TSX.V: CPO, Pink Sheets: CBBWF
TORONTO, Aug. 22, 2018 /CNW/ - Cobalt Power Group Inc.
("Cobalt Power" or the "Company") (TSX.V: CPO, OTC Pink: CBBWF) is
pleased to provide this update on the Company's summer field
program.
Highlights
- Three grab samples collected on the Silver Eagle lease returned
cobalt values of 0.54%, 0.35% and 0.26%.
- Two grab samples from the Crysler Niles shaft area returned
copper values of 2.16% and 1.99% respectively. The higher-grade
sample also assayed 0.204 g/t Au.
- Two grab samples on the border between the Smith Cobalt and
Proteus properties returned gold values of 0.255 g/t and 0.165 g/t
(also assayed 2.15 g/t Ag).
Chris M. Healey, P.Geo., Vice
President Exploration and a Director of the Company commented,
"Initial results from the summer field program have been very
encouraging and will greatly assist in planning future work for our
extensive land package in the Cobalt area."
The summer field program is being operated with a crew of seven
geology students, supervised by a senior geologist and a senior
prospector, and consists of mapping and sampling known historic
showings, as well as systematic grid prospecting on other
areas. In addition, a soil sampling survey was completed on
the Blueberry Lake property. The grad samples are selected samples
and are not necessarily representative of the mineralization hosted
on the property.
Assay results have been received from the first batch of samples
submitted to AGAT Labs in Mississauga, ON. Samples were analyzed
by ICP-AES after a four-acid digestion.
In addition, an application for an Exploration Permit for
drilling on the Silver Eagle mining lease has been submitted to the
Ontario Ministry of Northern Development and Mines. A drill
program of 4-6 holes (total 1000m) is
planned for the Fall of 2018.
Acquisition of Cliff Lake Properties
The Cliff Lake property consists of 73 claim units comprising
approximately 1460 hectares of highly prospective geology for
cobalt, copper, and silver mineralization.
Highlights
- The claims are contiguous with Cobalt Power's TriEast claim
block.
- The Cliff Lake properties are located west of the Trans-Canada
highway in the Municipality of Temagami in Northeastern Ontario, area.
- The property is accessible by forestry roads, boat, and ATV.
The Cliff Lake property is underlain by Lorrain formation sediments
which are cross cut by a mapped Nipissing dike.
- The Company is fully funded for the 2018 exploration season and
plans are underway for an aggressive exploration program in the
Cobalt Camp
Transaction Terms
The company has agreed to pay the sum of $200,000 for the claims. The Vendor shall retain
a 2.5% net smelter royalty on the noted claims. the purchaser may
buyout 1.5% of this royalty at any time during a five (5) year
period production for the sum of $1,000,000.
Chris M. Healey, P. Geo, Vice
President Exploration and Director of Cobalt Power Group is the
qualified person responsible for the technical content of this
release, and consents to its dissemination.
About Cobalt Power Group Inc.
Cobalt Power Group Inc. is a publicly traded Canadian
exploration company listed on the TSX-Venture Exchange and U.S.
Pink Sheets (TSXV CPO, OTC Pink: CBBWF) focused on cobalt
exploration and development. The Company has made a series of
strategic property acquisitions over the past two years seeking
cobalt mineralization near Cobalt,
Ontario, a region with a long history of silver and
associated cobalt production, and now in the Athabasca basin of Saskatchewan. Property holdings total
approximately 21,382 hectares (52,836 acres) in contiguous and
strategic claim blocks. There are several historic mining
operations on the properties that are potentially accessible,
including the Smith Cobalt shaft and its underground workings.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
We seek safe harbor.
www.cobaltpowergroup.com
Forward Looking Information
Cautionary Note Regarding Forward-Looking
Statements
This news release may contain forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "occur" or "be
achieved". Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance and
opportunities to differ materially from those implied by such
forward-looking statements. In particular, forward-looking
information included in this news release includes, without
limitation, the anticipated closing date of the Transaction, the
receipt of final court approval and other regulatory approvals.
Factors that could cause actual results to differ materially from
these forward-looking statements are set forth in the management
discussion and analysis and other disclosures of risk factors for
each of Cobalt Power Group Inc., filed on SEDAR at www.sedar.com.
Although Cobalt Power Group Inc. believe that the information and
assumptions used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, Cobalt Power Group Inc. disclaim any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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SOURCE Cobalt Power Group Inc