PCRCF - NetworkNewsBreaks - Pacific Rim Cobalt Corp. (CSE: BOLT) (OTCQB: PCRCF) (XFRA: NXFE) Begins Phase Two Drilling at Cyclops Nickel-Cobalt Project; Completes Debt Settlement
Pacific Rim Cobalt (CSE: BOLT) (OTCQB: PCRCF) (XFRA: NXFE), a Canada-based exploration company, this morning announced the beginning of phase two drilling at its flagship Cyclops nickel-cobalt development project in Indonesia. The drilling is part of a complex exploration program intended to verify historical results and produce a resource estimate in late 2019. In addition to historically identified and drill-tested areas, Pacific Rim Cobalt’s efforts will also focus on previously undrilled prospects. The company’s goal for the second half of 2019 is to complete up to 50 additional drill holes and then establish a maiden compliant resource on the project. In addition, Pacific Rim Cobalt also announced the completion of a debt settlement with three creditors which will result in a total of $180,000.00 of indebtedness being retired in consideration for the issuance of 600,000 common shares at a price of $0.30 per common share. “With the commencement of our phase two program guided by historical data, we are optimistic about the unique possibility of developing this project into an asset that will add shareholder value and position the company to play a future role in the battery metals supply chain,” Pacific Rim Cobalt CEO Ranjeet Sundher stated in the news release. “We expect the near-surface nature of cobalt/nickel mineralization at the Cyclops project will lend itself well to low-cost, logistically straightforward drilling.”
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About Pacific Rim Cobalt Corp.
Pacific Rim Cobalt is a Canadian?based exploration company focused on the acquisition and development of production grade nickel and cobalt deposits, key raw material inputs for the growing lithium?ion battery industry. For more information, visit the company’s website at www.PacificRimCobalt.com.
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