TSX.V: CPO
VANCOUVER, April 24, 2017 /CNW/ - Cobalt Power Group Inc.
(the "Company") (TSX.V: CPO) is pleased to announce that plans
for its Phase 1 drill program on the Smith Cobalt project have been
finalized. Ground and airborne geophysics, along with historical
mapping data and 3D modeling, were used to delineate the targets
that will be tested during the 4 to 6 week program. The
approximately 1800 meter (5900 ft.) campaign, focusing on the
northwestern section of the property, will be carried out by G4
Drilling, based out of Val-d'Or,
Quebec.
The objectives of the drill program are to expand the Company's
knowledge of the geological setting of the known veins that extend
from the nearby Deer Horn Mine onto the Smith Cobalt property, to
extend the strike length of those veins from the historic Smith
Cobalt underground workings toward the southeast, and to confirm
the values deduced from the muck pile sampling (see news release
dated January 9th, 2017)
and make initial determinations of grade and thickness.
This phase of drilling will be carried out entirely on patented
land. The Company is also initiating the permitting process for
exploration work on its unpatented claims.
Dr. Andreas Rompel, President
& CEO, states, "We are excited to be moving forward into this
next stage of development on the Smith Cobalt asset with the
assistance of a well-renowned drilling company. Our objective is to
maintain our exploration momentum and be the first exploration
company in the Cobalt, Ontario
region to begin drilling in 2017."
In late April, management will be on the Smith Cobalt property
to complete preliminary preparations for the program. The campaign
will begin once weather conditions permit.
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, VP
Exploration and 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