Pacific Rim Cobalt Secures Government Approvals
- Cyclops Nickel-Cobalt project license fully compliant under updated mining registration process
- National, provincial and local support received for project
- Strategic partner / investor discussions have commenced
VANCOUVER, British Columbia, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Pacific Rim Cobalt Corp. (the “Company” or “Pacific Rim Cobalt”) (CSE: BOLT) (OTCQB: PCRCF) (FRANKFURT: NXFE) is pleased to announce it has received approval from the OMBUDSMAN of the Republic of Indonesia for the registration of the Cyclops Nickel-Cobalt Project license in the Directorate General of Minerals and Coal and the Ministry of Energy and Mineral Resources of the Republic of Indonesia. The project license will be transferred into a Foreign Investment License where it will be administered by the central government. The license will then be fully compliant with the regulation of the Minister of Energy and Mineral Resources No. 11 of 2018 regarding the procedure for the granting of licenses and reporting on mineral and coal mining business activities.
Ranjeet Sundher, CEO of Pacific Rim Cobalt, commented: “2019 was a pivotal year for us, and we’re pleased to carry this momentum into 2020. Obtaining approval from Indonesia’s OMBUDSMAN is an important step toward our goal of securing strategic partnerships and participating in Asia’s growing battery metals supply chain.”
During 2019, the Company carried out an extensive exploration and development program at its flagship 5000 hectare, Cyclops Nickel-Cobalt project, located in Papua Province, Indonesia. Drilling identified significant horizons of nickel mineralization and bench-scale scoping tests returned positive results for processing of this nickel rich material. The Cyclops Project is mining and environmentally permitted with year round access.
- The recovery percentages form the bench-scale test program are set out below (for further information, please refer to the Company’s press release of October 28, 2019):
|Sample||Nickel (%)||Cobalt (%)||Iron (%)|
|Low Iron Transition||99.75||97.03||99.22|
- Selected elevated nickel drill results are provided below from the Company’s shallow drilling program (for further information, please refer to the Company’s press releases of March 5, April 1, April 23, June 13, June 20 and September 10, 2019):