the property. Cobaltech will now put together a plan of action of evaluate the surface potential of the project”.

The samples were selected to be characteristic of the different rock units observed on the project and collected from within the historic workings. It must be reminded that grab samples are selective by nature and may not be considered representative of the overall grade of the rocks from the project, they may only serve to illustrate its potential.

The samples were assayed by Actlabs in Ancaster, Ontario by a combination of Instrumental Neutron Activation Analysis (INAA), Total Digestion – Inductively Coupled Plasma (ICP) and Total Digestion – Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) to quantify 63 elements from a pulverized fraction of the sample. No checks, blanks or standards were inserted in this sequence. The laboratory inserts its own standards as part of their internal QA/QC procedures.

The company also wishes to report that under its current Stock Option Plan, it has granted two (2) million options to the directors, officers and a consultants of the company. The options have an exercise price of $0.20, and expire on January 16, 2022.

Antoine Fournier, P. Geo., M.Sc. is the Qualified Person, as defined by National Instrument 43-101, for this press release and he personally collected the rock samples and reviewed the technical information of this news release.

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