TORONTO, Aug. 15, 2018 /CNW/ - Cobalt Power Group Inc. ("Cobalt Power" or the "Company") (TSX.V: CPO, OTC Pink: CBBWF) is pleased to announce recent results from recently completed late winter lake bottom sediment sampling programs completed on Blueberry and Little Trout Lake Properties (the "Properties") by the vendors of the Properties.
Two samples from Little Trout Lake returned highly anomalous values of Co, Cu and Zn (177 ppm Co, 327 ppm Cu and 161 ppm Zn, and 111 ppm Co, 262 ppm Cu and 151 ppm Zn).
One sample from Blueberry Lake returned highly anomalous values of Co (159 ppm Co).
The Blueberry Lake Property was staked to cover the possible source rocks of two geochemically anomalous Co (+/-Pb and Zn) lake bottom sediments, and the Little Trout Lake Property was staked to cover two strongly anomalous Cu and Co lake bottom sediment anomalies as reported by the OGS (Open File Report 6144).
Chris M. Healey, P. Geo, VP Exploration and a Director of Cobalt Power commented, "These results are highly encouraging as we have not previously seen such significant cobalt values in areas underlain by the Huronian Lorrain Formation."
A total of 18 lake bottom sediment samples were collected through the ice on the Properties using a Hornbrook lake sediment sampler. The lake sediment sampling program was completed under the supervision of Joerg Kleinboeck, P.Geo. Results from the programs are provided in the table below.
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.
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.
SOURCE Cobalt Power Group Inc
For further information: Glenda Kelly, Corporate Communications, 647 946-2194, [email protected]