VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 17, 2016) – Cobalt Power Group Inc. (TSX VENTURE:CPO) is pleased to announce positive results from the initial sampling program conducted on its Smith Cobalt property near Cobalt, Ontario. Additionally, the previously announced airborne geophysical survey has been completed and results are pending.
Four select samples were taken from a muck pile (loose ore that has been fragmented as a result of drifting along the veins) originating from historic underground workings on the property and analyzed at SGS Canada Inc. (Burnaby, British Columbia) using 4-acid digestion with an atomic emission spectroscopy finish. Results are summarized below:
| SMITH COBALT PROJECT – COBALT, ONTARIO | ||||||||
| Sample # | Cobalt (Co) % | Silver (Ag) g/t | Copper (Cu) % | Nickel (Ni) % | ||||
| 341678 | 0.62 | 9.41 | 0.20 | 0.31 | ||||
| 341679 | 0.33 | 3.83 | 0.18 | 0.12 | ||||
| 341680 | 0.31 | 5.52 | 0.11 | 0.09 | ||||
| 341681 | 0.99 | 4.70 | 0.01 | 0.34 | ||||
| Average | 0.56 | 5.87 | 0.13 | 0.22 | ||||
Dr. Andreas Rompel, President & CEO of Cobalt Power Group, comments, “Cobalt results confirm the high grades expected in the cobalt/silver veins on the Smith Cobalt property. These grades compare favourably with those found at top cobalt producing mines worldwide. Copper and nickel grades were promising as well and, along with silver, may be converted into additional credits.”
The next phase of exploration will include a variety of geophysical surveys as well as prospecting and mapping. Also, quotes will be solicited for opening and reconditioning the Smith Cobalt shaft and related underground workings.
Cobalt Power Group also announces that the proposed sale of the Laurier graphite property has been terminated by Battery Mineral Resources Pty Ltd.
About the Smith Cobalt Properties
The Smith Cobalt properties are 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 silver-cobalt 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 VENTURE:CPO) focused on cobalt exploration and development.
The Company has made a series of strategic property acquisitions over the past several months, seeking cobalt mineralization near Cobalt, ON – a region with a long history of silver and associated cobalt production. Property holdings total 712 ha (1760 acres) in contiguous blocks. There are several historic mining operations on the property 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 release.
On behalf of the Board of Directors
Dr. Andreas Rompel, President and CEO
Cobalt Power Group Inc.
We seek safe harbor.
The company’s profile may also be viewed on www.sedar.com.
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.
Daniel Caamano
VP Corporate Communications
604.620.7737
Cobalt Power Group Inc.
Judy A. McCall
Corporate Secretary
604.620.7737
www.cobaltpowergroup.com
