Pacific Rim Cobalt Corp. (OTCQB: PCRCF) (CSE: BOLT) a resource company with assets located proximal to the world’s largest cobalt market, has commenced the 2018 work program at its 100% controlled, 5000 hectare Cyclops Cobalt-Nickel Project (formerly the “TNM Project”) in the Papua province of Indonesia.
As an initial step to guide the 2018 work plan, the Company has begun detailed drone-operated topographic and photographic surveys with overflights across key targets within the property. The resulting data will provide control for planned exploration activities, including geological mapping, sampling, test pitting and diamond drilling to confirm historically reported cobalt-nickel-bearing laterite zones.
The project area has year-round access by road from the nearby Sentani regional airport and is close to the administrative capital, Jayapura, which provides access to personnel and infrastructure. Additionally, the Cyclops Project is directly situated on coastal tidewater in direct shipping proximity to Asia, the world's largest cobalt consumer.
Ranjeet Sundher, Pacific Rim Cobalt's President and CEO, noted: "Like many business endeavors, project expertise combined with prime location can play a key role in the success or failure of an enterprise, especially in the resource sector. We believe that cost-effective ocean-going proximity to the largest cobalt markets in the world, combined with our strong in-country experience, makes for a truly attractive business proposition. It appears that the raw material supply chain for the battery sector is becoming increasingly recognized as an opportunity with significant growth potential."
During 2018, diamond drilling and test pit excavations will be undertaken to delineate the lateral and vertical extent of cobalt and nickel mineralization within the project area.
“We also expect to commission metallurgical studies of laterite materials from the Cyclops Project for test processing at a North American-based pilot processing facility later this year,” continued Mr. Sundher. “The studies are intended to guide development of best-practice industrial-scale processing methods for battery-grade cobalt and nickel sulphates, both of which are critical inputs for the rapidly growing lithium-ion battery industry."
The company further advises it has developed and instituted an ongoing program to identify and evaluate other Indonesian cobalt opportunities to enhance its position in the sector and is currently carrying out due diligence on a number of projects of strategic interest within the region.
The Company has granted stock options to acquire up to 300,000 common shares of the Company to certain consultants and advisors to the Company. Each of the stock options is exercisable for a five-year term expiring on June 12, 2023 at a price of $0.45 per common share. The option price was set on June 11, 2018, the last day that the Company's common shares traded prior to the option grant, at which time the closing price of the common shares traded on the Canadian Securities Exchange was $0.45. The options are subject to vesting provisions, with 50% vesting six months from the date of grant and the remaining 50% on the first anniversary of the date of grant. The stock options are non-transferable.
Mr. Garry Clark, P. Geo., Independent Director of Pacific Rim Cobalt, is the qualified person as defined in NI 43-101, who has reviewed and approved the scientific and technical content in this release.
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