Cobalt Power Group Announces Planned Drill Program at Silver Eagle in Cobalt Ontario Mining Camp
TSX.V: CPO, Pink Sheets: CBBWF
TORONTO, July 24, 2018 /CNW/ - Cobalt Power Group Inc. ("Cobalt Power" or the "Company") (TSX.V: CPO, OTC Pink: CBBWF) is pleased to announce plans are underway for a diamond drill program on its Silver Eagle Mining Lease, in the Silver Centre area of the Cobalt Mining Camp. The program will consist of up to 6 drill holes, for a total of 1000m.
Highlights
- The Silver Eagle Mining Lease is located in the heart of the prolific Silver Centre area, immediately south of First Cobalt's Keeley-Frontier mine.
- Historic mining operations at the adjacent Wettlaufer Mine cut across the NW corner of the lease, mining approximately 8000 oz of silver by 1918 from the 180ft and 230ft levels of the mine.
- The mine operations cut approximately 20 ft (6 m) of the Silver Eagle lease.
- Targets will be developed from the field mapping and sampling program that is currently underway.
- Drilling will commence immediately upon receipt of an approved Exploration Permit from the Ontario Ministry of Northern Development and Mines.
Silver Eagle Mining Lease
The project area is underlain by Archean Keewatin volcanic rocks including intermediate to mafic metavolcanics and pillow lavas. The volcanics lie above the upper contact of the Nipissing diabase. In places the contact appears to be fault controlled, with a prominent NW-trending fault cutting the ENE-trending Wettlaufer fault within the lease boundaries. The mineralized vein is calcite-filled, up to 6 inches (15 cm) wide, trends ENE and is subvertical. The reported grade from mining at the Wettlaufer is 293 oz/T Ag (10,069 g/t) and 1.36% Co (Mineral Deposit Inventory for Ontario MDI31M03NW00012).
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.
We seek safe harbor.
Forward Looking Information
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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
Glenda Kelly, Corporate Communications, 647 946-2194, [email protected]
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