TSX.V: CPO, Pink Sheets: CBBWF
TORONTO, July 9, 2018 /CNW/ - Cobalt Power Group Inc.
("Cobalt Power" or the "Company") (TSX.V: CPO, OTC Pink: CBBWF) is
pleased to announce the acquisition of the Blueberry Lake group of
claims in the Cassels Township of Ontario, Canada. The Blueberry Lake property
consists of 46 claim units comprising approximately 800 hectares of
highly prospective geology for cobalt, copper, and silver
mineralization. The claims are contiguous with Cobalt Power's
TriEast project
Highlights
- The Blueberry Lake property was originally staked to cover the
source area of a cluster of 3 geochemically anomalous Co (+/- Pb
& Zn & Cu) lake bottom sediments 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, lead, and zinc, 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
Blueberry Lake property.
Project Details
The Blueberry Lake property is located approximately 9 km east
of the town of Temagami and
approximately 35 km south of the town of Cobalt, Ontario. The property is accessible by
forestry roads, boat, and ATV.
The Blueberry Lake property lies within the Huronian Basin and
is underlain entirely by gently eastward dipping sedimentary rocks
belonging to the Lorrain Formation, consisting of weakly deformed
quartzites and feldspathic quartzites.
Lake sediment samples taken by the Ontario Geological Survey in
2004 returned assay values as high as 68 ppm Co. The metal suite of
the lake anomalies is atypical of the Co-Ag-As signature of
Cobalt and Silver Centre
mineralization, which is commonly associated with Nipissing diabase dikes. The Co-Cu-Zn-Pb
signature suggests the presence of another style of mineralization;
possibly sediment-hosted Cu-Co.
Minimal historical exploration work has been completed on the
Blueberry Lake property as the geological setting is unconventional
for silver-cobalt mineralization that was historically exploited in
the Cobalt camp. In 1968, the
Blueberry Lake property and surrounding claims were covered by
stream sediment and soil geochemical surveys; however, data has
been "blacked out" on assessment reports. The Gosselin Co-Ag-As
showing is located 1km west-northwest of the property and the
Temagami-Lorrain Co-Cu showing is located 4km north. Both showings
are hosted by Nipissing diabase
intrusions. Quartz veins with chalcopyrite and galena are reported
several 100 metres north of the property.
Transaction Terms
The company has agreed to pay the sum of $94,000 for the noted claims. The Vendor shall
retain a 2.5% net smelter royalty on the noted claims. the
purchaser may buyout 1.5% of this royalty at any time during a five
(5) year period from commencement of commercial production for the
sum of $1,000,000
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 (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, 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.
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SOURCE Cobalt Power Group Inc
