TSX.V: CPO, Pink Sheets: CBBWF
TORONTO, May 15, 2018 /CNW/ - Cobalt Power Group Inc.
("Cobalt Power") (TSX.V: CPO, OTC Pink: CBBWF) is pleased to
announce an independent sampling program of muckpile material in
the Cobalt Camp to determine the amenability of recovery of the
historically processed mineralization and the sustainable
management of these resources. First Cobalt Corp. ("First Cobalt")
(TSX.V: FCC, ASX: FCC, OTCQX: FTSSF) has agreed to share
information from its sampling program and review the results of
Cobalt Power's program for suitability as feed material to the
First Cobalt Refinery.
"We are very pleased to have input from First Cobalt on this
program. As one of the larger land owners in the Cobalt camp, we believe that we are well
positioned to enhance the long-term value of Cobalt Camp operations
through our best practices," said Greig
Hutton, President, CEO of Cobalt Power. "By potentially
processing the muck piles, we could benefit the environment and the
community of Cobalt as a whole
through the clean-up of historical mining sites, and possibly
generate economic recovery of valuable metals.
Cobalt Power's program is intended to further the goal of
developing a viable muck pile resource.
First Cobalt has agreed to
share information from a muckpile sampling program it initiated in
the fall of 2017 and to review the results of Cobalt Power's
program to identify the suitability of Cobalt Power's material as
potential feedstock for processing opportunities using the First
Cobalt mill and refinery complex.
The muck piles are rock that has been blasted during previous
historic mining operations in Cobalt Camp. This material did not
contain high grades of silver so it was left on the surface and
considered waste by previous operators. Previous selective grab
sampling of the Smith Cobalt muck pile by Cobalt Power returned an
average grade of 0.5% cobalt, as well as significant concentrations
of silver, copper and nickel (see Company News Release January 9, 2017). Grab samples are selective
in nature are not necessarily representative of mineralization
hosted on the property. The Company will undertake a drone survey
over all of the historic muck piles on its Cobalt Camp properties
as soon as the winter snow accumulation has cleared from the
ground.
Qualified and Competent Person Statement
Chris M. Healey, P. Geo, VP
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.
About Cobalt Power Group Inc.
Cobalt Power 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. Property holdings total
approximately 11,680 hectares (28,861 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
On behalf of Cobalt Power Group Inc.
President & Chief Executive Officer
Greig Hutton
We seek safe harbor.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release
Cautionary Note Regarding Forward-Looking
Statements
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.
View original content with
multimedia:http://www.prnewswire.com/news-releases/cobalt-power-announces-muckpile-testing-300648348.html
SOURCE Cobalt Power Group Inc