Quantum Cobalt's Field Crew Completes First Pass Exploration on Rabbit Lake Project Near Temagami, Ontario

Quantum Cobalt Corp wishes to announce it has completed a first pass exploration program on the Rabbit Lake Cobalt Property (collectively, the "Rabbit Lake Property" or the "Property"), located 14km South East of Temagami, Ontario.

The property lies in the famous 'Cobalt' province and is approximately 47km south of the town of Cobalt, Ontario. A historical Cobalt-Gold-Nickel occurrence is well documented on the property.

Quantum Cobalt Corp. (CNW Group/Quantum Cobalt Corp.)

The occurrence lies within a Nipissing diabase host towards the north of the property, containing an 18inch wide fracture zone with Co-Fe-Ni Arsenides and chalcopyrite mineralisation. Historic assays give values up to 8.76% Cobalt, 6.56% Nickel and 8.8g/t Gold.

A field crew has recently visited and completed a systematic exploration program on the property, reported below.

Prospecting over the northern area showed several unmapped diabase contacts. This coupled with the occurrence warranted the focus of a 25m x 200m grid soil geochemistry program, totalling 105 samples. Further, two prospective fault zones were identified elsewhere on the property and received 10m spaced soils for an extra 22 samples. A beep mat was utilised during the trip and a total of 29 grab samples taken.

 

About the Rabbit Lake Cobalt Property:Location

The Rabbit Cobalt property is located 14 km southeast of the town of Temagami and 55km south of the town of Cobalt near the eastern border of Ontario.

Property Status and Configuration

The approximately 1,040 ha Rabbit Cobalt property is comprised of 65 claim units.

Access and Infrastructure

The Property is accessible via Rabbit Lake which is accessed by 7 km of well-maintained gravel surface road leaving highway 11, 3.5 km south of the town of Temagami. The property is located 10 km from rail and 5 km from power distribution lines.

Mineralization

Cobalt, gold and nickel mineralization is hosted within a fracture zone in diabase approximately 18 inches in width. The fracture is described as being at the contact between the mafic intrusive and the Gowganda Formation. A grab sample collected by A.G. Burrows returned an assay of 8.76% Cobalt, and 6.56% Nickel. The grab samples are selective samples, and are not necessarily representative of the mineralization hosted on the property. This information was from Mineral Deposit Inventory for Ontario (MDI31L13NE00004). A qualified person has not verified the data disclosed in this written disclosure.

History

The town of Cobalt, Ontario is located along the Quebec border, near Temiskaming Shores in Norther Ontario. The town sprang up to serve as its hub during the cobalt silver rush. Sporadic exploration of the property has occurred since at least 1955 with minimal focus on cobalt mineralization in more recent years. In 2002 JML Resources flew airborne geophysics over several prospects in the area looking for diamondiferous kimberlites and partially covered the property. Tres-Or Resources in 2005 was also exploring the area for diamondiferous kimberlites. This information was from Mineral Deposit Inventory for Ontario (MDI31L13NE00004).

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