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Report #4

While there are dozens of buildings, businesses and ritzy resorts around the globe that carry the name of US President Trump, it’s unlikely there’s any connection between him and the Trump Islands, south of Twillingate in north-central Newfoundland and Labrador.

A folklore professor from Memorial University, Philip Hiscock, has done the research but says origin is still a mystery. However, he believes that the most likely explanation is related to the discovery of a copper vein on Trump Islands, the reason why people started living there. “If the name only appears once they discovered the copper, then trump also had a meeting of lucky find and a real kind of pay dirt kind of thing, a windfall, so it could be the people who started operating a copper mine … maybe they called it Trump because they were going to make a killing,” said Hiscock.

And they did, but only for 10 years, Hiscock said.

Today, King’s Bay announced the 100% acquisition of the North Trump Island Copper-Cobalt Property (2 km2), located 7 km south of Twillingate. CEO Kevin Bottomley commented:

“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.”

After a successful initial exploration program (sampling from the historic mine shaft, mapping and electromagnetics), King’s Bay intends to start drilling on North Trump Island this summer. Last week, King’s Bay acquired 3 cobalt-copper properties in Québec, all of which provide an excellent opportunity to make a discovery by following up on promising historic exploration that did not include drilling. King’s Bay also owns the Lynx Lake Copper-Cobalt Property in Newfoundland, where exploration will start soon to identify drill targets.

Previous coverage on King’s Bay noted that the year 2017 is poised to become a breakout year for cobalt prices. Having assembled a quality portfolio of 5 prospective cobalt exploration projects in Newfoundland and Québec, King’s Bay has an early mover advantage in the cobalt space.

The Trump Island Cobalt Project

Although the North Trump Island Property appears remotely located in the north-central parts of Newfoundland in Canada, a potential mining operation would benefit from relatively easy access, near-by towns with workers, and direct shipping of ore and/or concentrates to smelters in Canada or abroad. (Above map from Google; see also “Once Upon A Mine“

Today, King’s Bay acquired this cobalt-copper prospective property, which almost completely covers North Trump Island near Twillingate in Newfoundland. In 1863, Nicholas Clymo, a miner of Cornwall (UK) visited North Trump Island and sunk a shaft to follow a 0.9 m wide mineralized zone of massive chalcopyrite. It was reported that the mineralized quartz vein expands at the bottom of the shaft, which was only 6 m long. Due to limited technology at that time, no further excavation could be safely continued. Clymo reported that some high-grade copper-cobalt ore was shipped to Swansea in England.

In 1953, J. Kalliokoski of the Newfoundland Geologic Survey conducted a mapping and prospecting program for Newmont in the area, but no sample assays were reported.

In 1999, limited rock and soil grab sampling by G. Lewis, an experienced local prospector, revealed mineralization assaying up to 3.8% copper, 0.3% cobalt, 2.9 g/t gold and 10.9 g/t silver near the old Clymo mine shaft. The compilation of his work suggests that a more detailed exploration program is warranted. To date, North Trump Island has never been drill tested.

King’s Bay plans to start a drill program this summer, in case a prior exploration program (prospecting, mapping, sampling from the historic shaft area, local-scale electromagnetics) proves successful in identifying drill targets.

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).

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 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 my). 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.

 


  

Company Details

King‘s Bay Gold Corp.
Suite 1450 – 789 West Pender Street
Vancouver, B.C. V6C 1H2 Canada
Phone: +1 604 681 1568
Email: brad@kingsbayres.com
www.kingsbayres.com

Shares Issued & Outstanding: 41,006,423

Canadian Symbol (TSX.V): KBG
Current Price: $0.185 CAD (02/15/2017)
Market Capitalization: $8 Million CAD

German Symbol / WKN (Frankfurt): KGB1 / A2AN0E
Current Price: €0.135 EUR (02/15/2017)
Market Capitalization: €6 Million EUR

 


  

Previous Coverage

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.

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Name:
Rockstone
17.02.2017 12:06:35
CEO INTERVIEWS

Kings Bay: Cobalt close to home

http://business.financialpost.com/news/mining/ceo-interviews/kings-bay-cobalt-close-to-home
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COMPANY INFO
Name: King‘s Bay Gold Corp.
Canada Symbol: KBG
Germany Symbol / WKN: KGB1 / A2AN0E
Shares Issued & Outstanding: 41,006,423
Phone: +1 604 681 1568
Email: brad@kingsbayres.com
Web: www.kingsbayres.com
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