COBALT POWER REPORTS 1.7% COBALT, WITH SIGNIFICANT ADDITIONAL BATTERY COMPONENT METALS, FROM SUCCESSFUL DRILL PROGRAM AT SMITH COBALT PROJECT
November 14, 2017 Vancouver, British Columbia – Cobalt Power Group Inc. (the “Company”) (TSX.V: CPO, OTC Pink: CBBWF) is pleased to report positive results from the Phase 1, 9-hole, 1,896 m (6,220 ft.) drill program at its Smith Cobalt project in Cobalt, Ontario.
- Several zones with high-grade cobalt and silver were intersected.
- Thick, highly anomalous zones of battery-related component metals (Cu, Ni, Zn) were intersected in multiple holes.
- Multiple mineralized veins were intersected in most holes.
- Confirmed and characterized vein swarms mapped from historical mine workings.
- Confirmed that the Smith Cobalt property lies in the same stratigraphic and structural setting as the nearby Deer Horn Mine, currently owned and formerly operated by Agnico Eagle.
Assay Highlights Include:
- 1.71% Co and 42.5 g/t Ag over 0.10 m in hole 17-03.
- 1.85 g/t Ag over 56.0 m in hole 17-03
- 1.39 g/t Ag over 72.5 m in hole 17-04
- 0.22% Cu over 14.0 m in hole 17-04
- 0.13% Zn over 33.0 m in hole 17-04
- 0.11% Ni over 30.66 m in hole 17-06
- 0.17% Pb over 17.49 m in hole 17-04
“We have attained our primary objective for the drill program: to verify the trace of the vein swarms mapped from historical mine workings. From the old mine data, we know that cobalt and silver grades within the veins are highly variable and contain an extreme nugget effect. This has been verified by extensive outcrop
sampling,” Chris M. Healey, P.Geo and VP Exploration, comments. “We intersected several zones with high-grade cobalt and silver. Adding even more potential for this property is the fact that we encountered zones of base metal mineralization (Cu, Ni, Zn) as well.”
The drill contractor was G4 Drilling, Val d’Or. SGS Cochrane provided analytical services for gold (fire assay), and SGS Burnaby (ICP) for all other elements. Collar details are shown in the tables below. A Phase 1 drill map can be found on the company website: www.cobaltpowergroup.com
“The results of this first round of drilling are encouraging. Not only have we confirmed the presence and trend of the veins indicated on historic maps of Smith Cobalt, but we’ve also established that they are mineralized,” comments Dr. Andreas Rompel, President & CEO. “We have intersected significant cobalt grades as well as base metal grades in copper, nickel and zinc. For confirmation of grade and strike extent of the veins intersected around the Smith Cobalt shaft, we are looking forward to Phase 2 drill results. These combined results will assist us with the interpretation process needed for the next steps in the exploration of the Smith Cobalt project and environs.”
Phase 1 drill results were significantly delayed because of anomalous cobalt analyses from one of the commercial assay standards used, as determined during the QA/QC process. Certified commercial standards, called Certified Reference Material (CRM), are sample materials with certified assay values from an independent, accredited laboratory. These standards are inserted into the chain of samples at irregular intervals to check the accuracy of the assaying technique at the laboratory being used. After a review by the Company’s Qualified Person, 55 samples, each with significant Co values in the initial testing, were sent to a second laboratory (AGAT) for check assays. These results show that, although the cobalt assay for the standards were incorrect, the results from the core from the two laboratories were comparable. The Company’s QP is now satisfied that the initial results reported for the core analyses are acceptable, and are therefore reported in this release.
Also, the Phase 2 drill program has recently concluded, with 16 holes drilled for a total of 2,306 m (7,556 ft.). Assay results will be reported when received, accepted and reviewed by the Company.
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 8,544 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, 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
Dr. Andreas Rompel, President and CEO
Cobalt Power Group Inc.
We seek safe harbor.
For additional information, please contact Daniel Caamano, VP Corporate Communications or Judy A. McCall, Corporate Secretary at: 604.620.7737. The company’s profile may also be viewed on www.sedar.com.
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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.
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