Full size / Visible bornite (Cu5FeS4) in magnetite-rich limestone collected from outside the “French Adit” on the Blue Copper-Cobalt Property in British Columbia. The striking iridescence of blue to purple tarnish gives bornite its nickname “Peacock Ore“.
When a sparkling piece of rock draws the attention of Zimtu Capital Corp. to create a new company, you know something is up. And when someone with the calibre of Jared Musk, pardon me Jared Lazerson (CEO of MGX Minerals Inc. and MGX Renewables Inc.), becomes a Director of that new company, you better sit up straight and watch closely what is about to come to light.
Iridescence is the phenomenon of certain materials that appear to gradually change colour as the angle of view, or the angle of illumination, changes. Zimtu Capital is specialized in a similar phenomenon, namely the identification of underexplored mineral properties which are nowadays worthy of rebooting as our perspective of resources and their application in modern life change over time, as being the case with the importance of certain technology metals.
The Blue Property in British Columbia saw some sporadic exploration efforts in the 1970s. A company called Rio Plata Silver Mines, obviously looking for silver, drilled 175 m of 0.27% copper from surface including 27 m of 1.2% copper. Cobalt was not even assayed for as its industrial importance was negligible. (See below for discussion of the historical data.)
What looked like low-grade copper back in the days is nowadays – thanks to innovative processing technology – being mined with great success elsewhere around the globe; e.g. at the Copper Mountain Mine near Princeton in British Columbia with probable reserves of 0.22% copper.
Full size / Substantial copper staining on outcropping bedrock south of the “French Adit“ on the Blue Copper-Cobalt Property.
After the initial acquisition and subsequent enlargement (by staking) of the Blue Copper-Cobalt Property and the recent receipt of positive exploration results from targeting historically identified copper and cobalt in a magnetite-rich rock unit, Zimtu Capital Corp. today announced that it has optioned 100% of its interest to Core Assets Corp., a newly created private company currently conducting a capital raise to fund the initial acquisition and exploration of the Property.
Core Assets’ Board of Directors is comprised of experienced natural resource sector executives. The President is Mr. David Hodge, and Directors are Mr. Jared Lazerson, Mr. Nicholas Rodway (P.Geo), and Mr. Scott Rose.
In consideration for the transaction, Core Assets will pay Zimtu Capital $100,000 CAD and 3 million common shares as follows:
(i) $50,000 and 1 million common shares upon signing; and
(ii) $50,000 and 1 million common shares 1 year from signing; and
(iii) 1 million common shares 2 years from signing.
Zimtu Capital will also retain a 2% NSR with a 50% buyback for $1 million.
Full size / Regional location of the Blue Copper-Cobalt Property (11.3 km2) in the Atlin Mining Division of British Columbia, about 48 km southwest of the town Atlin.
According to today’s news:
”The program consisted of the collection of 28 rock grab samples: four grab samples from bed rock in the historical “French Adit” sampled every 10-12 meters; six grab samples from the exterior area of the “French Adit” (rubble from potential mine dump); and two samples from bedrock, 10 meters south of the “French Adit”. Eleven samples were taken from bedrock in the area of the historical “North Adit” and five samples were collected from areas of the northernmost extent of the property. All areas of sampling returned very promising assay values.
Rocks sampled from the “French Adit” area assayed up to 1.56 g/t gold, 43.3 g/t silver and 8.46% copper.
Rocks sampled from the “North Adit” area assayed up to 1.57 g/t gold, 46.5 g/t silver and 1.86% copper.”
(See below for discussion of the historical data and see Zimtu Capital’s press-release of December 10, 2018 for more detail and the qualifying person’s confirmation.)
The Blue Property has undergone multiple exploration programs over the years, focusing mainly on the copper-gold-silver mineralization in skarns. The property has had limited work completed for cobalt.
In the early 1950s, an academic thesis completed for the University of British Columbia examined the petrography of the rocks towards the north end of the property. Erythrite (a secondary cobalt-containing mineral) and cobaltite (a cobalt-containing sulfide mineral that is a significant source of that strategically important metal) were identified and confirmed in thin sections (ARIS 58747).
Historic sampling the north end of the property using an undescribed sampling method reported grades of 0.6% cobalt over 3 feet (0.91 m). Copper was found at 3.5% and silver at 1 ounce/tonne. Some samples were described to have an erythrite coating on the surface and have cobaltite scattered throughout the magnetite.
In 1973, Rio Plata Silver Mines Ltd. commenced diamond drilling on the property yielding 175 m of 0.27% copper from surface, including 27 m of 1.2% copper approximately 15 m south of the “French Adit.” Cobalt was never assayed for on this hole (ARIS 4996).
The historical information is relevant only as an indication that some mineralization occurs on the property, and no resources, reserve or estimate is inferred. A qualified person has not done sufficient work to classify the historical information as current mineral resources or mineral reserves; and neither Rockstone nor Zimtu is treating the historical information as current mineral resources or mineral reserves.
Zimtu Capital Corp.
Suite 1450 - 789 West Pender Street
Vancouver, BC, V6C1H2 Canada
Phone: +1 604 681 1568
Email: email@example.com (Scott Rose)
Shares Issued & Outstanding: 15,394,483
Canadian Symbol (TSX.V): ZC
Current Price: $0.21 CAD (12/07/2018)
Market Capitalization: $3 Million CAD
German Symbol / WKN (Tradegate): ZCT1 / A0RDR9
Current Price: €0.137 EUR (12/07/2018)
Market Capitalization: €2 Million EUR
Stephan Bogner (Dipl. Kfm.)
Disclaimer: This report contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Rockstone Research and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Zimtu Capital Corp.´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Zimtu Capital Corp.´s profile on SEDAR at www.sedar.com. Please read the full disclaimer within the above mentioned full research report as a PDF (here), because fundamental risks and conflicts of interest exist. The author, Stephan Bogner, holds a long position in Zimtu Capital Corp., Core Assets Corp. and MGX Minerals Inc. and is being paid by Zimtu Capital Corp. for the preparation, publication and distribution of this report, whereas Zimtu Capital Corp. also holds a long position in Core Assets Corp. and MGX Minerals Inc.