TSX.V: CPO, Pink Sheets: CBBWF
TORONTO, July 24, 2018 /CNW/ - Cobalt Power Group Inc.
("Cobalt Power" or the "Company") (TSX.V: CPO, OTC Pink: CBBWF) is
pleased to announce plans are underway for a diamond drill program
on its Silver Eagle Mining Lease, in the Silver Centre area of the
Cobalt Mining Camp. The program will consist of up to 6 drill
holes, for a total of 1000m.
Highlights
- The Silver Eagle Mining Lease is located in the heart of the
prolific Silver Centre area, immediately south of First Cobalt's
Keeley-Frontier mine.
- Historic mining operations at the adjacent Wettlaufer Mine cut
across the NW corner of the lease, mining approximately 8000 oz of
silver by 1918 from the 180ft and 230ft levels of the mine.
- The mine operations cut approximately 20 ft (6 m) of the Silver Eagle lease.
- Targets will be developed from the field mapping and sampling
program that is currently underway.
- Drilling will commence immediately upon receipt of an approved
Exploration Permit from the Ontario Ministry of Northern
Development and Mines.
Silver Eagle Mining Lease
The project area is underlain by Archean Keewatin volcanic rocks
including intermediate to mafic metavolcanics and pillow
lavas. The volcanics lie above the upper contact of the
Nipissing diabase. In places the
contact appears to be fault controlled, with a prominent
NW-trending fault cutting the ENE-trending Wettlaufer fault within
the lease boundaries. The mineralized vein is calcite-filled,
up to 6 inches (15 cm) wide, trends ENE and is subvertical. The
reported grade from mining at the Wettlaufer is 293 oz/T Ag (10,069
g/t) and 1.36% Co (Mineral Deposit Inventory for Ontario MDI31M03NW00012).
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 21,382 hectares (52,836 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.
Forward Looking Information
Cautionary Note Regarding Forward-Looking
Statements
This news release may contain forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "occur" or "be
achieved". Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance and
opportunities to differ materially from those implied by such
forward-looking statements. In particular, forward-looking
information included in this news release includes, without
limitation, the anticipated closing date of the Transaction, the
receipt of final court approval and other regulatory approvals.
Factors that could cause actual results to differ materially from
these forward-looking statements are set forth in the management
discussion and analysis and other disclosures of risk factors for
each of Cobalt Power Group Inc., filed on SEDAR at www.sedar.com.
Although Cobalt Power Group Inc. believe that the information and
assumptions used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, Cobalt Power Group Inc. disclaim any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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SOURCE Cobalt Power Group Inc
