Geology of the Goodsprings Copper-Cobalt Project in Nevada, USA.

Cobalt soil geochemistry at the Goodsprings Copper-Cobalt Project, Nevada, USA.

The Goodsprings Copper-Cobalt Project, is located in the Goodsprings District of southern Nevada and currently comprises:

  1. a 100% interest in 488 Federal mining claims, covering approximately 9,500 acres, that encompass and include several historic copper-cobalt deposits as well as extensions of the geological sequences that host those and other copper-cobalt deposits; and
  2. the rights to explore and develop a privately-owned 120 acre parcel of land that includes and encompasses the high-grade Columbia Copper-Cobalt Mine (“Columbia Mine”). Historic records indicate that shallow mining was undertaken intermittently at the Columbia Mine between 1880 and 1928. Ore was mined predominantly from two inclined shafts located approximately 250 metres apart. These shafts were developed to around 30 metres depth, with stopes up to 6 metres high. The average grade of the mined ore was 12.8% copper. During 1921, 3 parcels of cobalt ore were mined and sold – with individual ore parcels grading 29.18% Co, 13.42% Co and 5.13% Co (weighing 249kg, 1,720kg and 2,190 kg respectively). Historic workings at the Columbia mine extend over more than 500 metres of strike.

New World Cobalt’s 100% owned project area includes workings at the historical Blue Jay Mine, where, in 1922, more than 0.5 tonnes of ore that contained (on average) 6.37% cobalt were recovered from a waste dump.

Systematic Soil Sampling Program

During the first quarter of 2018 the Company completed a systematic soil geochemistry sampling program that comprised sampling on 200m x 50m centres across the majority of the Goodsprings Project area (sampling the entire Project area except where transported cover is present).

16 high-priority coincident Co-Cu anomalies have been delineated and are being targeted for initial follow-up.

IP Survey

During the second quarter of 2018 ground-based induced polarisation (“IP”) surveys were completed over seven of the highest priority Co-Cu soil anomalies.

The IP surveying is expected to help refine targets in advance of the Company’s inaugural drilling program at the project.

The results of the IP surveying are expected to be received early in the third quarter of 2018, with drilling planned to follow in Q4 2018.