CBLT Reports Results from Big Duck Lake

Burlington, Ontario--(Newsfile Corp. - June 28, 2023) - CBLT Inc. (TSXV: CBLT) ("CBLT" or "the Company") reports the results from its work program at Big Duck Lake in the autumn of 2022.

Big Duck Lake is in the Hemlo West Camp, located east of Thunder Bay, Ontario. Strategically, it is 4 kilometres west of the past-producing polymetallic Winston Lake Zinc Mine. The Winston Lake Zinc Mine produced 2.68 million tonnes of 12.05% zinc, 1.05% copper, 1.07 g/t gold and 31.37 g/t silver.

Big Duck Lake covers six kilometres of prospective geology containing numerous gold and base metal showings. One of the showings is the Coco-Estelle Deposit, which hosts a historical resource estimate of 53,700 tonnes grading 10.7 g/t gold.

This 1993 resource estimate was generated by Metall Mining Corporation ("Minnova"), funded by Rusty Lake Resources, following a ten diamond drill hole program and is contained in a report authored by Lewis, P., 1993: Big Duck Lake Property, Diamond Drill Report, July 27 - August 17, 1993. CBLT is not treating this estimate as current mineral resources. It does not follow the required disclosure for reserves and resources as outlined in NI43-101 as it predated NI43-101. The historical resource estimate generated by Minnova has not been redefined to conform to the CIM approved standards as required in NI 43-101. From his Statement of Qualifications it appears the author may have been a qualified person under current definitions, but CBLT cautions that no qualified person has not done sufficient work to classify the historical estimate as current mineral resources.

Given the above non-conforming historical estimate, the main focus of exploration at Big Duck Lake has been Coco-Estelle. A prior owner carried out a drill program in 2017 at Coco-Estelle, reported in 2018, which included one over-limit sample from Hole BD17-01, initially reported as >10 grams per tonne (g/t) gold over 0.5 metres (m). The prior owner re-ran this sample using a "gravimetric" finish (GTA Resources and Mining Inc. press release, January 29, 2018).

On the re-run, the prior owner reported a value from this sample of 823.1 g/t (26.339 oz/ton) gold over 0.5 m, within a larger section of 1.3 m grading 320.1 gold g/t. Individual assays results from the 1.3 metre section were reported as follows.

In addition to the gold at Coco-Estelle, the property hosts numerous other occurrences. The purpose of CBLT's 2022 field program was to visit and sample some of these other occurrences. Two areas were selected for prospecting, being the North Gold showing immediately to the northwest of Big Duck Lake on the west side of the property and the area around Sulphur and Cable Lakes in the north of the property.

The results of the program and the team's observations in the field indicate that further work will be carried out at Big Duck Lake to continue testing the lesser-known targets.

The North Gold showing consists of a rusty zone with disseminated pyrite. The area coincides with an historical IP anomaly. One drillhole was drilled in the area in 1993 and limited grab sampling has been conducted over the years.

The area around Sulphur and Cable Lakes consists of massive to finely banded pyrite and pyrrhotite. A magnetometer and VLF survey completed in 2012 found this area to have a coincident magnetic and EM anomaly. However, very little work has been completed here.

A total of 23 grab samples were collected from outcrop over these two areas. Samples were then submitted to ActLabs in Timmins with gold analyzed by fire assay with a multi-element suite analyzed using an aqua regia digest followed by ICP-OES. Samples were observed to be mainly of sulphide bearing quartz veins and mafic volcanics. Massive sulphide samples were also collected in the Sulphur Lake area.

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Big Duck Lake Claims

The most positive results were found in the North Gold area. Selected sample results are as follows:

Grab samples are selective in nature and further work will need to be carried out to confirm mineralization.

The program above was carried out by a professional geologist who was not available to CBLT at the time of reviewing the data and preparing this press release. Jessica Daniel, P.Geo supervised the program as it was being carried out, saw pictures and videos taken in the field, and has ensured the integrity of the data reported above. The technical information contained in this news release has been reviewed and approved by Ms. Daniel, an independent director of CBLT, who is a Qualified Person as defined in NI 43-101.

CONTACT INFORMATION
Peter M. Clausi
CEO and Director
1 416 890 1232
pclausi@cbltinc.com
@ClausiPeter

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This news release contains certain statements that constitute forward-looking statements as they relate to CBLT and its management. Forward-looking statements are not historical facts but represent management's current expectation of future events, and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "should", "continues" and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct or will come to pass.

By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, CBLT will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, CBLT assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to; SARS-CoV-2; reliance on key personnel; the performance of the Ciscom Corp. leadership team; shareholder and regulatory approvals; First Nations and other local communities; jurisdictional risk; risks of future legal proceedings; income tax matters; availability and terms of financing; distribution of securities; commodities pricing; environmental issues; forest fires and other natural phenomena; rising costs related to inflation; effect of market interest on price of securities; failing to identify an economically viable mineral deposit; and, potential dilution.

CBLT's operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.

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