PLANTATION, Fla., Nov. 30, 2017 (GLOBE NEWSWIRE) -- Atacama Resources International (OTC PINK:ACRL) announced today that it has received the geological evaluation of its Cabo Property from Canadian Exploration Services Ltd. (CXS). The Cabo Property is located in Lorrain Township approximately nine miles southeast of the historic mining town of Cobalt, Ontario.
The geological evaluation was requested from CSX in early September 2017 to determine the presence of cobalt in the Atacama Resources’ Cabo Property. The report has been completed and the results were submitted to Atacama Resources on November 13, 2017. The % concentration of cobalt mineralization per ton is the measurement of cobalt presence, and the results of the CSX evaluation are outstanding. An assay result of 1.22% cobalt was recorded in one of the fifteen sample outcrops and rock dumps taken from four separate shafts and pits. Additional samples indicated viable cobalt concentrations as well. The results clearly indicate that backhoe stripping around the shafts should be performed to uncover the original bedrock surface and conduct additional assays throughout the 300+ acre Cabo Property.
Glenn Grant, CEO, stated, “We were expecting a viable concentration of cobalt on our Cabo Property but the actual concentration exceeds our expectations. The reported assay results came from surface grab samples and with at least fourteen diamond drill holes on the property yet to be sampled, the potential for even higher concentrations on the rock dumps surrounding the additional drill holes is quite high.”
Grant continued, “Our research indicates that the average % concentration of cobalt in a cobalt mine in Canada and the United States is significantly less than .75%. The average cobalt mine in Russia, for example, averages .28% cobalt. With the price per pound of cobalt approaching $30 this month and continuing to increase, further evaluation of the Cabo Property is of the highest priority.”
Recent news reports concerning the anticipated explosive growth of the electric automobile and truck markets in the US, Europe and Asia make it clear that both cobalt and graphite are strategic minerals in the production of the batteries that will power electric vehicles.
Atacama Resources not only owns the claims to the Cabo Property for cobalt but also the 1760 acre Mystery Graphite Property for graphite. Located between Kirkland Lake and Timmons in Northern Ontario, this property will undergo further geological evaluation in 2018. Extensive core samples obtained from previous diamond drilling on the property are in the company’s possession and will undergo geological evaluation in 2018. A previous preliminary evaluation revealed large flake graphite in selected core samples. Atacama also owns a 100 acre parcel called Coronation with major graphite potential and available core samples.
About Atacama Resources International (www.acrlintl.com)
Atacama Resources International is a publicly traded OTC company with significant mining claims in the greater Kirkland Lake area of Northern Ontario. Metals and minerals under potential exploration include gold, silver, diamonds, graphite and cobalt. Major deposits of copper and iron ore are included in the mining claims. Atacama’s technology business includes pioneering smartphone applications called Good2Drive and Fit4Duty with follow on products that will be released in 2018.
Safe Harbor Statement
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Atacama Resources International. Such forward-looking statements are based on current expectations, estimates and projections about the Company’s industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports on Form 10-K and Form 10-Q, and in its Current Reports on Form 8-K, filed with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.