King’s Bay Completes Exploration Program at Trump Island...

Edited by Admin
Back to Home
King’s Bay Completes Exploration Program at Trump Island...

King’s Bay Completes Exploration Program at Trump Island Copper-Cobalt Project in Newfoundland

 

Vancouver, October 11th, 2017 – King’s Bay Resources Corp. (TSX.V: KBG), (FSE: KGB1), a mineral exploration company based in Vancouver Canada, is pleased to announce that it has completed phase 1 of exploration on its 100% owned, Trump Island Copper-Cobalt Project on the northern coast of Newfoundland.

 

King’s Bay conducted a reconnaissance program, collecting 15 samples from outcrop on the island. Each of the 15 samples exhibited sulfidic wall rock and massive sulfide veins. The bulk of the visible sulfide consists of veinlets and pods of chalcopyrite and pyrite. The bedrock of Trump Island is very steeply dipping and displays both coarse and fine grained sulfide throughout. The samples have been sent to Bureau Veritas Labs in Vancouver for geochemical analysis.  Bureau Veritas has advised Kings Bay that the sample assays will be returned as soon as possible. Pending favorable results, Phase 2 of exploration will take place in early spring.

 

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 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.

 

 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 Resources

 

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

O: 604 681 1568

E: kevin@kingsbayres.com

 

For Investment Inquiries please contact:

Jared Rushton, Corporate Development

O: 604 681 1568

E: jrushton@kingsbayres.com

 

 

Forward Looking Statements

 

This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. 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 that the Company may not raise sufficient funds to carry out our plans, changing costs for mining and processing; increased capital costs; the timing 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