TSX.V: CPO
VANCOUVER, March 23, 2017 /CNW/ - Cobalt Power Group Inc.
(the "Company") (TSX.V: CPO) is pleased to announce signing an
offer to purchase a 42-acre patented land claim in the Lorrain
Township of Ontario, Canada.
The T26282 block is contiguous to the Company's Smith Cobalt
Project, increasing the total land package to 1822 acres (737.3
hectares). The offer requires payment of 300,000 common shares for
a 100% interest in the patented land claim, upon TSX
approval.
Dr. Andreas Rompel, President
& CEO, comments: "We are delighted with this acquisition which
consolidates the southwestern corner of our land package. Vein
swarms, similar to the ones already defined on the Smith Cobalt
property, have been identified using surface mapping and
significantly contribute to the strike length. Such vein kilometers
are essential for the economic valuation and assessment of
potential mining prospects."
The Company continues to pursue further acquisitions in the
Cobalt, Ontario, region of
Canada.
About the Smith Cobalt Project
The Smith Cobalt project is underlain by a sequence of Archaean
volcanics which are uncomformably overlain by Huronian sediments.
These formations have been intruded by the Proterozoic-age
Nipissing diabase sill. Faulting,
on both a regional and local scale, has been found by surface
mapping and in drill cores. Polymetallic veining, and especially
pinkish-white carbonate veins, has also been reported. Thus, all
the necessary geological components of accepted mineralization
models for cobalt-silver have been identified on the
properties.
About Cobalt Power Group Inc.
Cobalt Power Group Inc. is a publicly traded Canadian
exploration company listed on the TSX-Venture Exchange (TSX-V: CPO)
focused on cobalt exploration and development.
The company has made a series of strategic property acquisitions
over the past year, seeking cobalt mineralization near Cobalt, Ontario - a region with a long history
of silver and associated cobalt production. Property holdings total
737.3 hectares (1822 acres) in contiguous blocks. There are several
historic mining operations on the properties that are potentially
accessible, including the Smith Cobalt shaft and its underground
workings.
Chris M. Healey, P. Geo, a
Director of Cobalt Power Group is the qualified person responsible
for the technical content of this release, and consents to its
dissemination.
On behalf of the Board of Directors
"Andreas
Rompel"
_________________
Dr. Andreas Rompel, President and
CEO
Cobalt Power Group Inc.
www.cobaltpowergroup.com
We seek safe harbor.
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.
Forward Looking Information
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
News Release. WARNING: The Company relies on litigation protection
for "forward looking" statements. Actual results could differ
materially from those described in the news release as a result of
numerous factors, some of which are outside the control of the
Company. This news release does not constitute an offer to sell or
a solicitation of an offer to sell any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Cobalt Power Group Inc