TSXV CPO, Pink Sheets CBBWF
TORONTO, July 5, 2018 /CNW/ - Cobalt Power Group Inc.
("Cobalt Power" or the "Company") (TSXV CPO, OTC Pink CBBWF) is
pleased to announce the acquisition of the Little Trout group of
claims in the South Lorraine
Township of Ontario,
Canada. The Little Trout property consists of 46 claim units
comprising approximately 776 hectares of highly prospective geology
for cobalt and copper mineralization. The claims are contiguous
with Cobalt Power's Canadian Cobalt project.
Highlights:
- The Little Trout property was originally staked to cover the
source area of a cluster of 3 significant cobalt and copper lake
sediment anomalies derived from a 2004 Ontario Geological Survey
sampling program.
- The geochemical signature of the anomalies differs from much of
the Cobalt Ontario camp in that
the anomalous cobalt is coupled with copper, in contrast with the
typical Co-Ag-As signature of the historical mining camp. This is
suggestive of sediment-hosted copper-cobalt mineralization.
- The Company is fully funded for the 2018 exploration season and
plans are underway for an aggressive exploration program on its new
Little Trout property.
Project Details:
The Little Trout property is located approximately 2.5 km
southwest of the historic town of Silver Centre and approximately
27 km south of the town of Cobalt,
Ontario. The property is accessible by forestry roads
followed by 2 km of ATV trails.
The Little Trout property lies within the Huronian Basin and is
almost entirely underlain by gently dipping sedimentary rocks
belonging to the Lorrain Formation, consisting of quartzites,
feldspathic quartzites, and arkose. A Nipissing gabbroic intrusion crosses the NW
corner of the property.
Lake sediment samples taken by the Ontario Geological Survey in
2004 returned assay values as high as 123 ppm Co and 308 ppm Cu.
The metal suite of the lake anomalies is atypical of the Co-Ag-As
signature of Cobalt and Silver
Centre mineralization, which is commonly hosted by Nipissing diabase dikes. The Co-Cu signature
suggests the presence of another style of mineralization including
possibly sediment-hosted Cu-Co.
Very little historical exploration work has been completed on
the Little Trout property as the geological setting is
unconventional for silver-cobalt mineralization that was
historically exploited in the Cobalt camp. A silver-copper showing (Friday
Creek) hosted by Nipissing diabase
in contact with Lorrain quartzites occurs approximately 3 km to the
west of Little Trout.
Transaction Terms:
The purchase will be accomplished by Cobalt Power acquiring all
of the issued and outstanding shares in Little Trout Cobalt
Development Corp. ("Little Trout") In exchange for the issuance, at
closing, to the shareholders of Little Trout the sum of
$192,375 and the benefit of a 2.5%
net smelter royalty, of which 1.5% may be purchased by Cobalt Power
at any time on or before the fifth anniversary of the closing date
in consideration of a $1,500,000 cash
payment. This is an arm's length transaction and the transaction
will not create any new insiders of the corporation.
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 19,826 hectares (48,991 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.
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
