King’s Bay (KBG:tsxv) Completes VTEM Plus Survey over Lynx Lake Copper-Cobalt Project
King’s Bay Completes VTEM Plus Survey over Lynx Lake Copper-Cobalt Project, Southern Labrador
Momentum Public Relations
Press Release: April 5th, 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 Canada is pleased to announce that Geotech Ltd., of Aurora, Ontario has completed 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the 382 line kilometer helicopter-borne Versatile Time Domain Electromagnetic Geophysical Survey over King’s Bay’s 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Lynx Lake Copper-Cobalt Project in southeastern Labrador.
Geotech Ltd. has advised King’s Bay that it expects to have the results outlining potential drilling targets from the survey by early May. The helicopter-borne Versatile Time Domain Electromagnetic System (VTEM) has a penetration depth of over 800 m, with a low Base Frequency (30Hz) for penetration through conductive overburden cover, coupled with a 2-3 meters High Spatial Resolution. This system is advertised to be able to delineate potential drill hole targets from the airborne results. In addition, it also has excellent resistivity discrimination to enable the detection of weak anomalies.
Kevin Bottomley states: “King’s Bay is pleased to announce the completion of our VTEM survey. We look forward to viewing the geophysical data that we have gathered, and are excited to advance our project at Lynx Lake, and share that data with our shareholders.”
Lynx Lake Project
The Lynx Lake Copper-Cobalt Property consists of 959 mineral claims encompassing a land area of approximately 240 square kilometers, located 100 kilometers southeast of Happy Valley Goose Bay, Newfoundland and Labrador. Historic grab sampling on the property has returned samples assaying up to 1.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, 0.94{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Co, 0.21{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Ni and 6.5g/t Ag. Government regional low resolution residual magnetic surveys and preliminary handheld electromagnetic surveys done by local prospectors have shown strong conductors beneath the overburden, and provide incentive to explore the area further for additional subsurface mineralization. The Project is located directly adjacent to a 3 phase powerline and the Trans-Labrador Highway.
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.”
- Published in King's Bay, Mining, News Home
King’s Bay Provides Update on VTEM Plus Survey over Lynx Lake Copper-Cobalt Project, Southern Labrador
King’s Bay Provides Update on VTEM Plus Survey over Lynx Lake Copper-Cobalt Project, Southern Labrador
– Momentum Public Relations –
Press Release: March 31, 2017
Vancouver, British Columbia (FSCwire) – King’s Bay Gold Corporation (TSX.V: KBG), (FSE: KGB1), operating as “King’s Bay”, a mining exploration and development company based in Vancouver Canada is pleased to announce that Geotech Ltd., of Aurora, Ontario has completed 243 kilometers or (63.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) of the 382 line kilometer helicopter-borne Versatile Time Domain Electromagnetic Geophysical Survey over King’s Bay’s 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Lynx Lake Copper-Cobalt Project in southeastern Labrador.
Geotech Ltd. has advised King’s Bay that it expects to complete this survey by mid-April. The helicopter-borne Versatile Time Domain Electromagnetic System (VTEM) has a penetration depth of over 800 m, with a low Base Frequency (30Hz) for penetration through conductive overburden cover, coupled with a 2-3 meters High Spatial Resolution. This system is advertised to be able to delineate potential drill hole targets from the airborne results. In addition, it also has excellent resistivity discrimination to enable the detection of weak anomalies.
Lynx Lake Project
The Lynx Lake Copper-Cobalt Property consists of 959 mineral claims encompassing a land area of approximately 240 square kilometers, located 100 kilometers southeast of Happy Valley Goose Bay, Newfoundland and Labrador. Historic grab sampling on the property has returned samples assaying up to 1.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, 0.94{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Co, 0.21{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Ni and 6.5g/t Ag. Government regional low resolution residual magnetic surveys and preliminary handheld electromagnetic surveys done by local prospectors have shown strong conductors beneath the overburden, and provide incentive to explore the area further for additional subsurface mineralization. The Project is located directly adjacent to a 3 phase powerline and the Trans-Labrador Highway.
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
For Investment Inquiries please contact:
Brad Hoeppner Director
O: 604 681 1568
Forward Looking Statements
Statements in this news release that are not historical are forward looking statements. Forward looking statements in this news release include: that we will be able to identify targets suitable for further geological investigation, that VTEM surveys will be completed by mid-April, 2017 and that we will be able to delineate weak target areas. Factors which may delay or prevent these forward looking statements from being realized include misinterpretation of data, limitations of VTEM to discern targets with high accuracy, we may not be able to get equipment or labor as we need it; we may not be able to raise sufficient funds to complete our intended exploration or carry on operations; that weather, logistical problems or hazards may delay our work or prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Except as required by law, the Company assumes no obligation to update forward looking information should circumstances or management’s estimates or opinions change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/kingsbay03312017.pdf
Source: King’s Bay Gold Corporation (TSX Venture:KBG)
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- Published in King's Bay, Mining, News Home
King’s Bay (KBG:tsxv) Sells Menary Gold Project
King’s Bay Sells Menary Gold Project
– Momentum Public Relations –
Press Release: March 28, 2017
King’s Bay (TSX-V: KBG), (FSE:KGB1), operating as “King’s Bay”, a mining exploration and development company based in Vancouver Canada, is pleased to announce that it has entered into an agreement, pending exchange approval, with Destroismaison CLM Holdings Corporation, a newly formed private company, in regard to the Menary Gold Project, located in the Kenora Mining Division of Ontario.
In exchange for 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the right, title, and interest in and to the Menary Gold Project, consisting of one mining lease, and 5 unpatented claims, the Vendor shall receive 15{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the existing shares of the Purchaser. The Purchaser shall retain for the period of 24 months from the date of execution, the option to purchase back the entirety of the 15{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} share position of the Vendor for $100,000.00.
Kevin Bottomley states: “This transaction allows King’s Bay the ability to focus on our stated goal of exploring for cobalt and other high tech metals, while maintaining exposure to the potential of one of our non-core assets.”
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.
- Published in King's Bay, Mining, News Home
Renewable Energy Defining Point Reached As Economies of Scale Kick In And Tesla’s Elon Musk Bets He Can Save South Australia from Power Shortages
Renewable Energy Defining Point Reached As Economies of Scale Kick In And Tesla’s Elon Musk Bets He Can Save South Australia from Power Shortages
Are Cobalt Shortages In The Future?
Image source: WIRED
Tesla billionaire Elon Musk says he can install battery farm within 100 days or it’s free.
There’s more than just a little irony in the air these days. Just as Donald Trump plans to reduce energy efficiency standards for cars in the United States, a defining point in the history of renewable energy has been made in the form of a bet between billionaire Elon Musk and the State of South Australia. It is the moment that economies of scale kick in driving down and making the cost of grid scale renewable energy rollout feasible.
An energy crisis has been brewing for some time in sunny South Australia leading to blackouts and price spikes. As the debate raged on about how to solve it Musk stepped in during early March and offered to solve the problem by installing 100-300 MW hours of renewable energy electric grid scale battery storage within 100 days of signing the contract.
When Mike Cannon-Brookes tweeted to ask if Musk was serious Musk replied that if he couldn’t do it within 100 days of signing the agreement it would be free of charge. Cannon-Brookes was interested because he is Australian. He is also the co-founder of Silicon Valley start-up Atlassian which builds software development tools. Being Australian, Cannon-Brookes asked Tesla for a “mates rate.” Although contract figures have not been released Cannon-Brookes told the Australian media that Musk offered to almost halve the cost of the project.
Tesla has just finished building a battery farm in southern California that can provide 80 MW Hours of storage at a cost of $100 million in 90 days. Musk is a high-tech visionary who has made his visions pay. In February 2017 his net worth was calculated at $13.9 billion. He co-founded PayPal, Tesla Motors, Solar City and founded SpaceX, the commercial space transportation business.
Long a renewable energy advocate Tesla has built a second business in residential, commercial and electric grid storage batteries under the Tesla Powerwall banner and SolarCity, which he cofounded with a cousin to provide residential battery storage solutions. Musk has frequently noted that he is in the process of changing Tesla from a car company into a clean energy company. Tesla has also recently launched a roofing product designed to take the ugly out of solar panels by producing solar panel roofing shingles that look like slate, in a variety of attractive colours.
Musk’s ability to fulfill his promise to South Australia lies in the fact that on January 17th, 2017 Tesla’s Nevada Gigafactory, located near Reno, started production.
The Gigafactory has already supplied the batteries for a battery farm in southern California. Tesla has grid scale battery farm projects on the go in the UK, Connecticut, North Carolina, Hawaii and New Zealand. Only a third of the 4.9 million square foot Gigafactory which will cost $5 billion and is part of a partnership with Panasonic is up and running but by 2018 it will have doubled global lithium-ion battery production. Two of the most commonly used lithium-ion rechargeable batteries, including Tesla’s, use cobalt as part of the mix.
Large scale rollouts of solar, wind and water energy have been held back by the high cost of storing the electricity generated. Tesla’s Gigafactory and his consequent offer to South Australia are a game changer indicating that although battery storage costs have been falling for years, now they are about to tumble, thanks to economies of scale. It is estimated that Tesla’s lithium-ion batteries which also use nickel and cobalt are about a third less expensive than other batteries. This also means that the cost of electric vehicles and hybrids will begin to drop.
Last year IHS predicted the electric grid scale utility storage battery market to hit US$19 Billion during 2017. Taiyou Research predicts a US$ 30 Billion market in rechargeable Li-ion batteries by 2020.
If you don’t believe that clean energy will become a very viable industry in the near future you should bear in mind that if this year’s game changer is Tesla’s Gigafactory and the economies of scale that will play in strengthening the renewable energy rollout then last year’s may very well have taken place when Facebook founder Mark Zuckerberg, Virgin founder Sir Richard Branson, Linkedin founder Reid Hoffman, Amazon founder Jeff Bezos, HRH Prince Alwaleed bin Talal, Chairman of the Board of trustees, Alwaleweed Philanthropies, Saudi Arabia, among others announced the creation of a clean energy investment group, The Breakthrough Energy Coalition. The coalition is made up of 28 high net-worth entrepreneurs from ten different countries.
Entrepreneurs who have changed the fabric of modern life are already on board. Warren Buffet, through Berkshire Hathaway has invested US$1 Billion and Bill Gates is investing US$1 Billion of his personal money and US$2 Billion through the Bill and Melinda Gates Foundation in renewable energy.
Battery and cobalt demand won’t just be driven by smartphones and Tesla. According to Rockstone Research the Germans are building a battery factory twice as large as Tesla’s, the Chinese are building four that are bigger than the Nevada Gigafactory, the Japanese are building two and the South Koreans are building one.
Savvy retail investors may be wondering how to take part in this emerging market and one perspective may be to look at it as a commodity market. Lithium stocks went through a gold rush period a few years ago propelled by the rechargeable battery market and now thanks to the amount of cobalt in a car battery and in laptops and smart phones it looks as if cobalt is set to takeoff. The battery pack for Tesla Model S, for instance, contains an estimated 22.5 Kg of cobalt.
Another factor that comes into play is secure supply and ethical sourcing. The refined product market is largely controlled by China, which has a history of trade embargoes and tariff walls when it comes to protecting resources and products for itself. The majority of raw cobalt comes from the Democratic Republic of Congo where much of the mining is done by child workers.
Nobody wants to drive a car or use a cell-phone powered by child labour and so the hunt is on for ethically sourced, securely supplied cobalt. Elon Musk has said that he is going to source the raw materials for his batteries from North America. At the moment there are no producing cobalt mines in North America. Exploration, however, is being fast tracked. Cruz Cobalt is one of the junior mining companies that may benefit. Commodity research house CRU has predicted cobalt demand to rise by 16{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} annually through 2022.
The LME has predicted that by 2020 the amount of cobalt used in rechargeable batteries could equal the total amount refined in 2015.
In a recent press release announcing the acquisition of the Chicken Hawk Cobalt Prospect in Montana, Cruz Cobalt, (CUZ—TSXV, BKTPF—OTCBB, A2AG5M–FSE), Cruz Cobalt President James Nelson stated:
“This new prospect now makes 9 cobalt prospects within North America that Cruz has secured. Cruz has also secured one of the largest land packages, consisting of 4 separate cobalt prospects, all located in the Cobalt/Silver district of Ontario surrounding the city of Cobalt. Cobalt prices continue to trade to new 5 year highs and have been on a significant uptrend over the past 12 months. Cruz is fully funded to commence operations on all of its 9 cobalt prospects and management expects to be on the ground very shortly.” If Cruz is successful then early investors will benefit accordingly. As of March 17, CUZ traded at $0.205 and has a total of 55,065,386 shares and a market cap of $11,288,404.
Another promising Canadian company exploring for cobalt is Kings Bay, (TSXV: KBG) which over the last year has acquired five prospective cobalt properties, two in Newfoundland Labrador and three in Northern Quebec. Kings Bay was recently reported on in the Financial Post where CEO Kevin Bottomley stated that the company’s Lynx Lake project near Happy Valley Goose Bay had shown initial results with very high cobalt numbers. The company has recently acquired a highly prospective cobalt property on Trump Island in NL. Their three properties in Quebec were worked on by Falconbridge around 2000 and Bottomley describes them as having initial positive results. Bottomley was previously associated with mining incubator Zimtu Resources and as a result has access to a network of European investors eager to invest in Canadian resource projects. Kings Bay traded at $0.18 on March 17, 2017 and has 41 million shares and a market cap of $7 million.
By Noel Meyer
- Published in Blog, Cruz Cobalt, Energy, Green Technology, King's Bay, Mining, Technology
King’s Bay (KBG:tsxv) Commences Helicopter-borne VTEM Plus Survey Over Lynx Lake Copper-Cobalt Project
King’s Bay Commences Helicopter-borne VTEM Plus Survey Over Lynx Lake Copper-Cobalt Project, Southeastern Labrador
– Momentum Public Relation –
Press Release: February 28, 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 Canada is pleased to announce that Geotech Ltd., of Aurora, Ontario has commenced a 382 line kilometer helicopter-borne VTEM™ (Versatile Time Domain Electromagnetic) Geophysical Survey over King’s Bay’s 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Lynx Lake Copper-Cobalt Project in southeastern Labrador.
Geotech Ltd. has advised King’s Bay that it expects to complete this survey by mid-April. The VTEM™ system has a penetration depth of over 800 m, with a low Base Frequency (30Hz) for penetration through conductive overburden cover, coupled with a 2-3 meters High Spatial Resolution. This system is advertised to be able to delineate potential drill hole targets from the airborne results. In addition, it also has excellent resistivity discrimination to enable the detection of weak anomalies.
Geotech has flown more than 3,000,000 line-kilometres worldwide with its proprietary and industry-leading VTEM™ system with confirmed results in many different deposit and host geologies.
Kevin Bottomley states “This a very exciting time for the company. The commencement of our VTEM™ survey over Lynx Lake property is an extremely important step towards identifying high priority drill targets.”
Lynx Lake Project
The Lynx Lake Copper-Cobalt Property consists of 959 mineral claims encompassing a land area of approximately 240 square kilometers, located 100 kilometers southeast of Happy Valley Goose Bay, Newfoundland and Labrador. Historic grab sampling on the property has returned samples assaying up to 1.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, 0.94{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Co, 0.21{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Ni and 6.5g/t Ag. Government regional low resolution residual magnetic surveys and preliminary handheld electromagnetic surveys done by local prospectors have shown strong conductors beneath the overburden, and provide incentive to explore the area further for additional subsurface mineralization. The Project is located directly adjacent to a 3 phase powerline and the Trans-Labrador Highway.
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”.
- Published in King's Bay, Mining, News Home
As cobalt prices soar, King’s Bay expands prospects with Newfoundland acquisition
As cobalt prices soar, King’s Bay expands prospects with Newfoundland acquisition
by Greg Klein | February 16, 2017
A name and a commodity that are both objects of feverish attention seem to meet up in Newfoundland, where King’s Bay Gold TSXV:KBG has acquired the Trump Island copper-cobalt property. A 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} option announced February 16 expands the company’s cobalt prospects in Newfoundland, Labrador and Quebec.
Back in 1863 a Cornish miner sunk a six-metre shaft to follow a zone of massive chalcopyrite. He reportedly sent a shipment of high-grade copper-cobalt ore to Wales.
Grab samples collected nearby in 1999 brought historic, non-43-101 results up to 3.8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} copper, 0.3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} cobalt, 2.9 g/t gold and 10.9 g/t silver.
The initial King’s Bay agenda would call for additional sampling, along with mapping and a local-scale electromagnetic survey on the 200-hectare property. Successful results could bring a summer drill campaign.
Subject to approvals, King’s Bay gets Trump Island for 200,000 shares at a deemed value of $0.195 and a 2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} NSR.
The boat-accessible property sits seven kilometres south of Twillingate, a town immortalized in Newfoundland’s unofficial national anthem.
In Labrador, meanwhile, King’s Bay has airborne EM planned for its Lynx Lake copper-cobalt project, where grab samples have shown non-43-101 results up to 1.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} copper, 0.94{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} cobalt and 0.21{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} nickel, as well as chromium, molybdenum and vanadium values. Last month the company expanded Lynx Lake from about 2,000 hectares to approximately 24,000 hectares.
Earlier this month King’s Bay picked up three cobalt projects in Quebec. The company closed a $938,752 private placement in January.
The acquisitions come as cobalt prices continue their meteoric rise, hitting six-year highs up to $20 a pound, reported MetalBulletin.com. That represents an approximately 50{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} increase since September, according to Reuters. Stating that many traders are hoarding the metal, Reuters predicted a supply deficit this year “exacerbated by an insecure supply chain. Almost 60{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the world’s cobalt lies in politically risky Democratic Republic of Congo.”
- Published in Blog, King's Bay, Mining
King’s Bay Acquires Trump Island Copper-Cobalt Property
King’s Bay Acquires Trump Island Copper-Cobalt Property
Past Producing Prospect with samples of up to 3.80{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, 0.30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Co, 2.90 g/t Au, and 10.9 g/t Ag
– Momentum Public Relations –
Press Releases: February 16, 2016
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 that, subject to the approval of the TSX Venture Exchange, it has entered into an agreement dated February 6, 2017 with Gary Lewis, Nigel Lewis and Unity Resources Inc. (collectively the “Vendors”), to acquire a 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} title and interest in the North Trump Island copper-cobalt property in north-central Newfoundland.
Kevin Bottomley states, “The Trump Island acquisition fits in with our commitment to advancing high grade copper-cobalt properties in Newfoundland & Labrador. The fact that there has been historical mining on the island adds a new dimension to our property portfolio.”
Property Overview
The North Trump Island Property consists of 8 mineral claims encompassing an area of 2 square kilometers and is located 7 kilometers south of the town of Twillingate, Newfoundland and Labrador. The property is accessible by boat 1.5 kilometers east from the nearest boat launch at Tizzard’s Harbour on NL Hwy 345.
The property’s history dates back to the mid 1860’s when a 20-foot (6.1 m) shaft was sunk on a mineralized zone of massive chalcopyrite. At the bottom of the shaft, it was reported that the mineralized zone expanded with depth but, due to limited technology, no further excavation could be safely continued. Follow up grab sampling in 1999 by G. Lewis, an experienced local prospector, revealed mineralization assaying up to 3.80{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, 0.30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Co, 2.90 g/t Au and 10.9 g/t Ag near the old Clymo mine shaft. The property has not been drilled to date. The compilation of the recent 1998-99 field work done by Lewis suggests that a more detailed exploration program is warranted.
Exploration History
In 1863 Nicholas Clymo, a miner of Cornwall, United Kingdom visited the area and sunk a pit to a depth of 20 feet (6.1 m) which followed a 3 feet (0.9 m)wide mineralized zone that was said to increase in thickness with depth. He reported that a shipment of high grade copper-cobalt ore was shipped to Swansea, England as documented in the Newfoundland Provincial Mineral Rights Database. This shipment was said to be worth “40 pounds per fathom” (Clymo, 1863). In 1953, J. Kalliokoski of the Newfoundland Geologic Survey headed up a mapping and prospecting program for Newmont Mining Company in the area but no sample assays were reported. In the 1990s, G. Lewis conducted prospecting and limited rock and soil grab samples and filed a first-year assessment report in 1999 with the Newfoundland and Labrador Mineral Titles Branch.
Regional Geology
The Trump Island Group lies near the southeast boundary of the Notre Dame Subzone of the Dunnage Zone in the Central Mobile Belt, locally marked by the Chanceport Fault. The Central Mobile Belt represents the boundary of Laurentia and Gondwanaland at the start of the Appalachian-Caledonian Orogeny. The oldest unit in the Twillingate area is the Cambrian Sleepy Cove Formation mafic pillow flows and breccias mixed with minor silicic volcaniclastics. The Twillingate Granitoid, a high-soda trondjhemite characteristic of ophiolite assemblages intruded the mafic formation. Zircon age-dates place the granitoid as Late Cambrian (510 m.y.). Amphibolite dykes intrude the granitoid and mafic units with Lower Ordovician zircon ages. The ophiolite assemblages in the Notre Dame Subzone host a number of copper-rich deposits that have been mined in west-central Newfoundland.
Local Geology
The property claims cover the majority of North Trump Island and includes mainly Sleepy Cove mafic pillow basalts and breccias which have been retro-metamorphosed to chlorite-sericite-epidote schist foliated subparallel with the contact with the Twillingate granitoid. Mineralisation, as is currently known, occurs as chalcopyrite, pyrite, and pyrrhotite in quartz vein networks and high-sulphide lenses (Clymo Shaft).
Exploration Program
The initial exploration program will include additional sampling from the historic shaft area along with geological mapping and local scale electromagnetics. Based on successful results from these works, a drilling program would be planned for summer, 2017.
Purchase Consideration
In consideration for the purchase, the Company will issue to the Vendors an aggregate of 200,000 common shares at a deemed value of $0.195 per common share on the closing date. The Property is subject to a 2.0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} net smelter return royalty payable by the Company to the Vendors.
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
For Investment Inquiries please contact:
Brad Hoeppner
Director
O: 604 681 1568
E: Brad@kingsbayres.com
- Published in King's Bay, News Home
King’s Bay (KBG:tsxv) Acquires 100 Interest in Three Additional Cobalt Properties in Quebec
King’s Bay Acquires 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Interest in Three Additional Cobalt Properties in Quebec
Historic samples yielding values up to 2.6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Ni, 1.8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu and 1.06{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Co
– Momentum Public Relations –
Press Release: February 6, 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{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} 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.”
1. 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{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Ni, 1.8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, and 0.27{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} 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 by Falconbridge Ltd. was not followed up. The compilation 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
2. 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 logging 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 and uncovered semi massive sulphide assaying 0.7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Ni, 0.3 Cu, and 0.09{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} 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.
3. 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{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} 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
King’s Bay has commenced data compilation along with the initiation of an exploration plan consisting of sampling, local-scale 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.”
- Published in King's Bay, Mining, News Home
Cobalt Crunch Time
Cobalt Crunch Time
Source – Rockstone Research
http://www.rockstone-research.com/images/PDF/KingsBay2en.pdf
Apparently, there is no shortage of lithium development projects worldwide, but there is a shortage of lithium processing capacities.
In case of the other battery-critical element, cobalt, there is a shortage of development projects especially in safe jurisdictions. Some 65{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of global cobalt production comes from the “Democratic Republic” of the Congo, an extremely political unstable country with deeply-rooted corruption, where approximately 20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the nation’s cobalt output originates from unregulated, illegal artisanal miners, of which an estimated 40,000 miners are children according to UNICEF. James West recently explained:
“Auto makers need cobalt that is not mined artisanally because the supply chain gets audited. So the hot commodity is to find non-Congolese cobalt sulphate and nickel sulphate.”
Andrew Miller from Benchmark said:
“In many ways, the cobalt industry has the most fragile supply structure of all battery raw materials.”
In 2014, Tesla pledged to use only North American resources for its battery production at its Gigafactory and has also claimed to stop sourcing its cobalt from the Philippines due to environmental concerns, which will be a future issue for cobalt as demand rises.
The cobalt market has been gaining momentum both in price and global awareness about the precariously escalating supply-demand metrics. Cobalt is about to become the next “big thing”, a hype that has unique fundamental ingredients to outshine the lithium boom. MetalBulletin recently noted:
“Cobalt prices continued to surge this week as stocks remained in tight hands amid anticipations of further investor-fuelled price rises.”
No wonder that Tesla’s big kahuna, Elon Musk, has started to knock on cobalt doors in the Western World to offer offtake agreements. However, cobalt developers are in a much stronger negotiating position than mighty Musk has previously thought. This is somewhat in stark contrast to the lithium space and shows quite plainly that the cobalt boom will be different from lithium. It will be pivotal, for Tesla and all the others trying to jump on the bandwagon of global electrification. No cobalt, no Tesla?
The current battery of a Tesla Model S includes about 23 kg of cobalt, that´s up to 60{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} cobalt by weight. Already today, battery usage accounts for almost half of total cobalt demand. By 2020, cobalt use in battery applications alone is expected to be greater than the entire world market for refined cobalt in 2015. About 97{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of global cobalt supply comes as a by-product. According to CRU, 60{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of current cobalt production comes from copper mining, 38{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} from nickel operations and only 2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} from primary cobalt mines in Morocco and Uganda. Last year, Freeport McMoRan and Lundin sold its stakes in the Tenke Fungurume Mine in Congo, one of the world´s largest known cobalt deposits, to China Molybdenum.
James West recently spoke to Robert Friedland from Ivanhoe Mines Ltd., who had the following story to share:
“Elon came to me because we have a nickel sulphate and cobalt sulphate operation in Australia, not the Congo,” he said. “And Elon said ‘I’ve got the world’s biggest battery factory, so I want to buy your nickel and your cobalt at the current metal price for 10 years, because I’m the biggest buyer.’ “
So we told Elon Musk, you know, Elon, that’s interesting. We’ll think about it. And then two months later we went back to him and said “Elon, you’re totally screwed. The Germans are building a gigafactory twice as big as yours, the Chinese are building four of them bigger than yours, the Japanese are building two and the Koreans are building one. So unless you’re willing to pay to buy our cobalt and our nickel at whatever the price may be in the future, you’re not going to be able to build any batteries in your own gigafactory and your whole company is going out of business, and we’re going to make money shorting your stock.”
Surface sampling on the Lynx Lake Property returned high grades of cobalt and copper.
Looking at cobalt projects around the world and particularly in North America, Rockstone has found the Lynx Lake Copper-Cobalt Project from King’s Bay Gold Corp. being one of the best early-stage projects, with a real chance of making a significant discovery with a drill program. Generally, cobalt grades of 0.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} are considered world-class.
Although surface grades are not comparable to resources, reserves or production grades, King’s Bay’s grab samples of 0.94{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} cobalt, 1.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} copper, 0.21{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} nickel, 0.23{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} vanadium, 0.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} molybdenum, 0.0112{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} bismuth and 6.5 g/t silver are an indication of what the upcoming drill program may discover.
Above map shows the The Lynx Lake Property before it was expanded from 20 to 240 km2. The property benefits from proximity to the Trans-Labrador Highway (to the left of below picture) and a 3-phase power line running across the property (to the right of below pricture). The Trans-Labrador Highway goes directly to deep water ports.
With so much interest being garnered in the cobalt sector the company has been feverishly working to advance its Lynx Lake Copper-Cobalt Property in Labrador. Below is a list of milestones that King’s Bay has completed in the first 20 days of 2017.
On January 3, the company closed a financing with total proceeds of $938,753 CAD.
On January 11, the permit for an airborne electromagnetic (“EM”) geophysics survey was received.
On January 17, the company increased the Lynx Lake Copper-Cobalt Property land package from 20 to 240 km2 in order to adequately cover the geological structures and geophysical signatures of interest.
On January 19, the closing of the Lynx Lake Property acquisition was announced.
The next steps for King’s Bay will be the completion the airborne survey and evaluation of the data for high priority drilling targets in the spring. The company will be looking to expand its holdings in the cobalt sector through potential acquistions and or joint ventures.
Historical Timeline Lynx Lake Copper-Cobalt Property
This survey will be strategically placed within the newly expanded land area in order to explain some of the EM anomalies that have been discovered during surficial reconnaissance. Government regional low resolution residual magnetic surveys and preliminary handheld electromagnetic surveys done by local prospectors have shown strong conductors beneath the overburden, and provide incentive to explore the area further for additional subsurface mineralization.
Prior to 2008, the property was deemed too remote and as such remained virtually unexplored. In 2008, the Department of Transportation constructed the new Trans-Labrador Highway, which now runs through the property, making it easily accessible. During blasting for road aggregate on the property in the same year, disseminated and massive sulphide mineralization was discovered.
In 2009, local prospectors sampled and assayed the aggregate quarry on the eastern portion of the property and assayed up to 0.94{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} cobalt, 1.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} copper, 0.21{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} nickel and 6.5 g/t silver.
In 2014, regional low resolution magnetic surveys by the government and hand-held electromagnetic surveys by local prospectors revealed strong conductors beneath the overburden.
In 2015, the western portion of the property was grab sampled, yielding 0.57{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} cobalt, 1.03{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} copper, 0.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} nickel, 0.36{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} chromium, 0.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} molybdenum, 0.23{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} vanadium and 5 g/t silver.
Discovery Potential
Although the property has never been drilled before, the sampling assays in both the eastern and western part of the property (before it was expanded) indicate great possibility for a large body of mineralization at shallow depths. Thanks to excellent road accessibility to deep sea water ports, a power line that runs directly adjacent to the property and the proximity to the town of Happy Valley-Goose Bay, King’s Bay believes that it’s a perfect time now to explore this highly prospective property amid rising energy metal prices, first and foremost the battery-critical element cobalt.
King´s Bay will be exhibiting at the upcoming Vancouver Resource Investment Conference(booth #301) this Sunday and Monday as well as the AME Round Up which runs from January 30 to February 2 (booth #424). The Government of Newfoundland & Labrador has provided King´s Bay with an opportunity to participate within their booth. CEO Kevin Bottomley and Director Brad Hoeppner will be travelling to St. John´s for the Northern Exposure Conference (booth #201) which runs from January 24 to 26.
Rockstone is looking forward to King’s Bay’s upcoming geophysics and subsequent drill program as a massive cobalt-rich deposit may get discovered.
Previous Coverage
Report #1: “Potential for a Massive Discovery of Cobalt, Copper and High-Tech Metals” (October 27, 2016)
Company Details
King‘s Bay Gold Corp.
Suite 1450 – 789 West Pender Street
Vancouver, B.C. V6C 1H2 Canada
Phone: +1 604 681 1568
Email: brad@kingsbayres.com
www.kingsbayres.com
Shares Issued & Outstanding: 40,806,423
Canadian Symbol (TSX.V): KBG
Current Price: $0.11 CAD (01/19/2017)
Market Capitalization: $5 million CAD
German Symbol / WKN (Frankfurt): KGB1 / A2AN0E
Current Price: €0.073 EUR (01/19/2017)
Market Capitalization: €3 million EUR
Disclaimer: Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist.
- Published in Blog, King's Bay, Mining
King’s Bay Closes Property Purchase Agreement
King’s Bay Closes Property Purchase Agreement
– Momentum Public Relations –
Press Release: January 19, 2017
Vancouver, British Columbia (FSCwire) – King’s Bay Gold Corporation (TSX.V: KBG), (FSE: KGB1), operating as “King’s Bay”, a mining exploration and development company based in Vancouver Canada, is pleased to announce that the TSX Venture Exchange has accepted for filing a property acquisition agreement (the “Agreement”) dated October 4, 2016 between King’s Bay Gold Corporation (the “Company”) and Crooks Lake Holding Limited, Cameron Martin and Jeffrey Martin (the later three collectively being, the “Vendors”) to acquire 66 mineral claims located in Happy Valley, Goose Bay, Newfoundland and Labrador (the “Property”).
The Lynx Lake Copper/Cobalt property consists of 959 mineral claims encompassing approximately 240 square kilometers, located 100 km southeast of Happy Valley-Goose Bay, Newfoundland and Labrador. The Lynx Lake Project has returned historical grab samples assaying up to 1.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, 0.94{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Co, 0.21{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Ni and 6.5g/t Ag.
In order to acquire the Property, King’s Bay must pay an aggregate of $100,000 and issue 900,000 common shares in the Company over a period of 3 years. The Agreement is subject to a 1.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} net smelter royalty (“NSR”) of which the Company can purchase one-half of the NSR for $1,000,000 at any time. In accordance to the agreement King’s Bay has made an initial payment of $ 30,000 and has issued 200,000 shares to Crooks Lake Holding Limited and the Vendors.
The transaction is arm’s length.
Further information can be found in the Company’s news releases dated October 27, 2016 and January 17, 2017.
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 of Directors,
Kevin Bottomley
CEO, President
- Published in King's Bay, News Home