VANCOUVER, March 29, 2017 /CNW/ - Cobalt Power Group Inc. (the "Company") (TSX.V: CPO) is pleased to announce signing an option to purchase a 100% interest in the Bende and Kingston patented mining claims in the Coleman and Bucke Townships of Ontario, respectively, which cover 220 acres (89 ha). The Bende property contains known historical workings, including two mine shafts, three identified veins, and a trench. The Kingston property is located immediately to the west of several historic mine sites which each contained a multitude of veins. This acquisition brings the Company's total land package in the Cobalt region to 2042 acres (826.4 ha).
The option requires a payment of $20,000 CDN and an allotment of 400,000 of the Company's common shares on the Effective Date (date the agreement is accepted for filing by the TSX) followed by the payment of $20,000 CDN and allotment of 400,000 of the Company's common shares six (6) months following the Effective Date, upon TSX approval.
"The Bende and Kingston claims fall within areas of mapped silver/cobalt vein swarms and thereby complement our already robust Smith Cobalt asset," comments Dr. Andreas Rompel, President & CEO. "As well, the presence of historical workings and mapped data gives us a significant head start with regards to exploration and development of the property. Both assets form low risk exploration targets which can be advanced in a relatively short period of time."
Additionally, the Company is in the process of receiving quotations from several drilling companies and expects to choose a contractor shortly. Phase 1 drilling, expected to begin in Q2 2017, will proceed once the geophysical interpretation of the recently completed induced polarization survey has been finalized and drill targets have been delineated.
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 826.4 hectares (2042 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, a Director of Cobalt Power Group is the qualified person responsible for the technical content of this release, and consents to its dissemination.
