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."
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
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.
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.
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
For further information: Glenda Kelly, Investor Communications at: 403-830-1436