VANCOUVER, Nov. 30, 2017 /PRNewswire/ – Quantum Cobalt Corp. (CSE: QBOT; OTC: BRVVF; FRA: 23B) (“Quantum” or the “Company”) further to the news release announced on November 8th, 2017, the Company wishes to announce that it has closed its previously announced acquisition of 1142674 BC Ltd. (the “Target”) pursuant to a share exchange agreement, dated November 29, 2017 (the “Share Exchange Agreement”), among Quantum, the Target and the shareholders of the Target. Nipissing Lorrain Cobalt Project (the “Property”) located 26km South East of Cobalt, Ontario. The property consists of two separate claims and is adjacent to First Cobalt’s ‘Silver Centre’ claims. Six separate underground workings have been historically mined for Cobalt-Silver-Nickel.
Pursuant to the share exchange agreement, Quantum will pay an aggregate amount of $1,000,000 over a six month period from date of close of the Share Exchange Agreement, with an initial cash payment of $500,000 due on closing and $250,000 subsequently every three months. A total of five million common shares in the capital of the Company will also be issued on closing to the shareholders of the target in exchange for one Class A common share in the capital of the target.
Greg Burns, CEO commented “We are pleased to have added the Nipissing Lorrain Cobalt Project to our portfolio. Exploration plans on the Property will be conducted with a heightened level of confidence and commitment recognizing it was a past producer.”
About the Nipissing Lorrain Cobalt Project:
The Nipissing Lorrain Mine Cobalt property is located 26km southeast of the town of Cobalt near the eastern border of Ontario. Cobalt is the epicentre of past Cobalt mining in Ontario. The district is mining friendly, with a rich history of cobalt and silver production.
Property Status and Configuration
The property consists of 29 claim units for approximately 464 Hectares.
Access and Infrastructure
The Property is accessible by road, 26km from Cobalt. Leaving from north of Cobalt, follow Highway 567 to First Cobalt’s Silver Center. After 26.85km turn left on Maiden Road and continue for a further 4.35km. The road passes through the property with the Staples Vein visible on the left-hand side of the road. Power and infrastructure is very accessible within the area from past production facilities.
Cobalt, silver and nickel mineralization occur on multiple fracture zones and veins within the property. Mineralisation is associated with calcite veins within close proximity to diabase sills. Mineralisation