Vancouver: King’s Bay Gold Corporation, operating as “King’s Bay”, a mining exploration and development company based in Vancouver, has signed a definitive agreement to acquire 100% interest in a cobalt property located in southern Labrador.
The project consists of 66 mineral claims encompassing approximately 20 square kilometers, located 100km southeast of Happy Valley-Goose Bay, Newfoundland and Labrador. Prior to 2008, the area was deemed remote and remained virtually unexplored even after interest in Labrador grew due to the discovery of Voisey’s Bay Ni-Cu-Co mine. Thanks to the construction of the new Trans-Labrador Highway that runs through the property, the area is now easily accessible.
In 2008, areas of disseminated and massive sulphide were discovered in bedrock after blasting by the Department of Transportation for road aggregate. In 2009, sampling and assaying of grab samples from the aggregate quarry by local prospectors produced assays of up to 1.39% copper, 0.94% cobalt, 0.21% nickel and 6.5 g/t silver. Government regional low resolution residual magnetic surveys and preliminary EM-16 (hand held geophysical unit) surveys done by local prospectors in 2014 show strong conductors beneath the overburden and provide incentive to explore the area further for more surface and sub surface mineralization.
The initial samples taken in the eastern portion of the property were followed in 2015 by surface grab sampling in the western side of the property. These new results were equally as promising yielding 1.03% Copper, 0.566% Cobalt, 0.1% Nickel, 5.0 g/t silver, 0.36% Chromium, 0.39% Molybdenum and 0.23% Vanadium. These values should not be relied upon as a representation of the whole area. The property has never been drilled and the amalgamation of these results suggests the possibility for a larger body of mineralization in the area.
In the addition to excellent road accessibility to deep sea water ports and the proximity to the town of Happy Valley-Goose Bay, the property offers the ability to easily obtain electricity from a 3 phase power line that runs directly adjacent to the property.
With energy metal prices on the rise, King’s Bay feels that it is a great time to explore this property.