Cobalt Power Group Announces Acquisition of Blueberry Lake Project in Cobalt Ontario Mining Camp
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.
SOURCE Cobalt Power Group Inc
Glenda Kelly, Corporate Communications, 403 830-1436
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