Cobalt Power Group Inc. has released positive results from the phase 1, nine-hole, 1,896-metre/6,220-foot drill program at its Smith cobalt project in Cobalt, Ontario.
Highlights:
- 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, 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.”
A full table of significant intersections is shown below:
Smith Cobalt – Phase 1 Drill Results
Hole # From To Length Grade Element
42752 122.7 123.2 0.5 0.0012 Co
245 247 2 2.09 g/t Ag
244 249 5 0.128 g/t Au
240 245 5 0.001 Cu
228.87 249 20.13 0.001 Ni
226.36 234.85 8.49 0.0012 Ni
42783 NSV
42811 113 115.15 2.15 0.0007 Co
182 182.1 0.1 0.0171 Co
185.25 185.36 0.11 0.0023 Co
148 204 56 1.85 g/t Ag
Including 182 182.1 0.1 42.5 g/t Ag
184.39 184.49 0.1 15.6 g/t Ag
186.25 186.35 0.1 38.2 g/t Ag
190.43 190.53 0.1 16.0 g/t Ag
148 166 18 0.0009 Zn
169 181.6 12.6 0.001 Zn
189 200 11 0.0008 Zn
42842 138.25 139 0.75 0.0013 Co
144.78 147 2.22 0.0003 Co
193.76 195.7 1.94 0.001 Co
194.34 194.63 0.29 0.0057 Co
117 189.5 72.5 1.39 g/t Ag
134 152 18 2.70 g/t Ag
Including 138.25 147.66 9.41 3.58 g/t Ag
192 199.44 7.44 2.52 g/t Ag
Including 193.76 194.34 0.58 13.0 g/t Ag
210.83 216 5.17 1.01 g/t Ag
136 150 14 0.0022 Cu
120 136 16 0.0025 Zn
147 180 33 0.0013 Zn
Including 119 136.49 17.49 0.0017 Pb
144.78 150.85 6.07 0.0025 Pb
42872 118 120 2 0.001 Cu
42903 114.72 116.37 1.65 0.0005 Co
180 187.66 7.66 1.21 g/t Ag
197.1 200 2.9 3.16 g/t Ag
157 187.66 30.66 0.0011 Ni
42933 106.2 106.4 0.2 1.74 g/t Ag
119 125 6 0.0007 Cu
42964 146 147.1 1.1 1.92 g/t Ag
163 164 1 6.10 g/t Ag
174 175.85 1.85 2.98 g/t Ag
197 199 2 1.05 g/t Ag
138.66 147.1 8.44 0.001 Ni
42995 145 145.3 0.3 0.0005 Co
and 13.7 g/t Ag
and >1.0% Cu
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.
“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 assays 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.
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