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EQS Group-News: King's Bay Gold Corp. / Key word(s): Expansion/Interim
Kings Bay Acquires 100% Interest in Three Additional Cobalt Properties in
*Kings Bay Acquires 100% Interest in Three Additional Cobalt Properties in
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."
*Ninuk Lake Cobalt Property*
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.
Due to several other discoveries that year, the exploration work completed
by Falconbridge Ltd. has never been followed up on and the amalgamation of
these results encourages further work to be completed on the property.
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
In 1985 a magnetic and electromagnetics survey was flown by the Quebec
Ministry of Natural Resources that uncovered several large conductors. In
Falconbridge Ltd. took 152 samples
and uncovered semi massive sulphide assaying *0.7% Ni*, *0.3 Cu*, and .*09%
Co* but only drill tested the northwestern portion of the property. All
southeastern conductors remain untested.
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.
*Roberge Cobalt Property*
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
*Exploration Program*
King's Bay has begun assessment report translation (French to English) and
data compilation along with the initiation of constructing an exploration
plan consisting of sampling, localized mapping and channel sampling which
will be completed this spring to reconfirm historical results.
*NI 43-101 Disclosure*
Edward Lyons, P. Geo. supervised the preparation of the technical
information in this news release and is a qualified person as defined by
National Instrument 43-101.
*About King's Bay*
King's Bay is focused on the exploration of cobalt and other high-tech
metals in North America. The company believes in this emerging fast-growth
sector and will continue to seek out and evaluate properties that show
promise for development. King's Bay Gold Corp is operating as "King's Bay."
*On Behalf of the Board*
Kevin Bottomley
CEO, President
*Forward-Looking Statements*
This news release contains forward-looking information which is subject to a
variety of risks and uncertainties and other factors that could cause actual
events or results to differ from those projected in the forward-looking
statements. These forward-looking statements are subject to a variety of
risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
information. Risks that could change or prevent these statements from coming
to fruition include that the Company may not raise sufficient funds to carry
out its plans, changing costs for m increased capital
timing and content of up current geological
interpretations may change with more detailed information, potential process
methods and mineral recoveries assumption based on limited test work and by
comparison to what are considered analogous deposits that with further test
work m the availability of labour, equipment and
markets for the products produced, the minerals on any of its properties
cannot be economically mined, or that the required permits to build and
operate the envisaged mine cannot be obtained. The forward looking
information contained herein is given as of the date hereof and the Company
assumes no responsibility to update or revise such information to reflect
new events or circumstances, except as required by law
End of Corporate News
Language: English
King's Bay Gold Corp.
West Pender Street
BC V6C 1H Vancouver
+1 604 681 1568
Regulated Unofficial Market in B Open Market in F
Canadian Venture Exchange, Toronto
End of News EQS Group News Service
(END) Dow Jones Newswires
February 06,
ET (08:26 GMT)
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