TSX.V: CPO, Pink Sheets: CBBWF
VANCOUVER, Sept. 5, 2017 /CNW/ - Cobalt Power Group Inc.
(the "Company") (TSX.V: CPO, OTC Pink: CBBWF) is pleased to
announce the purchase of a 100% interest in six parcels of patented
land, totalling 180 acres (72.8 hectares), in the Coleman Township of Ontario. This acquisition, along with the
recently announced Canadian Cobalt Projects property (see news
release dated July 27, 2017- signed
Letter of Intent), brings the Company's aggregate land package in
the Cobalt Camp region of Ontario
to approximately 22,000 acres (8, 900 hectares).
The transaction is structured as follows: $54,920 CDN payable in 2 instalments -
$35,000 CDN upon signing followed by
$19,920 CDN within 12 months. A 2%
NSR is attached to the properties with the option to purchase the
first 1% for $250,000 CDN and the
second 1% for $500,000 CDN.
The Coleman Township Properties
Located in the northeast corner of the township, the parcels are
contiguous with the Company's Kingston Block as well as with
several staked claims in the immediate area. The properties contain
the historic Cobalt Twentieth Century Mine (also known as Silver
Monarch) and workings - including three shafts that were sunk
between 1908 and 1926, and about 400 feet of lateral development.
Additionally, 10 historic drill holes are found on the properties.
The parcels are primarily underlain by Nipissing diabase sill, which in turn, is
underlain by Coleman Group conglomerates.
"We are particularly pleased with the Coleman Township acquisition as the claims
fall within areas of mapped silver/cobalt vein swarms and thereby
complement our prolific Smith Cobalt asset," comments Dr.
Andreas Rompel, President &
CEO. "As well, the new properties amalgamate our northern
concessions, making them contiguous with the larger Smith Cobalt
property, thereby facilitating grouping for assessment work."
Additionally, the core logging and sampling from the recently
completed 1897-metre drill program at the Smith Cobalt project has
been concluded. Assay results will be released once received and
the company has completed its review process.
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 (TSX-V: CPO)
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
including the Canadian Cobalt Project and the Coleman Township properties total
approximately 22,000 acres (8,900 hectares) 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, 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
"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