UPDATE - NextSource Materials Inc. NI 43-101 Compliant Sagar Property in Quebec has Potential to Host Significant Cobalt
12 Juin 2018 - 2:27PM
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 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.
POTENTIAL TO HOST SIGNIFICANT COBALT
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 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. Upon recent 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.
Analysis of lithogeochemical samples at Sagar was conducted by
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
assays and related exploration data, ability of the Sagar to
potentially host cobalt mineralization, 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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