King´s Bay Resources Corp.
Kings Bay Acquires 100% Interest in Three Additional Cobalt Properties in Quebec
EQS Group-News: King’s Bay Gold Corp. / Key word(s): Expansion/Interim Report Kings Bay Acquires 100% Interest in Three Additional Cobalt Properties in Quebec Historic samples yielding values up to 2.6% Ni, 1.8% Cu and 1.06% Co Vancouver, February 3rd, 2017 – King’s Bay Gold Corporation (TSX.V: KBG), (FSE: KGB1), operating as “King’s Bay”, a mining exploration and development company based in Vancouver, is pleased to announce the 100% acquisition of three cobalt bearing properties in Quebec. Kevin Bottomley states “The price for cobalt continues to rise and thus we feel having a greater portfolio of cobalt bearing projects provides the best value for our shareholders. Quebec has a strong history of successful mining ventures and King’s Bay is pleased to build on the exploration work that was done by Falconbridge Ltd. in early 2000.” The Ninuk Lake Project is located approximately 175 kilometers northeast of Umiujag, Quebec and consists of 19 mineral claims encompassing 2164 acres. A deep-sea port is located 125 kilometers from the property. In 2001 Falconbridge Ltd. completed an exploration program consisting of surface sampling, mapping and electromagnetics. Surface sampling of massive sulfide in outcrop yielded anomalous values of up to 2.6% Ni, 1.8% Cu, and 0.27% Co. Mapping of the area exposed several lenticular ultramafic bodies containing pods massive sulfide. A small-scale electromagnetics program yielded several subsurface conductors in the area. Regional Geology– The area is Neoarchean in age and located within the superior province with ultramafic-felsic rocks including granodiorite, tonalite, paragneiss, amphibolite, peridotite, pyroxenite, and gabbronorite. Structurally the area of interest is bounded to the east and west by two regional fault systems Broadback River Cobalt Property The Broadback River Project is located only 24 kilometers northwest of the Nuinsco Discovery zone and consists of 9 mineral claims encompassing 1035 acres. The property can be easily accessed by the James Bay Road north from Matagami and then by woods roads to the property approximately 75 kilometers inland. In 1985 a magnetic and electromagnetics survey was flown by the Quebec Ministry of Natural Resources that uncovered several large conductors. In 1999-2000 Falconbridge Ltd. took 152 samples Regional Geology- The area is Archean in age and dominated by intrusive gabbro which cuts felsic and mafic volcanics and iron formation of the Frotet-Evans Belt. The Roberge Project is located 2.1 kilometers southeast of Chesterville, Quebec and consists of 3 mineral claims encompassing 443 acres. The property is easily assessable by a paved road which runs through the property. Soil sampling on the property revealed several anomalous sediment samples assaying up to 1.06% cobalt. The work was done by the Quebec Government through a regional soil sampling program and can be found in open report DV 84-16. Exploration Program NI 43‐101 Disclosure About King’s Bay On Behalf of the Board Forward-Looking Statements
End of Corporate News |
Language: | English |
Company: | King’s Bay Gold Corp. |
Suite 1450, 789 West Pender Street | |
BC V6C 1H Vancouver | |
Canada | |
Phone: | +1 604 681 1568 |
E-mail: | info@KingsBayRes.com |
Internet: | www.KingsBayRes.com |
ISIN: | CA49579Q2099 |
Valor: | A2AN0E |
Listed: | Regulated Unofficial Market in Berlin; Open Market in Frankfurt ; Canadian Venture Exchange, Toronto |
End of News | EQS Group News Service |