Global Cobalt (TSX:GCO) has confirmed historical Soviet-era drill data at its Karakul cobalt project in Russia. The Vancouver-based company on Thursday announced assay results from the first seven holes of a 45-hole drill program whose purpose is to validate historical assays.
Three days ago, Global Cobalt said it had completed 39 of the 45 holes and moved a fourth drill rig into place; 5,517 of 7,500 meters have so far been drilled.
According to Global Cobalt, the assay results “confirm and correlate very well with historic data for twinned Russian and Soviet-era drill holes.” They also returned intersections of previously unknown zones, indicating potential for increasing the size of the mineralization. The assays show the presence of new silver, tungsten, copper and bismuth, which Global Cobalt says could increase metal content in the modeling of the project.
“These are the assay results for which we have been waiting. These results overall correlate very well with, and verify historic Soviet-era drill hole results and more importantly confirm the validity of the Karakul Cobalt Project,” said Erin Chutter, Global Cobalt’s president and CEO. She added that more assay results in coming weeks will further the company’s understanding of the deposit and prepare it for an upcoming NI 43-101 report.
Global Cobalt has begun a feasibility study for Karakul and is fully funded for its current work program. The company has also signed a preliminary offtake agreement with Beijing Easpring Material Technology.
For more on the project, listen to an INN interview with CEO Erin Chutter.
Securities Disclosure: I, Andrew Topf, hold no investment interest in any of the companies mentioned int his article
Editorial Disclosure: Global Cobalt is an advertising client of the Investing News Network. This article is not part of any advertising campaign and is not paid-for content.