Step-out drilling confirms and extends high-grade nickel-cobalt mineralization
Step‐out drilling confirms and extends high‐grade nickel‐cobalt mineralization
Highlights:
Drilling consistently confirming elevated nickel and cobalt values
Shallow mineralization from surface
6‐metre intercept containing 1.93% nickel equivalent
Vancouver, B.C. – April 23, 2019 – Pacific Rim Cobalt Corp. (the “Company” or “Pacific Rim Cobalt”) (CSE:
BOLT) (OTCQB: PCRCF) (FRANKFURT: NXFE) is pleased to announce r esults from its ongoing 2019 shallow
vertical diamond drilling program at its flagship Cyclops, nickel/cobalt development project, Indonesia. The
drilling is part of a multi‐faceted exploration program aimed at confirming historical results and producing
a resource estimate in late 2019.
The assay results of the 20 step‐out holes drilled to date were well correlated with the historical drill data,
confirming possible expansion of the mineralized footprint outl ined in the Historical Estimate 2. The data
from the program will provide th e inputs for an updated mineral resource, and is expected to be used as
the basis for eventually undertaking a preliminary economic assessment for the project. The resource
calculation is expected to be completed in late 2019.
The latest drilling results include:
Hole From (m) To (m) Length (m) Nickel (%) Cobalt (%) NiE Q1(%)
DD268 0 7 7 0.94 0.27 1.60
And 7 11 4 1.30 0.14 1.64
Including 7 9 2 1.61 0.26 2.24
DD267 0 3 3 0.86 0.14 1.20
And 3 7 4 1.35 0.06 1.50
Including 3 5 2 1.65 0.09 1.87
DD242 0 2 2 0.86 0.09 1.08
And 2 11 9 1.52 0.04 1.62
Including 2 10 8 1.62 0.05 1.74
Including 2 8 6 1.78 0.06 1.93
DD269 0 5 5 1.20 0.14 1.54
And 5 11 6 1.57 0.02 1.62
Including 5 10 5 1.60 0.02 1.65
All drill intersections reported in this press release are true widths. All holes are vertical and the mineralizing system is flat lying and
parallel to the surface topography.
The Cyclops 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 (km) to the east, and with Jayapura, the capital city of Papua
province, located about 40 kms to the east.
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, Cikarang, Jakarta. The Geo Assay Laboratory
analysed the samples using the XRF fusion method. PT Geoservice s Ltd ‐ Geo Assay Laboratory employed
industry standard internal QA/QC methods that Pacific Rim Cobalt reviewed and found acceptable.
Exploration drilling and sample procedure protocols include: insertion of blank and certified samples;
photographing and weighing of core; recording of recovery %; samples half cored with the balance retained
f o r f u r t h e r a n a l y s i s i f r e q u i r e d ; s a m p l e i n t e r v a l s o f 1 m ; s a m p le recovery is core; all drill location and
elevations recorded.
National Instrument 43‐101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Garry Clark, PGeo,
independent director of Pacific Rim Cobalt and a Qualified Pers on as defined by National Instrument 43‐
101.
1NiEQ
calculation basis: cobalt price per 3 months (LME data) $32/kg; nickel price per 3 months (LME data) $13.07/kgC =
ratio between cobalt price/nickel price; C = $32/$13.07 = 2.44; NiEQ = (%Co x C) + % Ni. No metallurgical recoveries
were applied to either metal as it is expected that the metallurgical recoveries will be similar for both metals.
2Historical 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 estimate, as only five of the nine known cobalt/nickel occurrences were the subject of the historical studies.
The company affirms this data in no way implies an estimated re source 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 summar y geologic investigations, PT Pacific Nikkel Indonesia
1 9 6 9 ( R e y n o l d s , 1 9 7 9 ) . T h e s e h i s t o r i c a l e s t i m a t e s d o n o t u s e c ategories 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 we re prepared in the 1980s prior to the adoption and
implementation of NI 43‐101. A qualified person has not done su fficient work 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 requi red to conform 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 assurances 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
report, 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 focu sed 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 s tatements 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 with 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”,
“expect” and similar expressions, as they relate to the Company, 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 assumptions, 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 achieve ments to differ materially from those
contained in the forward‐looking statements, there can be other factors that cause results, performance or
achievements not to be as antici pated, estimated or intended. F actors that could cause actual results to
differ materially from those in f orward‐looking information inc lude, but are not limited to, fluctuations in
market prices, success of the operations of the Company, continued availability of capital and financing and
general economic, market or business conditions. There can be no assurances that such information will
prove accurate and, therefore, readers should not place undue reliance on forward‐looking statements. The
forward‐looking statements in this news release are made as of t h e d a t e o f t h i s n e w s r e l e a s e , a n d t h e
Company does not assume any obligation to update any forward‐lo oking information except as required
under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this
release.