Global Copper Group Inc. ("Global Copper") is pleased to report that property visits to the recently acquired Smith Cobalt and Proteus projects have been completed. The Smith Cobalt and Proteus are cobalt-silver properties located in the historic Cobalt mining district in Ontario.
The objective of the visit was to familiarize management with project logistics and to initiate exploration programs for these properties.
During the site visit, the muck pile created from the previous underground development and mining of the North and South veins on the Smith Cobalt property was examined. Samples from the muck pile show a considerable amount of erythrite (an oxidation product of cobalt minerals commonly referred to as "cobalt bloom"). Cobalt bloom is used by prospectors as an indicator mineral for associated cobalt and silver veins.
In 1927, a 400 foot deep shaft was sunk and limited underground development was completed. In 1934, the underground was de-watered, a winze was sunk on the South Vein to a depth of 452 feet and drifting was carried out on the North and South Veins. In 1935, a winze was sunk from the 452 foot level to the 500 foot level and limited drifting was completed on the North Vein.
During the development of the underground working, four steeply dipping veins were intersected. These veins strike nearly east-west. Two of these veins referred to as the 'North' and 'South' veins contained cobalt and nickel but had negligible silver values. Most of the cobalt produced came from the 'North' vein and both the 'North" and 'South' veins were reported to be more productive in the Keewatin than in the cobalt conglomerate.
On surface, three additional veins were located. Two of the veins strike east - west and the third vein strikes north - south. All three veins were tested for silver content by diamond drilling and trenched. No significant silver values were found. Information on cobalt content was not noted for these veins.
During the period of underground development 10,027 pounds of cobalt was produced with most of it being from the 452 foot level on the North Vein.
Source of the historical information: "Summary Report Prepared for Phaeton Exploration Ltd., Cobalt Ontario Option, Formerly Smith Cobalt Property," dated May 7, 1985 prepared by C.W. Archibald, B.A.Sc.
"The recently completed site visit has reinforced Global's commitment to further develop the Smith Cobalt and Proteus projects," comments Dr. Andreas Rompel, President & CEO. "We were pleased to see the amount of historical data available and the encouraging state of the infrastructure as these factors will allow us to initiate an exploration program almost immediately."
The company is currently accumulating and compiling the historical data from the Smith Cobalt property. A significant number of old mine plans have been acquired. These mine plans provide the location and the strike and dip of the veins intersected in the underground workings. The Company is also compiling the historical data from properties surrounding the Smith Cobalt property to determine if veins present on these properties extend onto the Smith Cobalt property. A number of the veins on the adjoining property to the northwest have been interpreted to trend towards the Smith Cobalt property.
The Phase I exploration program, slated to begin immediately, consists of: i) continuation of the collecting and interpreting historical data and ii) completion of a combined high-resolution airborne magnetic and VLF-EM survey to better map the known veins and their extent and to locate new veins, and gain an understanding of the structural control on the vein intrusion. The airborne survey will also cover the adjoining Proteus property.
The company plans to undertake a study to determine the cost and activities required to rehabilitate the Smith Cobalt shaft and underground workings to allow mapping and sampling of the veins.
Chris M. Healey. P.Geo, a Director of Global Copper Group is the Qualified Person responsible for the technical content of this release and consents to its dissemination.