New shallow drilling returns discovery of strong nickel and cobalt mineralization
New shallow drilling returns discovery of strong nickel and cobalt mineralization
Recent success occurs outside historical area of focus, indicating potential for growth
in size of opportunity
Up to 2.65% nickel within 10 meters of surface
Contains metals core to EV battery production
Resource estimate planned for 2019
Vancouver, B.C. – March 5, 2019 – Pacific Rim Cobalt Corp. (t he “Company” or “ Pacific Rim Cobalt ”)
(CSE: BOLT) (OTCQB: PCRCF) (FRANKFURT: NXFE) is pleased to anno unce assay results from the ongoing
2019 drilling campaign at the Cyclops, Nickel/Cobalt Project In donesia, located proximal to the world’s
largest electric vehicle battery market.
The results from 8 of the first 15 holes drilled in the Yapase area have been received. This area covers the
north east portion of the project and is peripheral to the main area over which historical exploration was
focused.
The drilling confirms the development of a complete mineralized laterite profile and is starting to confirm
grades and widths which form the basis of the Historical Estima te1 for the Project. Mineralization occurs
from surface with elevated cobalt values of up to 0.24% encountered in the limonite layer and is underlain
immediately by the limonite transition and saprolite zones containing elevated nickel values of up to
2.65%.
Other laterite projects in the region include MMC’s $2.1 billio n Ramu nickel mine in Papua New Guinea
@ 1.0% nickel; ERAMET’s Weda Bay @ 1.36 % nickel; and ANTAM’s G ag island @ 1.63% nickel, both in
Indonesia.
Highlights from the latest drilling results include:
Hole From (m) To (m) Length (m) Nickel (%) Cobalt (%) Cutoff Gr ade (%)
200 1 4 3 1.00 0.11 0.05 Co
And 4 19 15 1.28 0.02 0.50 Ni
Including 4 11 7 2.15 .03 1.00 Ni
Including 4 10 6 2.28 .03 1.50 Ni
219 1 4 3 1.24 0.12 0.05 Co
And 4 13 9 1.48 0.03 0.50 Ni
Including 4 12 8 1.65 0.03 1.00 Ni
Including 4 8 4 1.96 0.04 1.50 Ni
“The Cyclops project was acquired following extensive due diligence on over 40 projects across Indonesia.
The latest drill results continue to confirm our initial impression/assessment/observations of the project’s
potential which is beneficially located in proximity to the wor l d ’ s l a r g e s t b u y e r o f b a t t e r y m e t a l s ” ,
r e m ar k e d R an j e e t S u n dh er , Ch i e f E xe cu t i ve O f f ic e r of Pac i f i c R im Cobalt. "We expect the near‐surface
nature of cobalt/nickel mineralization at the Cyclops project w ill lend itself well to low‐cost, logistically
straightforward drilling. We thus anticipate the opportunity to undertake a resource calculation study, as
well as ongoing metallurgy and process option testing, will present itself in the near future."
Members of the Company’s in country team responsible for conducting community relations, recently
completed the necessary agreements to start accessing areas of the project hosting the historically
identified core mineralized zones. The Company is now well positioned to undertake all facets of its
programs fundamental to publishing a resource calculation in 2019.
A 50‐hole core drilling program commenced in mid‐January 2019 on areas of laterite delineated by a
geological mapping and a hand augur geochemistry program. A total of 15 holes have been completed to
date for a total of 255 m. Hole depths ranged from 13m to 29m a nd where possible were drilled to fresh
rock in order to intersect the full laterite profile. First pas s drilling is being completed initially on a 100m
grid pattern to be followed up by holes on a 50m grid over anomalous zones intersected.
The Cyclops project was extensively explored by previous operators with a focus on nickel mineralization,
during which time they completed 856 drill holes and 26 test pits.
The project area located in Papua Province, Indonesia, benefits from excellent infrastructure, including
proximity to a work force and supplies, sealed roads, ocean access, nearby port facility, and gentle
topography. The road system enables year‐round access to the project and connects it with the large town
of Sentani, located about 15 kilometres (kms) to the east, and with Jayapura, the capital city of Papua
province, located about 40kms to the east.
Battery production has big appetite for nickel and cobalt
In addition to cobalt, the produc tion of batteries suitable for electric vehicles and other power storage
purposes requires significant amounts of nickel.
“The mass adoption of the electric vehicle and the roll out of energy storage systems is underway. Look
no further than acceleration of recent electric vehicle (EV) sales and headlines around energy storage
systems being sold globally. Ove r the past five years approxima tely 5 million EVs have been sold. In the
past twelve months 1 million EVs have been sold and over the next twelve months we are on pace to sell
another 1.5 million EVs. Battery storage facilities are being connected to wind farms and solar at an
exponential rate.
Unlike other battery metals, nickel stands to benefit twice as much from the adoption of the EV and the
roll out of energy storage systems: 1) nickel will benefit from an increased nickel rich battery chemistry;
and 2) it will benefit from increased EV and energy storage systems sales.
For at least the next decade, the evolution of the lithium ion battery and its componentry is towards a
more nickel rich cathode.
Nickel is further differentiated from other battery metals in i ts inability to respond quickly on the supply
side due to the fact that bringing on a new large‐scale nickel m i n e c a n o f t e n r u n i n t o t h e b i l l i o n s o f
dollars”.1
1. Anthony Milewski , The Often Forgotten Battery Metal (Benchmark Minerals, 2018)
P a c i f i c R i m C o b a l t p r o v i d e s s h a r e h o l d e r s e x p o s u r e t o b o t h n i c k el and cobalt whose markets, by all
indications, are set to be transformed in the coming years.
Additional drill results include:
Hole From (m) To (m) Length (m) Nickel (%) Cobalt (%) Cutoff Gr ade (%)
238 0 2 2 0.65 0.16 0.05 Co
and 2 9 7 0.68 0.02 0.50 Ni
218 0 3 3 0.92 0.13 0.05 Co
and 3 17 14 0.84 0.01 0.50 Ni
including 3 6 3 1.30 0.02 1.00 Ni
including 3 5 2 1.52 0.03 1.50 Ni
237 0 1 1 0.52 0.07 0.05 Co
and 1 7 6 0.50 0.02 0.50 Ni
236 0 2 2 0.48 0.13 0.05 Co
and 2 10 8 0.52 0.02 0.50 Ni
235 0 1 1 0.76 0.09 0.05 Co
and 1 3 2 0.78 0.04 0.50 Ni
466 0 1 1 0.85 0.16 0.05 Co
and 1 9 8 1.14 0.03 0.50 Ni
including 1 5 4 1.58 0.05 1.00 Ni
including 1 3 2 2.00 0.08 1.50 Ni
Sample Processing
All drilling results discussed in the press release are JORC co mpliant with all protocols in place. Assaying
was completed at the Geo Assay Laboratory ‐ PT. Geoservices, Ci karang, Jakarta. The Geo Assay
Laboratory analysed the samples using the XRF fusion method. PT Geoservices Ltd ‐ Geo Assay Laboratory
employed industry standard internal QA/QC methods that Pacific Rim Cobalt reviewed and found
acceptable.
Debt Settlement
The Company also announces that it plans to to complete a debt settlement with three creditors (the
"Debt Settlement"). The Debt Settlement will result in an aggregate of $108,000.00 of indebtedness being
retired in consideration for the issuance of 600,000 common shares at a price of $0.18 per common share.
The indebtedness is held by arm’s length parties and will not r esult in the creation of a new insider or a
new control person. The Debt Settlement remains subject to Canadian Securities Exchange approval.
The securities to be issued under the Debt Settlement will be subject to a hold period expiring four months
and one day from the date of issuance.
National Instrument 43‐101 Disclosure
The technical content of this news release has been reviewed an d approved by Mr. Garry Clark, PGeo,
independent director of Pacific Rim Cobalt and a Qualified Pers on as defined by National Instrument 43‐
101.
1Historical Estimate
A historical estimate, which dates from before the requirement for uniform regulatory compliance and
therefore fails to meet the current standards of National Instrument 43‐101, is being referenced as a guide
for Pacific Rim Cobalt's 2018 work program. This early data employed measurements still in use today and
indicate mineralization from surface with an estimated potential of 37 million tonnes of 0.11 per cent
cobalt and 1.31 per cent nickel at a 0.8‐per‐cent‐nickel‐cut‐off grade. The company intends to validate the
resource and, where possible, expand upon the historical estima t e , a s o n l y f i v e o f t h e n i n e k n o w n
cobalt/nickel occurrences were the subject of the historical st udies. The company affirms this data in no
way implies an estimated resource valuation but are offered as a basis for its current exploratory efforts
and approach.
Pacific Rim Cobalt considers the cobalt and nickel tonnage and grade estimates contained herein to be
historical estimates. The historical estimates are contained in the summary geologic investigations, PT
Pacific Nikkel Indonesia 1969 (Reynolds, 1979). These historical estimates do not use categories that
conform to current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards on
mineral resources and mineral reserves as outlined in National Instrument 43‐101 (Standards of Disclosure
for Mineral Projects) and have not been redefined to conform to current CIM definition standards. These
estimates were prepared in the 1980s prior to the adoption and implementation of NI 43‐101. A qualified
person has not done sufficient wo rk to classify the historical estimates as current mineral resources, and
Pacific Rim Cobalt is not treating the historical estimates as current mineral resources. More work,
including, but not limited to drilling will be required to conf orm the estimates to current CIM definition
standards. Investors are cautioned that the historical estimates do not mean or imply that economic
deposits exist on the company's project. Efforts to obtain any additional information regarding relevant
historical work are continuing, although there are no assurance s that these original data will be found.
Pacific Rim Cobalt believes that the historical estimates are relevant to continuing exploration on the
project. For more information, please refer to the technical re port, filed on SEDAR on Dec. 8, 2017, and
available under the company's profile at SEDAR.
About Pacific Rim Cobalt
Pacific Rim Cobalt is a Canadian‐based exploration company focused on the acquisition and development
of production grade nickel and cobalt deposits, key raw material inputs for the growing lithium‐ion battery
industry. Visit https://pacificrimcobalt.com/ to find out more.
Pacific Rim Cobalt Corp.
Ranjeet Sundher – President and CEO
(604) 922‐8272
Steve Vanry – CFO & Director
(604) 922‐8272
Sean Bromley – Director & Investor Contact
(778) 985‐8934
Reader Advisory
This news release may contain statements which constitute “forward‐looking information” that are subject
to risks and uncertainties. All statements herein, other than statements of historical fact, are to be
considered forward‐looking, including statements regarding the plans, intentions, beliefs and current
expectations of the Company, its directors, or its officers wit h respect to the future business activities of
the Company and with respect to the results of exploration and prospective plans in regards to the Cyclops
project. The words “may”, “would”, “could”, “will”, “intend”, “ plan”, “anticipate”, “believe”, “estimate”,
“ e x p e c t ” a n d s i m i l a r e x p r e s s i o n s , a s t h e y r e l a t e t o t h e C o m p a n y, or its management, are intended to
identify such forward‐looking statements. Although the Company believes the expectations expressed in
such forward‐looking information are based on reasonable assump tions, such information is not a
guarantee of future performance and actual results or developments may differ materially from those
contained in forward‐looking information. Information provided in this document is necessarily
summarized and may not contain all available material information. Although Pacific Rim Cobalt has
attempted to identify important factors that could cause actual results, performance or achievements to
differ materially from those contained in the forward‐looking s tatements, there can be other factors that
cause results, performance or achievements not to be as anticipated, estimated or intended. Factors that
could cause actual results to differ materially from those in f orward‐looking information include, but are
n o t l i m i t e d t o , f l u c t u a t i o n s i n m a r k e t p r i c e s , s u c c e s s o f t h e operations of the Company, continued
availability of capital and financing and general economic, mar ket or business conditions. There can be
no assurances that such information will prove accurate and, th erefore, readers should not place undue
reliance on forward‐looking statements. The forward‐looking statements in this news release are made as
of the date of this news release, and the Company does not assume any obligation to update any forward‐
looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Ser vices Provider (as that term is defined in
the policies of the Canadian Securities Exchange) accepts respo nsibility for the adequacy or accuracy of
this release.