TSX.V: CPO, Pink Sheets:
CBBWF
VANCOUVER,
Oct. 30, 2017
/CNW/ - Cobalt Power Group Inc. (the "Company") (TSX.V: CPO,
OTC Pink: CBBWF) is pleased to announce that a new
outcrop been found on the Proteus property in Cobalt, Ontario, and that an exploration plan
has been approved. Work has already begun, including
opening up trenches and pits, which resulted in the exposing of
several veins. These veins have been sampled and assay results
are pending. Additionally, the Company has conducted a 2D
seismic survey with the Mineral Exploration Research Centre (MERC)
at Laurentian University in
Sudbury.
"We are excited about the new outcrop and vein
showings on our Proteus concession," comments Dr. Andreas Rompel, President & CEO. "In order
to increase opportunities to detect mineralization, we plan to
continue opening up more strike length along these
veins."
The Company also announces completion of a
structural analysis of the Smith Cobalt East outcrop. A major fault
that was detected by the aeromagnetic survey conducted last year
has been opened. Details of the analysis are described
below.
Surface Sampling:
Five samples collected from the Temiskaming Project shaft area (one
from each side of the shaft and three from surface immediately
adjacent to the shaft) have been submitted for analysis. The zones
sampled are located in NW-trending Keewatin volcanics.
Four historic drill holes (1985 and 1986) appear to
undercut this zone. These holes were reported to intersect
significant Au and Ag values (no Co assays were taken). Hole
86-23 intersected 0.58m at 6.21 g/t Au (0.181 oz/T);
hole 86-28 intersected 0.24m at 694 g/t Ag
(20.24 oz/T); hole 85-16 intersected 0.25m
at 679 g/t Ag (19.79 oz/T) and 0.15m
at 428 g/t Ag (12.48 oz/T); hole 86-13
intersected 465 g/t Au over 0.1m (13.55 oz/T). In
addition, the geological description of 86-13 mentions
70% cobalt arsenide in a narrow vein. These
intersections all occur in the Keewatin volcanics (rhyolite and intermediate
breccias), close to the upper contact of the Nipissing diabase sill. These
intersections are taken from reports generated by the project
operator at the time (Proteus Resources Inc.), and have not
been independently verified by Cobalt Power.
Seismic Survey:
A 2D seismic survey was conducted on October 10 and 11, 2017, as part of a
province-wide initiative by Laurentian
University's MERC. SA Explorations, a leading seismic
surveying company, performed field operations. Surveying covered
7.7 km in a general NNW-SSE direction in the northern part of the
Smith Cobalt area. The results are expected to assist in regional
and local structural and stratigraphic interpretations.
Structural Analysis:
A structural analysis completed on the Smith Cobalt East outcrop
has yielded a good understanding of the structural controls for the
vein swarms. The findings on the behaviour of the faults are
fundamental to the understanding of the paragenesis of the geology
of the veins and surrounding lithologies. At least five
subvertical calcite vein sets were discovered in the outcrop, the
majority of which strike NW-SE, with smaller sets striking N-S
and E-W. Of further note: in this location the mineralization lies
in Coleman sediments above the
Nipissing diabase sill (at Smith
Cobalt, the sill lies above the sediments).
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.
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
