NextSource Materials Inc. NI 43-101 Compliant Sagar Property in Quebec has Potential to Host Significant Cobalt
12 Juin 2018 - 1:30PM
Marks Third Strategic Battery Material
in Company’s Portfolio
NextSource Materials Inc. (TSX:NEXT)
(OTCQB:NSRCF) (“NextSource” or “the Company”) announces that its
long held,100%-owned Sagar Property in the Romanet Horst/Labrador
Trough region of Quebec, Canada has received renewed attention due
to it hosting significant cobalt mineralization.
This development provides NextSource with the
advantageous position of having now a third strategic battery
material in its portfolio, adding to its advanced graphite and
vanadium assets in Madagascar. Graphite and cobalt, along with
lithium and nickel are regarded as the four “pillars” of battery
technology. In addition, vanadium and flake graphite are the
essential raw materials in Vanadium Redox Flow Batteries, which are
now regarded by industry analysts as the leading battery technology
for large-scale energy storage systems. Large-scale energy storage
systems are capable of providing megawatt hour storage – a
capability that is critical as the world transitions from fossil
fuels to renewable energy and the accompanying need to harness
intermittent renewable energy.
NDAs Signed with Multiple
Parties
Several international parties have recently
approached NextSource and expressed strong interest in the Sagar
Property based exclusively on its cobalt. Non-Disclosure Agreements
have been executed and due diligence has been initiated with
each.
While the cobalt opportunity is a serendipitous
development, the advancement of the Molo graphite project in
Madagascar remains management’s priority. Over the coming weeks,
management will evaluate the various options available to the
Company and will determine the best option to potentially monetize
this opportunity for its shareholders.
Cobalt Abundant Within IOCG
Mineralization
Prior to NextSource concentrating all of its
exploration efforts in Madagascar in late 2007, the Company was
focused on a comprehensive exploration program at its Sagar
property in early 2007 that identified Iron-Oxide-Copper-Gold
(IOCG) mineralization. While discovering gold and copper
mineralization at Sagar, NextSource unintentionally discovered
significant showings of cobalt. As gold and copper was the priority
during the Company’s exploration program at that time, cobalt
mineralization was never specifically targeted, nor was it included
in the NI 43-101 Technical Study that was completed on the
property. Upon recent re-review of the drill core, grab samples and
XRF results, the Sagar property has the potential to host
significant mineralization of cobalt, which appears to be
ubiquitous on the property.
An analogue to the Sagar property’s cobalt
mineralization can be found in the Idaho Cobalt Belt, which has
been identified as multistage hydrothermal mineralization in a
magmatic-related IOCG system. The Iron Creek Cobalt Project,
recently acquired by First Cobalt Corp. in their corporate
acquisition of US Cobalt Inc., is found within the Idaho Cobalt
Belt and has a non-compliant NI 43-101 estimate of 1.3M tons
grading 0.59% cobalt (Co) and 0.3% copper (Cu).Prior to its
acquisition of US Cobalt Inc., First Cobalt Corp. consolidated a
number of brownfield and greenfield properties to form a ‘cobalt
camp’ in the aptly-named town of Cobalt, Ontario.
With the above as context, NextSource’s Sagar
property is as large (175 km2) as the amalgamated First Cobalt land
position in Ontario, with grab samples containing up to 0.81% Co.
The lab that analyzed the samples was Activation Laboratories Ltd.
in Abitibi, Quebec.
QUALIFIED PERSONS
Mr. Craig Scherba, P.Geo., President and CEO, is
the qualified person who reviewed and approved the technical
information provided in this press release.
ABOUT NEXTSOURCE MATERIALS
INC.
NextSource Materials Inc. is a mine development
company based in Toronto, Canada, that is developing its 100%-owned
Molo Graphite Project in southern Madagascar. The Molo Graphite
Project is a feasibility-stage project and ranks as one of the
largest-known and highest quality flake graphite deposits in the
world and the only project with SuperFlake® graphite.
For further information contact:
+1.416.364.4911Brent Nykoliation, Senior Vice President, Corporate
Development at brent@nextsourcematerials.com or Craig Scherba,
President and CEO at craig@nextsourcematerials.com
Safe Harbour: This press release contains
statements that may constitute “forward-looking statements” within
the meaning of applicable Canadian securities legislation. Readers
are cautioned not to place undue reliance on such forward-looking
statements. Forward-looking statements are related to the
information contained in this press release and the Company’s
corporate presentation, which refers to the results of the cobalt
exploration data, updated 2017 Feasibility Study, the results of
the previous 2015 Molo Feasibility Study, funding of the
development of the Molo Project, implementation and commencement of
the build-out of Phase 1 and Phase 2 of the Molo Project,
commencement of production at the Molo Project, commencement of
procurement for mine infrastructure, the procurement of equipment
to construct a mine, value engineering, any and all product test
results and product analysis, and the permit application. These are
based on current expectations, estimates and assumptions that
involve a number of risks, which could cause actual results to vary
and in some instances to differ materially from those anticipated
by the Company and described in the forward-looking statements
contained in this press release. No assurance can be given that any
of the events anticipated by the forward-looking statements will
transpire or occur or, if any of them do so, what benefits the
Company will derive there from. The forward-looking statements
contained in this news release are made as at the date of this news
release and the Company does not undertake any obligation to update
publicly or to revise any of the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.
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