TSX.V: CPO, Pink Sheets: CBBWF
TORONTO, June 5, 2018 /CNW/ - Cobalt Power Group Inc. (the
"Company") (TSX.V: CPO, OTC Pink: CBBWF) is pleased to announce the
company's exploration program for the summer of 2018 will commence
on June 4 and will continue weather
permitting until the end of October. Work will be carried out on
all three of the Company's major claim blocks, the Smith Cobalt,
Montreal River West and the recently acquired Ontario Cobalt
block.
"We are excited to build on the geological work and drilling
performed last year," comments Greig
Hutton, President & CEO. "The company has further
solidified its position in the Cobalt Camp with the addition of the
Ontario Cobalt properties and is planning an aggressive exploration
program to develop targets for continued drilling. The goal of the
company is to further develop our assets with focused exploration
in order to make the company a clear choice for investors looking
to participate in the increasing market demand for cobalt."
Highlights
- Cobalt Power is one of the largest landowners in the
Cobalt and Silver Center camps of
Ontario, holding over 11,680 ha
(28,862 acres).
- Cobalt Power Groups claims are contiguous with First Cobalt
assets and are located within the "fairway" of the Cobalt Camp,
along the trend of the Cross Lake Fault and the Montreal River
Fault
- Geological setting of the Properties exhibits all of the
critical features for Co-Ag mineralization in the region
(Nipissing diabase sills and
dykes, Coleman member sediments and major regional faulting).
- The Company is fully funded for all exploration expenses
planned for this year
- The exploration program will include a complete
helicopter-borne geophysical survey on all the company's properties
in the Cobalt region, including
the Ontario Cobalt properties (2,944 ha, 7,275 acres) acquired in
February 2018
- Of particular interest in the new acquisitions are the Silver
Eagle Mine property and the McMahon occurrence on the historic
Labine-McMahon claims, part of the Montreal Block property
- On the ground the company will be carrying out extensive
mapping and sampling surveys which, in combination with the
airborne magnetometer survey, will help to develop targets for
drilling
Geological Setting
The Company's properties in the Cobalt Camp are 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 silver-cobalt have been identified on the
properties.
In addition to the historic mines on the Smith Cobalt property,
there are several significant cobalt occurrences found on the
Montreal River West claims - all reported in the Ontario Mineral
Deposit Inventory (MDI) files:
- Labine-McMahon showing (MDI31M04NE00054) - samples collected
from a quartz-carbonate vein adjacent to an aplite dike contain
cobaltite, arsenopyrite and bismuthinite. A sample of wall rock
adjacent to a ¾" wide quartz-carbonate vein assayed 1.10% Co and
0.21% Ni. Sample was collected in 1956 and assayed by the
Cobalt Resident Geologist.
- Friday Creek showing (MDI31M04NE00047) - government reports
show "a 20cm quartz-calcite veins with 17 g/t Ag, in Nipissing diabase."
- The Silver Eagle mining lease Ontario Mineral Resource Circular
No10, Silver Cobalt Calcite Vein Deposits of Ontario, 1968). Located on this property,
the Silver Eagle mine (which operated around 1918) produced 8,000
ounces of silver from a 6-meter section of mine workings that
crossed the property from the adjacent Wettlaufer Mine (cobalt was
not recovered, as was typical for that era). Geological
mapping shows the claim to be underlain by the Nipissing diabase sill in contact with
"undifferentiated" intermediate to mafic volcanics, basalts and
pillow lavas. This is the classic setting for Cobalt Camp
mineralization.
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 two years, seeking cobalt mineralization near
Cobalt, Ontario - a region with a
long history of silver and associated cobalt production. Property
holdings total approximately 11,680 hectares (28,861 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.
Qualified Person
Chris M. Healey, P. Geo, VP
Exploration and 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
"Greig Hutton"
Greig Hutton, President and
CEO
Cobalt Power Group Inc.
www.cobaltpowergroup.com
info@cobaltpowergroup.com
We seek safe harbor.
The company's profile may also be viewed on www.sedar.com.
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.
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SOURCE Cobalt Power Group Inc
