Cobalt Power Group Reports 1.7% Cobalt, with Significant Additional Battery Component Metals, from Successful Drill Program at Smith Cobalt Project, Ontario
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRES./
TSX.V: CPO, Pink Sheets: CBBWF
VANCOUVER, Nov. 14, 2017 /CNW/ - Cobalt Power Group Inc. (the "Company") (TSX.V: CPO, OTC Pink: CBBWF) is pleased to report positive results from the Phase 1, 9-hole, 1,896 m (6,220 ft.) drill program at its Smith Cobalt project in Cobalt, Ontario.
Highlights:
- Several zones with high-grade cobalt and silver were intersected.
- Thick, highly anomalous zones of battery-related component metals (Cu, Ni, Zn) were intersected in multiple holes.
- Multiple mineralized veins were intersected in most holes.
- Confirmed and characterized vein swarms mapped from historical mine workings.
- Confirmed that the Smith Cobalt property lies in the same stratigraphic and structural setting as the nearby Deer Horn Mine, owned and formerly operated by Agnico Eagle.
Assay Highlights Include:
- 1.71% Co and 42.5 g/t Ag over 0.10 m in hole 17-03.
- 1.85 g/t Ag over 56.0 m in hole 17-03
- 1.39 g/t Ag over 72.5 m in hole 17-04
- 0.22% Cu over 14.0 m in hole 17-04
- 0.13% Zn over 33.0 m in hole 17-04
- 0.11% Ni over 30.66 m in hole 17-06
- 0.17% Pb over 17.49 m in hole 17-04
"We have attained our primary objective for the drill program: to verify the trace of the vein swarms mapped from historical mine workings. From the old mine data, we know that cobalt and silver grades within the veins are highly variable and contain an extreme nugget effect. This has been verified by extensive outcrop sampling," Chris M. Healey, P.Geo and VP Exploration, comments. "We intersected several zones with high-grade cobalt and silver. Adding even more potential for this property is the fact that we encountered zones of base metal mineralization (Cu, Ni, Zn) as well."
A full table of significant intersections is shown below:
| Smith Cobalt - Phase 1 Drill Results |
||||||
| Hole # |
From |
To |
Length |
Grade |
Element |
Rock Type |
| 17-01 |
122.7 |
123.2 |
0.5 |
0.12% |
Co |
Cong + vein stockwork |
| 245.00 |
247.00 |
2.00 |
2.09 g/t |
Ag |
Mafic volc |
|
| 244.00 |
249.00 |
5.00 |
0.128 g/t |
Au |
Mafic volc |
|
| 240.00 |
245.00 |
5.00 |
0.10% |
Cu |
Mafic volc |
|
| 228.87 |
249.00 |
20.13 |
0.10% |
Ni |
Mafic volc + stockwork |
|
| 226.36 |
234.85 |
8.49 |
0.12% |
Ni |
Mafic volc |
|
| 17-02 |
NSV |
|||||
| 17-03 |
113.00 |
115.15 |
2.15 |
0.07% |
Co |
Qtz-calc vein in cong |
| 182.00 |
182.10 |
0.10 |
1.71% |
Co |
Qtz-calc vein |
|
| 185.25 |
185.36 |
0.11 |
0.23% |
Co |
Qtz-calc vein |
|
| 148.00 |
204.00 |
56.00 |
1.85 g/t |
Ag |
Bedded tuff/dacite/chert |
|
| Including |
182.00 |
182.10 |
0.10 |
42.5 g/t |
Ag |
Qtz-calc vein |
| 184.39 |
184.49 |
0.10 |
15.6 g/t |
Ag |
Qtz-calc vein |
|
| 186.25 |
186.35 |
0.10 |
38.2 g/t |
Ag |
Qtz-calc vein |
|
| 190.43 |
190.53 |
0.10 |
16.0 g/t |
Ag |
Qtz-calc vein |
|
| 148.00 |
166.00 |
18.00 |
0.09% |
Zn |
Bedded tuff/dacite/chert |
|
| 169.00 |
181.60 |
12.60 |
0.10% |
Zn |
Bedded tuff/dacite/chert |
|
| 189.00 |
200.00 |
11.00 |
0.08% |
Zn |
Bedded tuff/dacite/chert |
|
| 17-04 |
138.25 |
139.00 |
0.75 |
0.13% |
Co |
Chert bed |
| 144.78 |
147.00 |
2.22 |
0.03% |
Co |
Lamprophyre dyke |
|
| 193.76 |
195.70 |
1.94 |
0.10% |
Co |
Qtz-calc stockwork |
|
| 194.34 |
194.63 |
0.29 |
0.57% |
Co |
Qtz-calc vein |
|
| 117.00 |
189.50 |
72.50 |
1.39 g/t |
Ag |
Bedded tuff/dacite |
|
| 134.00 |
152.00 |
18.00 |
2.70 g/t |
Ag |
Bedded tuff/dacite |
|
| Including |
138.25 |
147.66 |
9.41 |
3.58 g/t |
Ag |
Bedded tuff/dacite |
| 192.00 |
199.44 |
7.44 |
2.52 g/t |
Ag |
Qtz-calc stockwork |
|
| Including |
193.76 |
194.34 |
0.58 |
13.0 g/t |
Ag |
Qtz-calc vein |
| 210.83 |
216.00 |
5.17 |
1.01 g/t |
Ag |
Tuff + qtz-calc stockwork |
|
| 136.00 |
150.00 |
14.00 |
0.22% |
Cu |
Bedded tuff/dacite |
|
| 120.00 |
136.00 |
16.00 |
0.25% |
Zn |
Bedded tuff/dacite |
|
| 147.00 |
180.00 |
33.00 |
0.13% |
Zn |
Bedded tuff/dacite |
|
| Including |
119.00 |
136.49 |
17.49 |
0.17% |
Pb |
Bedded tuff/dacite |
| 144.78 |
150.85 |
6.07 |
0.25% |
Pb |
Bedded tuff/dacite |
|
| 17-05 |
118.00 |
120.00 |
2.00 |
0.10% |
Cu |
Conglomerate |
| 17-06 |
114.72 |
116.37 |
1.65 |
0.05% |
Co |
Cong + qtz-calc stockwork |
| 180.00 |
187.66 |
7.66 |
1.21 g/t |
Ag |
Mafic-um volc |
|
| 197.10 |
200.00 |
2.90 |
3.16 g/t |
Ag |
Conglomerate |
|
| 157.00 |
187.66 |
30.66 |
0.11% |
Ni |
Dacite tuff |
|
| 17-07 |
106.20 |
106.40 |
0.20 |
1.74 g/t |
Ag |
Cong + chlorite spots |
| 119.00 |
125.00 |
6.00 |
0.07% |
Cu |
Cong + chlorite spots |
|
| 17-08 |
146.00 |
147.10 |
1.10 |
1.92 g/t |
Ag |
Mafic-um volc |
| 163.00 |
164.00 |
1.00 |
6.10 g/t |
Ag |
Dacite tuff/chert |
|
| 174.00 |
175.85 |
1.85 |
2.98 g/t |
Ag |
Dacite tuff/chert |
|
| 197.00 |
199.00 |
2.00 |
1.05 g/t |
Ag |
Dacite tuff/chert |
|
| 138.66 |
147.10 |
8.44 |
0.10% |
Ni |
Mafic-um volc |
|
| 17-09 |
145.00 |
145.30 |
0.30 |
0.05% |
Co |
Dacite tuff |
| and |
13.7 g/t |
Ag |
||||
| and |
>1.0% |
Cu |
||||
The drill contractor was G4 Drilling, Val d'Or. SGS Cochrane provided analytical services for gold (fire assay), and SGS Burnaby (ICP) for all other elements. Collar details are shown in the tables below. A Phase 1 drill map can be found on the company website: www.cobaltpowergroup.com
| Phase 1- Drill Hole Collar Data |
|||||
| Hole # |
E |
N |
Az |
Dip |
Depth |
| 17-01 |
602683 |
5249597 |
180 |
-47 |
249 |
| 17-02 |
602764 |
5259414 |
35 |
-53 |
216 |
| 17-03 |
602694 |
5249412 |
220 |
-42 |
204 |
| 17-04 |
602695 |
5249412 |
218 |
-60 |
216 |
| 17-05 |
602695 |
5249413 |
56 |
-56 |
198 |
| 17-06 |
602721 |
5249256 |
170 |
-52 |
210 |
| 17-07 |
602721 |
5249256 |
35 |
-52 |
201 |
| 17-08 |
602706 |
5249287 |
185 |
-54 |
201 |
| 17-09 |
602673 |
5249260 |
175 |
-52 |
201 |
"The results of this first round of drilling are encouraging. Not only have we confirmed the presence and trend of the veins indicated on historic maps of Smith Cobalt, but we've also established that they are mineralized," comments Dr. Andreas Rompel, President & CEO. "We have intersected significant cobalt grades as well as base metal grades in copper, nickel and zinc. For confirmation of grade and strike extent of the veins intersected around the Smith Cobalt shaft, we are looking forward to Phase 2 drill results. These combined results will assist us with the interpretation process needed for the next steps in the exploration of the Smith Cobalt project and environs."
Phase 1 drill results were significantly delayed because of anomalous cobalt analyses from one of the commercial assay standards used, as determined during the QA/QC process. Certified commercial standards, called Certified Reference Material (CRM), are sample materials with certified assay values from an independent, accredited laboratory. These standards are inserted into the chain of samples at irregular intervals to check the accuracy of the assaying technique at the laboratory being used. After a review by the Company's Qualified Person, 55 samples, each with significant Co values in the initial testing, were sent to a second laboratory (AGAT) for check assays. These results show that, although the cobalt assays for the standards were incorrect, the results from the core from the two laboratories were comparable. The Company's QP is now satisfied that the initial results reported for the core analyses are acceptable, and are therefore reported in this release.
Also, the Phase 2 drill program has recently concluded, with 16 holes drilled for a total of 2,306 m (7,556 ft.). Assay results will be reported when received, accepted and reviewed by the Company.
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 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 8,544 hectares (21,100 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, 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.
We seek safe harbor.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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.
Cautionary Statement on Forward-Looking Statement
Certain information contained in this news release, including information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". Actual results may differ materially from those indicated by such statements. All statements, other than historical fact, included herein, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
In connection with the forward-looking information contained in this news release, CPO has made numerous assumptions. While CPO considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause CPO's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein.
A more complete discussion of the risks and uncertainties facing CPO is disclosed in CPO's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and CPO disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
SOURCE Cobalt Power Group Inc
please contact Daniel Caamano, VP Corporate Communications or Judy A. McCall, Corporate Secretary at: 604.620.7737. The company's profile may also be viewed on www.sedar.com.
Share this article