King’s Bay Gold Corporation Announces Closing of $ 316,250 on First Tranche of Private Placements
King’s Bay Gold Corporation Announces Closing of $ 316,250 on First Tranche of Private Placements
King’s Bay Gold Corporation Announces Closing of $ 316,250 on First Tranche of Private Placements
Momentum Public Relations
Press Release: July 14, 2017
Vancouver BC. (FSCwire) – King’s Bay Gold Corporation (the “Company”) (TSXV: KBG) is pleased to announce that further to its news release dated June 26, 2017, it has completed a first tranche of a non-brokered, non-flow through private placement (the “NFT Private Placement”) of 2,500,000 units (each, a “Unit”) at a price of $0.10 per Unit for gross proceeds of $250,000 and a non-brokered, flow-through private placement (the “FT Private Placement”) of 530,000 flow-through shares (each, a “FT Share”) at a price of $0.125 per FT Share for gross proceeds of $66,250 (collectively, the “Private Placements”). The Company intends to close the second and final tranche of the Private Placements before the end of August, 2017.
The NFT Private Placement consisted of one common share of the Company and one non-transferable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one common share of the Company at a price of $0.15 until July 14, 2019.
In connection with the Financing, the Company paid cash finder’s fees of $5,300 to certain finders.
The Company intends to use the proceeds of the Offering for exploration expenditures on their 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Lynx Lake Copper-Cobalt property in Labrador, the Trump Island property in Newfoundland as well as working capital.
All securities issued in connection with the Financing are subject to a statutory hold period expiring four months and one day after the closing of the Financing.
An Insider of the Company subscribed for an aggregate of 1,000,000 Units under the Financing, which is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The participation of the insider in the private placement was exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(a) of MI 61-101 in that the fair market value of the consideration of the shares to be issued to the insider did not exceed 25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Company’s market capitalization.
ON BEHALF OF THE BOARD OF DIRECTORS
King’s Bay Gold Corporation
“Kevin Bottomley”
Kevin Bottomley
President and Chief Executive Officer
Tel: (604) 681-1568
Email: Kevin@kingsbayres.com
For investment inquiries please contact
Brad Hoeppner
Director
Tel: (604) 681-1568
Email: Brad@kingsbayres.com
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) 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/KingsBay07142017.pdf
Source: King’s Bay Gold Corporation (TSX Venture:KBG)
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King’s Bay Applies for Exploration Permit for Phase 2 Exploration on the Lynx Lake Project in Labrador
King’s Bay Applies for Exploration Permit for Phase 2 Exploration on the Lynx Lake Project in Labrador
Momentum Public Relations
Press Release: July 6, 2017
Vancouver BC. (FSCwire) – King’s Bay Gold Corporation (TSX.V: KBG) (FSE: KGB1), operating as “King’s Bay”, a mineral exploration company based in Vancouver submits application to Newfoundland and Labrador Government, Department of Natural Resources for the commencement of phase 2 of the exploration program in south eastern Labrador.
Phase 2 of the Lynx Lake exploration program will involve ground truthing for the recently flown VTEM survey, which highlighted an area of low resistivity in the western pit of mineralization. The size of the anomaly is anticipated to be ranging in depth from 50-300meters and estimated to be approximately 400 meters in diameter. The “west pit” has been historically sampled yielding assays of up to 1.03{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Copper, 0.56{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cobalt, 0.23{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Vanadium, 0.10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Nickel and 5.0g/t Silver.
The exploration program will consist of a localized ground electromagnetic survey over the anomaly at 20-meter line spacing. It will also include reconnaissance for bedrock exposure in the underexplored anomalous area that runs south of the west pit.
About Lynx Lake
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. Government regional low resolution residual magnetic surveys and preliminary handheld electromagnetic unit 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
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 our plans, changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on current data that 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 may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, that the minerals on our property 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/King’sBay07062017.pdf
Source: King’s Bay Gold Corporation (TSX Venture:KBG)
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King’s Bay Identifies VTEM Target at Lynx Lake Copper-Cobalt Project, Southeastern Labrador
King’s Bay Identifies VTEM Target at Lynx Lake Copper-Cobalt Project, Southeastern Labrador
Momentum Public Relations
Press Release: June 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 after an in depth analysis of Geotech Ltd.’s VTEM geophysical survey, a high priority electromagnetic target has been located at King’s Bay’s 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Lynx Lake Copper-Cobalt Project in southeastern Labrador.
After the data compilation and analysis of Geotech Ltd.’s. helicopter-borne Versatile Time Domain Electromagnetic System (VTEM), King’s Bay’s technical team has identified a shallow anomaly of high resistivity in what is known as the “west pit” which is directly adjacent to the Trans-Labrador Highway. The size of the anomaly is anticipated to be ranging in depth from 50-300 meters and estimated to be approximately 400 meters in diameter. The “west pit” has been historically sampled yielding assays of up to 1.03{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Copper, 0.56{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cobalt, 0.23{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Vanadium, 0.10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Nickel and 5.0g/t Silver.
Exploration Program
King’s Bay plans to assemble a technical field team immediately to investigate the VTEM anomaly. This summer’s program will be completed by executing a more local, higher resolution ground geophysical survey followed by potential stripping of overburden to the south of the pit so bedrock can be exposed. In addition to this, a reconnaissance team will begin to investigate the southeastern portion of the property to follow up on the anomalous historical soil samples. Detailed mapping and sampling in the two pits will aid in understanding of mineralization controls.
Kevin Bottomley states “The positive identification of an anomaly in the west pit will allow King’s Bay to initiate a highly focused exploration program at Lynx Lake with a relatively low cost. This is exactly what we were hoping for when we initiated the VTEM program with Geotech”.
About VTEM
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.
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
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 our plans, changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on current data that 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 may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, that the minerals on our property 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/kingsbay06192017.pdf
Source: King’s Bay Gold Corporation (TSX Venture:KBG)
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King’s Bay (KBG:tsxv) Receives Preliminary Geophysical Maps From VTEM Plus Survey over Lynx Lake Copper-Cobalt Project
King’s Bay Receives Preliminary Geophysical Maps From VTEM Plus Survey over Lynx Lake Copper-Cobalt Project, Southern Labrador
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 through preliminary assessment, several electromagnetic anomalies have been located across the 382 line kilometer area of interest, using Geotech’s, helicopter-borne Versatile Time Domain Electromagnetic (VTEM) Geophysical Survey over King’s Bay’s 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Lynx Lake Copper-Cobalt Project in southeastern Labrador.
Geotech has provided King’s Bay with preliminary geophysical maps outlining the VTEM data. From the information provided, King’s Bay was able to identify several potential geophysical anomalies, one of which is located in the CA Pit that yielded historic assays of up to 1.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, 0.94{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Co, 0.21{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Ni and 6.5g/t Ag. Geotech Ltd. has advised King’s Bay that it expects to have the full report prepared by the end of April. Deliverables include magnetic, electromagnetic, and chargeability components. Once the final data is received, it will allow King’s Bay’s technical team to continue to develop and interpret these anomalies.
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 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. 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. A 3 phase powerline that is under construction from Muskrat Falls and the Trans-Labrador Highway cross the northern part of the Property.
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”.
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.
On Behalf of the Board
Kevin Bottomley CEO, President
For Investment Inquiries please contact:
Brad Hoeppner Director
O: 604 681 1568
- 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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King’s Bay Receives Permit Approval For Lynx Lake Cu, Co Project in Labrador
King’s Bay Receives Permit Approval For Lynx Lake Cu, Co Project in Labrador
– Momentum Public Relations –
Press Release: January 11, 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, announces approval from Newfoundland and Labrador Government, Department of Natural Resources for the commencement of an electromagnetic survey in south eastern Labrador.
The focus of the airborne survey is to locate high priority drill targets for its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Lynx Lake Copper, Cobalt project located 100km south east of Happy Valley‐Goose Bay, 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. 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.
Company President Kevin Bottomley states “The granting of our permit is an important first step in the exploration process for King’s Bay. Our goal is to get working on all aspects of our Lynx Lake Copper / Cobalt property as soon as possible. The successful completion of our financing on January 3rd was a key component of that goal”.
King’s Bay will begin to prepare proposed flight line orientation and spacing for the upcoming drilling program and has begun to evaluate quotes from potential vendors.
About Cobalt
At this time, the price of cobalt is rising due to a combination of factors. Some of these factors are related to unsettled conditions in areas such as the Democratic Republic of Congo, where the majority of the world’s cobalt is recovered. Other factors include an increased demand for rechargeable batteries. A single rechargeable ion car battery contains as much as 20 kilograms of cobalt. In addition to batteries, cobalt is used in alloys for aircraft engine parts and for alloys with corrosion/wear resistant uses. Cobalt also has many medical uses; cobalt isotopes are used to produce stable dichromatic beams in “cobalt therapy”, which is used to treat cancer. Molybdenum is also an important element of interest and can be used in fertilizer as well as battery electrodes.
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.
NI 43-101 Disclosure
Ed Lyons supervised the preparation of the technical information in this news release and is a qualified person as defined by National Instrument 43-101.
On Behalf of the Board,
Kevin Bottomley
CEO, President
- Published in King's Bay, Mining, News Home
King’s Bay to Acquire 100 Interest in Lynx Lake Copper-Cobalt Property in Labrador
Surface samples show significant concentration of cobalt, an important element in rechargeable batteries
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, has signed a definitive agreement to acquire 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in a cobalt property located in southern Labrador.
The Property
The project consists of 66 mineral claims encompassing approximately 20 square kilometers, located 100km southeast of Happy Valley-Goose Bay, Newfoundland and Labrador. Prior to 2008, the area was deemed remote and remained virtually unexplored even after interest in Labrador grew due to the discovery of Voisey’s Bay Ni-Cu-Co mine. Thanks to the construction of the new Trans-Labrador Highway that runs through the property, the area is now easily accessible.
In 2008, areas of disseminated and massive sulphide were discovered in bedrock after blasting by the Department of Transportation for road aggregate. In 2009, sampling and assaying of grab samples from the aggregate quarry by local prospectors produced assays of up to 1.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} copper, 0.94{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} cobalt, 0.21{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} nickel and 6.5 g/t silver. Government regional low resolution residual magnetic surveys and preliminary EM-16 (hand held geophysical unit) surveys done by local prospectors in 2014 show strong conductors beneath the overburden and provide incentive to explore the area further for more surface and sub surface mineralization.
The initial samples taken in the eastern portion of the property were followed in 2015 by surface grab sampling in the western side of the property. These new results were equally as promising yielding 1.03{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Copper, 0.566{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cobalt, 0.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Nickel, 5.0 g/t silver, 0.36{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Chromium, 0.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Molybdenum and 0.23{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Vanadium. These values should not be relied upon as a representation of the whole area. The property has never been drilled and the amalgamation of these results suggests the possibility for a larger body of mineralization in the area.
In the addition to excellent road accessibility to deep sea water ports and the proximity to the town of Happy Valley-Goose Bay, the property offers the ability to easily obtain electricity from a 3 phase power line that runs directly adjacent to the property.
With energy metal prices on the rise, King’s Bay feels that it is a great time to explore this property.
Geology
The property is situated in the Grenville Province and is Proterozoic in age. It is separated by a north easterly trending fault. The western portion of the property is underlain by granite, granodiorite and gneiss that varies texturally from weakly foliated to well banded. The eastern portion of the property is underlain by granite, amphibolite with massive gabbro, norite and troctolite units. Detailed bedrock mapping will help better define the local geology of the area.
Exploration
The property is workable year round and King’s Bay has already deployed a team for a preliminary surface sampling program on the existing pits, as well as a reconnaissance program and an EM-16 survey on the surrounding land package to possibly locate more undiscovered exposure and conductors. During the winter, the preliminary program will be followed by data compilation and initiation of an airborne geophysical survey to locate high priority drill targets. Extensive exploration is required to confirm the above preliminary results, as they do not conform to the NI 43-101 rules and regulations.
About Cobalt
At this time, the price of cobalt is rising due to a combination of factors. Some of these factors are related to unsettled conditions in areas such as the Democratic Republic of Congo, where the majority of the world’s cobalt is recovered. Other factors include an increased demand for rechargeable batteries. A single rechargeable ion car battery contains as much as 20 kilograms of cobalt. In addition to batteries, cobalt is used in alloys for aircraft engine parts and for alloys with corrosion/wear resistant uses. Cobalt also has many medical uses; cobalt isotopes are used to produce stable dichromatic beams in “cobalt therapy”, which is used to treat cancer. Molybdenum is also an important element of interest and can be used in fertilizer as well as battery electrodes.
Consideration
The purchase price of the property is in cash and stock subject to TSX-Venture Exchange approval. The cash price to the vendor is $100,000, in payments of $10,000 upon the acceptance of the agreement, and $30,000 on each of the subsequent three anniversaries of the agreement. As well, King’s Bay will provide the vendor with 900,000 common shares of its stock, 200,000 shares upon exchange approval, followed by 300,000 on the first year and 400,000 more on the second year of the agreement.
NI 43-101 Disclosure
Garth Graves is a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release. All geochemical assays were confirmed by original assays certificates from Eastern Analytical and Actlabs.
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 more information, please contact:
Brad Hoeppner
Director
O: 604 681 1568
E: Brad@kingsbayres.com
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. For example, forward looking statements in the news release include the assumption that the transaction will be approved and that the Company will be able to raise funds to pay the property payments and carry-out exploration programs. 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 our plans, changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on current data that 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 may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, that the minerals on our property 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/kingsbay10272016.pdf
Source: Kings Bay Gold Corporation (TSX Venture:KBG)
- Published in King's Bay, Mining, News Home