Core Picture #1: Hole #1 intersected a highly magnetic net textured gabbro from 45.6 m to 162.8 m in depth containing 2 main phases of mineralization.
Today, King’s Bay Resources Corp. made a significant announcement of having completed its phase-1 drill program at its 100% owned Lynx Lake Copper-Cobalt Project in Labrador, Canada.
What makes this announcement so significant is that a major, brand new discovery appears to be on the horizon as the company gave detailed insights, including core pictures, of the drilling. Assays are pending and will be released once available – and could make this discovery an official one.
The company noted today that the 2 completed holes intersected 4 broad mineralized zones totaling 290 m. That’s a great length of mineralization considering that both holes totaled around 502 m.
Hole #1 intersected (from 45.6 m to 162.8 m) a highly magnetic net textured gabbro containing 2 main phases of mineralization (see Core Picture #1 above).
Hole #1 intersected (from 236 m to 250.9 m) a biotite gabbro in consisting of disseminated mineralization throughout (see Core Picture #2 below).
Hole #2 intersected (from 10 m to 57.1 m) a weakly magnetic amphibolitic unit with lenses of net textured mineralization throughout (see Core Picture #3 below).
Hole #2 intersected (from 57.1 m to 167.9 m) a highly magnetic gabbro with chloritized lenses of disseminated mineralization throughout (see Core Picture #4 below).
These are highly significant lengths of mineralization! The upcoming assays will provide the official grade of this discovery. President Kevin Bottomley commented:
“Completing Phase 1 drilling at Lynx Lake is a major milestone for the company. We are encouraged by the lengths of the mineralized zones and are eagerly awaiting the assay results.”
Both holes were placed just south of the West Pit and were based on the results of the previously flown VTEM survey, which identified an anomaly (anticipated to be ranging in depth from 50-300 m and estimated to be 400 m in diameter). The 2 holes were 150 m apart (!), drilling into the anomaly from both outer most limits of the anomaly.
When Garibaldi Resources Corp. started drilling at its Nickel Mountain Project in British Columbia in late August, its stock traded below $0.80 CAD. In early September (similar to King‘s Bay today!), Garibaldi announced to have intersected broad intervals of mineralization in the first drill hole, which entered a mineralized gabbro at a depth of 51 m with disseminated sulphides continuing to 169.5 m. A second section of disseminated sulphides started at a depth of 274.5 m and continued to 332 m.
Last week, Garibaldi announced the first round of assays: Hole #1 intersected 60.5 m @ 0.54% nickel and 0.53% copper. Hole 2: 18 m @ 0.69% nickel and 0.80% copper, and 24 m @ 0.56% nickel and 0.65% copper. Hole 3: 13.5 m @ 1.05% nickel and 1% copper within 39 m @ 0.91% nickel and 0.74% copper. Hole 4: 12 m @ 1.08% nickel and 0.68% copper, as well as 7.2% nickel, 3.4% copper, 0.82 g/t palladium, 0.78 g/t platinum, 0.4 g/t gold, 10 g/t silver and 0.195% cobalt over 4.8 m at the bottom of a broader 48.2 m interval from 108.4 m @ 1.1% nickel, 0.69% copper, 0.38 g/t palladium, 0.23 g/t platinum, 0.16 g/t gold, 3.1 g/t silver and 0.032% cobalt.
Yesterday, Garibaldi closed at $2.88 CAD and enjoys a market capitalization of $279 million CAD. Its stock price is up +260% since early September when it announced to have intersected broad intervals of mineralization in the first hole, with assays pending.
The upside for King‘s Bay is even larger as the company is trading below $0.10 CAD today and has a market capitalization of less than $5 million. King‘s Bay‘s Lynx Lake Copper-Cobalt Property consists of 959 mineral claims encompassing a land area of approximately 240 km2, located 100 km southeast of Happy Valley Goose Bay in Newfoundland and Labrador. The “West Pit” has been historically sampled yielding assays of up to 1.03% copper, 0.56% cobalt, 0.23% vanadium, 0.10% nickel and 5 g/t silver. The Lynx Lake Project has returned historical grab samples assaying up to 1.39% copper, 0.94% cobalt, 0.21% nickel and 6.5g/t silver. The Lynx Lake Project benefits strongly from being located directly adjacent to a 3-phase powerline and the Trans-Labrador Highway.
Below pictures show the West Pit:
For an updated version, click here.
King‘s Bay Resources Corp.
Suite 1450 – 789 West Pender Street
Vancouver, B.C. V6C 1H2 Canada
Phone: +1 604 681 1568
Shares Issued & Outstanding: 45,726,423
Canadian Symbol (TSX.V): KBG
Current Price: $0.095 CAD (11/27/2017)
Market Capitalization: $4.3 Million CAD
German Symbol / WKN (Frankfurt): KGB1 / A2AN0E
Current Price: €0.059 EUR (11/27/2017)
Market Capitalization: €2.7 Million EUR
Report #7: “Time to drill and discover cobalt-rich deposits“ (August 21, 2017)
Report #6: “VTEM Survey Reveals Large Conductor Near Surface at the West Pit of the Lynx Lake Copper-Cobalt Property in Labrador“ (June 19, 2017)
Report #5: “Finding the High-Grade Cobalt Source on the Lynx Lake Property in Labrador“ (April 21, 2017)
Report #4: “Escalating cobalt prices lead Kings Bay to acquire Trump Islands property” (February 16, 2017)
Report #3: “Advancing a cobalt-rich portfolio of discovery-ready exploration projects in Canada” (February 6, 2017)
Report #2: “Cobalt Crunch Time” (January 20, 2017)
Report #1: “Potential for a Massive Discovery of Cobalt, Copper and High-Tech Metals” (October 27, 2016)
Disclaimer: Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist.