DECLAN COBALT'S TISOVA POLYMETALLIC VOLCANIC MASSIVE SULFIDE (VMS) PROJECT
Declan Cobalt Inc. is providing an interpretation update, based on newly acquired geophysical data and continued compilation of historical data. The property comprises 15,929 hectares, located in Germany and the Czech Republic. The focus of the current work program is on the historical Tisova mine located on the Czech-German border (about 320 hectares). Multiple strata of copper- and cobalt-bearing volcanogenic massive sulphide (VMS) and magnetite iron formations occur in the Cambrian-age strata in the Tisova mine workings.
The Czech state mining company, Rudne doly Pribram np, professionally decommissioned the Tisova mine in 1994, providing Declan with historical data, used to complete 3-D geological modelling mated with the 3-D modelling of the newly acquired geophysical data.
3-D geological modelling
Declan's consultant, Paul McGuigan, PGeo, of Cambria Geosciences, assembled a 3-D model of data from the mine closure report and drawings by Kozubek et al. (1994) and drilling data from the Czech Geological Survey Archive (Kutna Hora Geofond). Additionally, the company recently acquired a full, multiyear study by Charles University, Prague, of the structural geology of the mine (Pertold et al., 1971). This large collection of data and drawings has now been reinterpreted and posted to the company's 3-D model forming the initial framework for the interpretation of the new geophysical surveys.
3-D resistivity and induced polarization survey
Dias Geophysical's DIAS 32 survey is complete over the entire Tisova concession and adjacent areas. Successful implementation of this innovative system is shown by the following preliminary results:
- Data acquisition from greater than 500 to 600 metres below the surface and below the deepest 9 level exploration drilling.
- Low- and high-resistivity responses correlate with the 3-D modelled geology. Low resistivity corresponds to the metamorphosed euxinic sediments and the principal VMS horizons.
- Shallow drill targets: Low resistivity responses located at shallow depths (about 200 m below surface) correlate with strata extending down-dip and along strike of stoped-out areas. Detailed modelling is under way to define promising shallow drill targets.
- Deep drill targets: Low resistivity targets at depth (about 450 metres) seem to correspond to higher sulphide-bearing zones identified from underground drilling. The intent is to have Dias Geophysical to reprocess the data to determine better interpretation to provide deeper core drill targets.
Continuing work program:
- Another series of detailed 3-D inversions are being completed to further define the resistivity/chargeability responses.
- The Terratec Geophysical Services detailed ground magnetic data will be integrated into the compilation and provide additional ability to refine core drill targets.
- A core drill contractor will be selected and the timeline for drilling will be formulated. Year-round drilling is feasible on the Tisova concession due to favourable terrain and excellent infrastructure.
President Wayne Tisdale states: "This treasure trove of historic data, combined with modern data compilation, is helping us understand the mineral potential of Declan's Czech-German copper-cobalt project. We are truly excited to commence our core drilling program."
DECLAN ACQUIRES COPPER COBALT PROJECT IN EUROPEAN ELECTRIC VEHICLE HUB
Declan Cobalt Inc. that, further to its press release dated July 6, 2018, it has completed the acquisitions of both Tisová Pty Ltd. ("Tisova") and TGER Pty Ltd. ("TGER"), owners of certain mineral concessions located in the Czech Republic and Germany (the "Properties").
The Properties are comprised of two concessions and four concessions application parcels comprising 15,929 ha in both Germany and the Czech Republic. The concessions are less than 150km from several electric vehicle battery plants, including BMW's principal supplier's planned factory at Erfurt.
Declan is currently conducting a comprehensive program of geological mapping, deep geophysical surveying, and 3D modeling with a view to identifying drill targets and commencing drilling as soon as feasible. Further details of the program results will be released upon receipt, expected prior to the end of October.
The 2018 Tisová exploration program has been designed and supervised by Paul McGuigan, P. Geo., of Cambria Geosciences Inc. and includes:
- the completion of a deep, 3D Induced Polarization survey over the entire Tisová concession by Dias Geophysical of Toronto;
- the assembly of all historic mine drawings and diamond drilling data into a common 3D geo-referenced database;
- a planned detailed ground magnetic survey with detailed GPS locations to integrate with the IP and also provide an accurate digital elevation model for 3D modeling and drill targeting;
- re-interpretation of structural data from an extensive, multi-year underground mapping project conducted by Charles University, Prague wherein Levels 2 through 6 were mapped prior to the Tisová mine closure in 1994; and
- new geological and structural mapping to compliment and verify the historic data and provide the geological controls and 3D modeling for drill targeting.
Preliminary results point to a successful return of electrical responses from the deepest levels of the Tisová mine at depths greater than 600m below surface. Detailed 3D inversions of the IP data are underway and will incorporate the detailed magnetic data, when obtained in early November.
Otto Janout, an experienced Czech-Canadian explorationist, has expedited all Czech logistics and has also acted as the project community liaison, ensuring ongoing local support of Declan's initiatives.
Mining at Tisová was first recorded in the 13th century and, by the 16th century, there were over 2,000 workers at three underground mines producing 5 per cent copper. Production was smelted locally in several parts of the Tisová valley. A local industry of copper and brass fabrication was also spawned by the Tisová mining activity. Modern style mining commenced in 1899 (with the founding of the Klingenthal-Graslitzer Copper Mining Company). After the First World War, the Graslitz region ceded to the newly founded Czechoslovakia. The buildings and treatment plants of the Klingenthal-Graslitzer Copper Mining Company were demolished between 1923 and 1929. Additional modern mining has taken places over the subsequent decades.
Wayne Tisdale, President of Declan, notes: "This is a rare and exceptional opportunity for Declan to explore in a jurisdiction with a rich mining history. The extent of local mining knowledge is deeply impressive and gives us a chance to commence this project with significant data in hand."
All geological compilations will be made available on Declan's website at .
In exchange for 100% of the common shares of Tisová and TGER, as previously disclosed in its press release of July 6, 2018, Declan has:
- paid an aggregate of $60,000 in cash to the shareholders (the "Vendors");
- incurred not less than $500,000 in exploration expenses prior to October 31, 2018;
- issued an aggregate of 1.5 million common shares of Declan ("Declan Shares") to the Vendors on the closing date at a deemed price of $0.30 per share;
- agreed to incur a minimum of $1 million on the Properties by July 1, 2019 as well as the issuance of an aggregate 2.5 million Declan Shares to the Vendors at such time; and
- agreed to incur an additional $1 million on the Properties each year for the next three years and not later than July 1, 2022 and issue an additional 4 million Declan Shares to the Vendors.
The Company has also paid a finder's fee by way of the issuance of 46,875 Declan Shares at a deemed price of $0.30 per share. The finder may receive additional Declan Shares (not to exceed and aggregate of 250,000 shares) should Declan choose to proceed with additional exploration to the period ending July 1, 2022.
In connection with this transaction, 100,000 stock options have been granted to the Company's Australian resident appointed director for both TGER and Tisová. The stock options are exercisable at $0.30 for a period of five years and vest in equal tranches over four years.
The securities issued in connection with the acquisitions are subject to a hold period and may not be traded until February 24, 2019.
DECLAN COBALT ANNOUNCES SALE OF TURNER LAKE PROJECT
Declan Cobalt Inc. (“Declan” or the “Company”) (CSE: LAN) announces that it has entered into a mineral purchase agreement (the “Agreement”) with Pacific Cascade Minerals Inc. (“PCV”), whereby PCV will purchase a 100% interest in the Turner Lake Project (the “Property”) located in Nunavut.
Under the terms of the Agreement the PCV agrees to purchase a 100% right title and interest in the property in exchange for 1 million common shares of PCV to be delivered to the Company within 10 days after PCV receives regulatory approval for the transaction. The Company will also be reimbursed $46,720 by PCV representing prior cash expenditures incurred on the Property. Upon commencement of commercial production, PCV shall pay a royalty to the Company equal to 1% of net smelter returns which may be purchased for the sum of $1,000,000 at any time after commercial production.
The Property consists of 2 claims, T1 K90329 and M1 K90330 totaling 1925 hectares, near Bathurst Inlet in the Kitikmeot District of Western Nunavut, approximately 560 km NE of Yellowknife NWT.
DECLAN COBALT PROVIDES PROGRAM UPDATE ON ITS
EUROPEAN COPPER-COBALT PROJECT
Declan Cobalt Inc. (“Declan” or the “Company“) (CSE: LAN) is pleased to report the commencement of exploration on its Tisova Copper-Cobalt project located on the German/Czech Republic border. There have been no modern geophysics completed on the property, making the current program all the more impactful. This is an area with a long-standing history of mining, with the first documented mining on the property being done in the 13th Century. Further mining operations took place from 1953 to 1973. Little has been done since owing largely to a historically challenging political environment, which is no longer the case. Local support for Declan’s initiatives has been uniformly positive.
The current exploration program is comprised of a detailed 3D resistivity and chargeability survey undertaken by Dias Geophysical. The magnetic survey, structural mapping, 3D modelling and sampling of known showings is being supervised by Paul McGuigan of Cambria Geosciences.
Mr Wayne Tisdale, CEO, reports:
“We have put together a comprehensive exploration program that will assess the Tisova Copper-Cobalt project and provide diamond drill targets for us to follow up this autumn. The engagement of Dias Geophysical along with the expertise of Paul McGuigan provides Declan with a proven discovery team that will properly assess the project’s Copper-Cobalt potential. Declan’s location on the German/Czech border allows us to be a potential supplier of Copper and Cobalt to the growing electric vehicle battery market within Europe.”
Roberto Vavassori, president of the European Association of Automotive Suppliers, was recently quoted as saying: “We need production in Europe for vehicles of the future or we put all of Europe at risk.” This sentiment was echoed at the recent Frankfurt Auto Show by the Chief Executive of Volkswagen, Matthias Mueller who said, when referencing his view that Europe needs to start producing electric vehicle batteries: “A company like Volkswagen must lead, not follow.” Volkswagen anticipates selling as many as 3 million battery-only vehicles per year by 2025.
Declan recently closed a $2.82 million financing that will fund this program and the subsequent diamond drilling. To date the planning and execution of the program has been ably supported by the Czech and German vendors of the properties. Owing to their extensive local knowledge and historical work on the properties, their on the ground assistance with program logistics has proved invaluable.