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Message: NI 43-101 RESOURCE REPORT COMMISSIONED FOR WERNER LK.
Further to its previously announced technical review of the Werner Lake cobalt project, Global Cobalt Corp. has engaged AGP Mining Consultants Inc. to complete a resource model and NI 43-101 report for the project commencing immediately.
Paul Sarjeant, vice-president of exploration for the company, commented:
"We are pleased to be able to re-enlist the services of AGP to carry out the necessary work to complete a compliant resource report for Werner Lake building on the drilling and other geological work completed on the project in 2010. A significant amount of this work has already been completed by AGP's predecessor PG&E Mining Consultants allowing for significant cost savings to the company. Ultimately we hope to confirm the historic resources at Werner Lake and if possible expand upon the resource based on our recent drilling program."
The Werner Lake cobalt project
The Werner Lake project is located in Northwestern Ontario, in the same mineral belt that hosts the historic Gordon Lake copper-nickel mine. The present day Werner Lake project hosts the Werner Lake and West Werner Lake cobalt-copper-gold mines, and several other attractive exploration targets. Based on government of Ontario assessment records, the Werner Lake mine produced 146,386 pounds of cobalt from 1940 to 1944 by Falconbridge predecessor Ventures Ltd., and the Werner Lake West mine produced approximately 10,000 tonnes of cobalt ore between 1996 and 1997 under the direction of Canmine Resources Corp. Information from Canmine Resource Corp.'s 2001 public filings, indicate that the Werner Lake and Werner Lake West deposits contained the following breakdown historic of non-NI 43-101-compliant resources:
Tonnes Cobalt (%) Copper (%) Gold (opt) Proven reserves 140,031 0.47 0.26 0.008 Probable reserves 40,829 0.25 0.43 0.030 Total 180,860 0.42 0.30 0.013 Indicated resources 51,456 0.13 0.20 0.003 Inferred resources 869,378 0.29 0.28 0.011 ** The historical non-NI 43-101-compliant resources at Werner Lake are not being treated as a mineral reserve or mineral resource. Key assumptions, parameters and methods used to prepare the historical estimates are not known. A qualified person has not done sufficient work to classify the historical estimate as a mineral resource or mineral reserve. Additional drilling and testing are required to determine a current classification as a mineral resource or mineral reserve. The company is not treating the historical information as a current mineral resource or mineral reserve and the reader is cautioned to not rely upon these data. Please refer to the "Werner Lake mineral belt properties technical report" by Gerald Harper, PhD, PGeo (Ontario), dated March 22, 2011, and revised June 23, 2011, as filed on SEDAR by Puget Ventures Inc.
Previous exploration work by Global Cobalt
Over the winter and spring of 2009 to 2010 the company completed 7,565 metres of drilling in 33 diamond drill holes at Werner Lake and Werner Lake West deposits. The goal of that program was to explore for and define mineralized zones within the deposits and to move toward the completion of an NI 43-101-compliant mineral resource statement. Recommendations from that work included additional diamond drilling below the minus 200 level to establish continuity between deposits and additional drilling to identify other potential zones of mineralization. Areas to the east, west and down dip remain open.
In 2010 a summer field program of surface exploration lead to the discovery of the "Eastern Extension," located approximately 800 m east of the known Werner Lake deposit and on strike with the Eastern Shallows cobalt deposit. The Eastern Shallows zone contains a historic, non-NI 43-101-compliant indicated resource. To date, there has been no drilling on the Eastern Extension and it remains an attractive drill target.
The qualified person for Global Cobalt under National Instrument 43-101 is Paul Sarjeant, PGeo, vice-president, exploration.
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