TSX.V: CPO, Pink Sheets: CBBWF
VANCOUVER, May 23, 2017 /CNW/ - Cobalt Power Group Inc. (the
"Company") (TSX.V: CPO, OTC Pink: CBBWF) is pleased to
announce that the Phase 1 drilling program on its Smith Cobalt
property is underway. With access roads and drill pad construction
ongoing, and the rig and associated equipment delivered, the
contractor, G4 Drilling, has begun the campaign.
The objectives of the approximately 1800-metre (5900 ft.) drill
program are to:
- Expand the Company's knowledge of the geological setting of
known veins that extend from the nearby Deer Horn Mine onto the
Smith Cobalt property.
- Extend the strike length of those veins from the historic Smith
Cobalt underground workings toward the southeast.
- Confirm the values received from muck pile sampling (see news
release dated January 9, 2017).
- Make initial determinations of grade and thickness of the
cobalt- and silver-bearing veins.
"We are very happy see that our diamond drilling program is
moving ahead on schedule as promised," comments Dr. Andreas Rompel, President and CEO. "As the first
company to launch its drill program this year for the cobalt and
silver-bearing veins after a long winter, we are looking forward to
seeing the first drill core in our core shack."
Also, Cobalt Power announces receipt of the final report on the
OreVision Time Domain Resistivity/Induced Polarization survey,
carried out earlier this year by Abitibi Geophysics. These
results have been used by the Company to fine tune drill
targets.
About the Smith Cobalt Project
The Smith Cobalt project is underlain by a sequence of Archaean
volcanics which are unconformably 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 and U.S.
Pink Sheets (TSX.V: CPO, OTC Pink: CBBWF) 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
863.6 hectares (2134 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.
Chris M. Healey, P. Geo, VP
Exploration and 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