VANCOUVER, March 23, 2017 /CNW/ - Cobalt Power Group Inc. (the "Company") (TSX.V: CPO) is pleased to announce signing an offer to purchase a 42-acre patented land claim in the Lorrain Township of Ontario, Canada. The T26282 block is contiguous to the Company's Smith Cobalt Project, increasing the total land package to 1822 acres (737.3 hectares). The offer requires payment of 300,000 common shares for a 100% interest in the patented land claim, upon TSX approval.
Dr. Andreas Rompel, President & CEO, comments: "We are delighted with this acquisition which consolidates the southwestern corner of our land package. Vein swarms, similar to the ones already defined on the Smith Cobalt property, have been identified using surface mapping and significantly contribute to the strike length. Such vein kilometers are essential for the economic valuation and assessment of potential mining prospects."
The Company continues to pursue further acquisitions in the Cobalt, Ontario, region of Canada.
About the Smith Cobalt Project
The Smith Cobalt project is underlain by a sequence of Archaean volcanics which are uncomformably overlain by Huronian sediments. These formations have been intruded by the Proterozoic-age Nipissing diabase sill. Faulting, on both a regional and local scale, has been found by surface mapping and in drill cores. Polymetallic veining, and especially pinkish-white carbonate veins, has also been reported. Thus, all the necessary geological components of accepted mineralization models for cobalt-silver have been identified on the properties.
About Cobalt Power Group Inc.
Cobalt Power Group Inc. is a publicly traded Canadian exploration company listed on the TSX-Venture Exchange (TSX-V: CPO) 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 total 737.3 hectares (1822 acres) in contiguous 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.
