King’s Bay Acquires Trump Island Copper-Cobalt Property Past Producing Prospect with samples of up to 3.80% Cu, 0.30% Co, 2.90 g/t Au, and 10.9 g/t Ag
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King’s Bay Acquires Trump Island Copper-Cobalt Property
Past Producing Prospect with samples of up to 3.80% Cu, 0.30% Co, 2.90 g/t Au, and 10.9 g/t Ag
Vancouver, February 16th , 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, is pleased
to announce that, subject to the approval of the TSX Venture Exchange, it has entered into an agreement
dated February 6, 2017 with Gary Lewis, Nigel Lewis and Unity Resources Inc. (collectively the
“Vendors”), to acquire a 100% title and interest in the North Trump Island copper-cobalt property in north-
central Newfoundland.
Kevin Bottomley states, “The Trump Island acquisition fits in with our commitment to advancing high grade
copper-cobalt properties in Newfoundland & Labrador. The fact that there has been historical mining on the
island adds a new dimension to our property portfolio.”
Property Overview
The North Trump Island Property consists of 8 mineral claims encompassing an area of 2 square kilometers
and is located 7 kilometers south of the town of Twillingate, Newfoundland and Labrador. The property is
accessible by boat 1.5 kilometers east from the nearest boat launch at Tizzard’s Harbour on NL Hwy 345.
The property’s history dates back to the mid 1860’s when a 20-foot (6.1 m) shaft was sunk on a mineralized
zone of massive chalcopyrite. At the bottom of the shaft, it was reported that the mineralized zone expanded
with depth but, due to limited technology, no further excavation could be safely continued. Follow up grab
sampling in 1999 by G. Lewis, an experienced local prospector, revealed mineralization assaying up to
3.80% Cu, 0.30% Co, 2.90 g/t Au and 10.9 g/t Ag near the old Clymo mine shaft. The property has not
been drilled to date. The compilation of the recent 1998-99 field work done by Lewis suggests that a more
detailed exploration program is warranted.
Exploration History
In 1863 Nicholas Clymo, a miner of Cornwall, United Kingdom visited the area and sunk a pit to a depth of
20 feet (6.1 m) which followed a 3 feet (0.9 m)wide mineralized zone that was said to increase in thickness
with depth. He reported that a shipment of high grade copper-cobalt ore was shipped to Swansea, England as
documented in the Newfoundland Provincial Mineral Rights Database. This shipment was said to be worth
“40 pounds per fathom” (Clymo, 1863). In 1953, J. Kalliokoski of the Newfoundland Geologic Survey
headed up a mapping and prospecting program for Newmont Mining Company in the area but no sample
assays were reported. In the 1990s, G. Lewis conducted prospecting and limited rock and soil grab samples
and filed a first-year assessment report in 1999 with the Newfoundland and Labrador Mineral Titles Branch.
Regional Geology
The Trump Island Group lies near the southeast boundary of the Notre Dame Subzone of the Dunnage Zone
in the Central Mobile Belt, locally marked by the Chanceport Fault. The Central Mobile Belt represents the
boundary of Laurentia and Gondwanaland at the start of the Appalachian-Caledonian Orogeny. The oldest
unit in the Twillingate area is the Cambrian Sleepy Cove Formation mafic pillow flows and breccias mixed
Suite 1450 – 789 West Pender Street, Vancouver, BC, V6C 1H2 | Tel: 604.681.1568 | Fax: 604.681.8240
with minor silicic volcaniclastics. The Twillingate Granitoid, a high-soda trondjhemite characteristic of
ophiolite assemblages intruded the mafic formation. Zircon age-dates place the granitoid as Late Cambrian
(510 m.y.). Amphibolite dykes intrude the granitoid and mafic units with Lower Ordovician zircon ages. The
ophiolite assemblages in the Notre Dame Subzone host a number of copper-rich deposits that have been
mined in west-central Newfoundland.
Local Geology
The property claims cover the majority of North Trump Island and includes mainly Sleepy Cove mafic
pillow basalts and breccias which have been retro-metamorphosed to chlorite-sericite-epidote schist foliated
subparallel with the contact with the Twillingate granitoid. Mineralisation, as is currently known, occurs as
chalcopyrite, pyrite, and pyrrhotite in quartz vein networks and high-sulphide lenses (Clymo Shaft).
Exploration Program
The initial exploration program will include additional sampling from the historic shaft area along with
geological mapping and local scale electromagnetics. Based on successful results from these works, a
drilling program would be planned for summer, 2017.
Purchase Consideration
In consideration for the purchase, the Company will issue to the Vendors an aggregate of 200,000 common
shares at a deemed value of $0.195 per common share on the closing date. The Property is subject to a 2.0%
net smelter return royalty payable by the Company to the Vendors.
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
Suite 1450 – 789 West Pender Street, Vancouver, BC, V6C 1H2 | Tel: 604.681.1568 | Fax: 604.681.8240
Forward Looking Statements
Statements in this press release that are not historical facts can be considered forward looking statements. Forward
looking statements in this press release include that we can develop high grade copper -cobalt properties in
Newfoundland & Labrador, that we will acquire the Trump Island property, that an exploration program will include
sampling from the historic shaft area along with geological mapping and local scale electromagnetics, and that a
drilling program would be planned for summer, 2017. 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 the Exchange not approving the acquisition or issuance of shares, that the Company may not raise
sufficient funds to carry out our plans, changing costs for mining and processing; increased capital costs; the timi ng
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.