TSX.V:
CPO
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.
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.
SOURCE Cobalt Power Group Inc