TSX.V: CPO, Pink Sheets: CBBWF
VANCOUVER, Dec. 4, 2017 /CNW/ - Cobalt Power Group Inc.
(the "Company") (TSX.V: CPO, OTC Pink: CBBWF) is pleased to
announce that the TSX Venture Exchange has accepted for filing a
share purchase agreement dated Oct. 23,
2017, between Cobalt Power Group Inc., Canadian Cobalt
Projects Inc. (the vendor) and all of the shareholders of Canadian
Cobalt. Cobalt Power has agreed to purchase all of the issued and
outstanding common shares in the capital of Canadian Cobalt, which
is the registered holder of 33 mineral claims located in the South
Lorrain Township, Ontario.
Consideration is 29.95 million common shares of the company. Under
the agreement, a 1.5-per-cent net smelter royalty will be granted,
on a pro rata basis, to the shareholders of Canadian Cobalt.
Highlights:
- Acquisition is comprised of approximately 7,500 ha of
strategically located mining claims in the Silver Center area of
the Cobalt Camp, Ontario.
- With the addition of this land package, Cobalt Power becomes
one of the largest landowners in the prolific Cobalt and Silver Center camps, holding over
8,700 ha. First Cobalt, Cobaltech,
and Cobalt One announced a merger earlier this year resulting in a
land package slightly larger than Cobalt Power's at approximately
10,000 ha.
- The Canadian Cobalt Project land package is contiguous with, or
within close proximity to, the recently announced First
Cobalt/Cobalt One lands and has a similar geological
setting.
- The claim group includes the historic Silver Eagle Mine and
lies near several past producing mines, including the Keely and
Frontier (held by First Cobalt), in the South Lorrain Township,
Ontario. 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).
- There are several known cobalt occurrences found on the land
package - all reported in the Ontario Mineral Deposit Inventory
files:
-
- Labine-McMahon showing - samples collected from a
quartz-carbonate vein adjacent to an aplite dike contain cobaltite,
arsenopyrite and bismuthinite. An assessment of the heavy
material after a partial separation from the gangue returned:
32.54% As, 4.85% Fe, 21.09% Co, 1.18% Ni, 6.26% Bi and 0.09%
Zn. A sample of wall rock adjacent to a ¾" wide
quartz-carbonate vein assayed 1.10% Co and 0.21% Ni. The
sample was collected in 1956 and assayed by the Cobalt Resident
Geologist.
- Friday Creek showing - government reports show "a 20cm
quartz-calcite veins with 17 g/t Ag, in Nipissing diabase."
- Three Swedish tenement licence applications are included in the
Canadian Cobalt Projects property package. Application decision is
expected from the Swedish Mining Inspectorate shortly.
Cobalt Power Group is expected to announce a work program aimed
at the Canadian Cobalt Project properties in early 2018. The
Company recently completed a Phase 2 drill program at its Smith
Cobalt project and currently awaits results. Phase 1 drilling
confirmed and enlarged the strike extent of the known
mineralization around the historical Smith Cobalt shaft. Results
were consistent with historical grades and widths found throughout
the Cobalt Camp, Ontario.
"We can now expand our exploration campaign into the Silver
Centre region of the Cobalt Camp," comments Dr. Andreas Rompel, President & CEO. "This
opportunity for expansion of exploration, along with the
credibility and expertise provided by our strategic partner,
Hochschild Mining, and the recent investment by Sprott Canada (both becoming significant
shareholders with a combined investment of over $1.13 million CDN), make Cobalt Power one of the
premier exploration and development companies in the Cobalt
Camp."
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 8,736 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, V.P.
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.
On behalf of the Board of Directors
"Andreas
Rompel"
_________________
Dr. Andreas Rompel, President and
CEO
Cobalt Power Group Inc.
www.cobaltpowergroup.com
We seek safe harbor.
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.
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