WAYNE, PA – (April 11, 2018) – Chilean Cobalt Corp. (“C3” or the “Company”), a subsidiary of Genlith, Inc. (“Genlith”), is pleased to announce that it has secured an option to acquire 650 hectares in Carrizal Alto, Chile from Alfredo Ovalle. Mr. Ovalle is the former President of the trade association Sociedad Nacional de Mineria (“Sonami”). The area acquired includes Carrizal Alto’s historic cobalt producing region and is located 100 kilometers north of the company’s flagship project La Cobaltera.
- 650 hectares in Carrizal Alto, Chile
- Historic operating site that has Chilean government production data with high grade cobalt
- C3 operating team is led by Chile’s former Undersecretary of Mining, Ignacio Moreno
ABOUT CHILEAN COBALT CORP:
The company announced our flagship La Cobaltera project in January 2018. The La Cobaltera area is located 700 kilometers north of Santiago, Chile, and approximately 25 kilometers south of the Port of Huasco. Strategically next to the Port of Huasco, the area offers robust mining infrastructure, including access to electricity, roads, and water. In aggregate, the company has acquired the rights to over 2,000 hectares located in the northern Atacama region.
Both projects, La Cobaltera and Carrizal Alto, have significant historical cobalt production and government data supporting ongoing potential to yield high grade cobalt deposits. It is one of only a few known resources outside of the Democratic Republic of the Congo. Over the next two years, the company will perform exploratory and development work to define the complete ore body and bankable cobalt reserve. Chilean Cobalt Corp. is led by Ignacio Moreno, former Undersecretary of Mining during Michelle Bachelet’s presidency.
Chile is poised to lead the green revolution as the country boasts two key critical materials in the lithium-ion battery eco-chain. Cobalt production occurred at La Cobaltera and Carrizal Alto from 1844 thru 1944, and ceased at the end of World War II. Mining was focused on oxidized secondary ores, mainly erythrite, a cobalt arsenate, for which the primary use was in super-alloys for military applications.
The Chilean National Service of Geology and Mining, Sernageomin, performed preliminary work on the La Cobaltera and Carrizal Alto area in 2008. A November 2017 report by Chile’s Corporation for the Promotion of Production (“CORFO”) states that the San Juan District has cobalt mineralization in veins and mantles. The report identifies both areas Chilean Cobalt Corp. has secured as the premier cobalt resources in Chile. The need for cobalt as a dominant cathode chemistry in electric vehicles has sparked voracious demand for the material.
Genlith, Inc. is a holding company focused on energy storage and critical battery materials. Through partnerships with a network of institutional investors, the Company secures and operates projects related to these and other cleantech investments. Genlith believes the responsible development of these resources provides a superior economic opportunity and is the ultimate impact investment. As the enabler of virtually all other green technologies, energy storage is the critical link to the realization of decades of socially responsible and environmental investing.
Disclaimer for Forward-Looking Information
This news release may include certain forward-looking statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of companies discussed in this presentation, access to capital markets, market conditions and the values of assets and liabilities. Such statements, estimates, and projections reflect various assumptions by Chilean Cobalt Corporation concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and may, as a result, prove to be inaccurate. Such statements, estimates, charts and projections have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein and Chilean Cobalt Corporation disclaims any liability with respect thereto. Actual results may vary materially from the estimates and projected results contained herein. The information contained in this presentation may not contain all of the information required in order to evaluate the value of companies discussed in this presentation.
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