CBLT Trenching Returns up to 1.72% Copper, 0.56% Nickel and 0.21% Cobalt on Chilton Property, Quebec
Burlington, Ontario--(Newsfile Corp. - December 19, 2018) - CBLT Inc. (TSXV: CBLT) ("CBLT") is pleased to report the results of a trenching program recently completed on the 9-claim (497 hectare) Chilton Property located approximately 40 kilometres east of Saint-Jovite in the Laurentian Mountains of Québec, and its intention to carry out a financing.
The trenching program was designed to test two surface showings of cobalt-nickel-copper mineralization interpreted to be sites where primary layered magmatic sulphide mineralization, represented by a general southeast magnetic trend, has been remobilized by cross cutting faults marked by east-trending soil geochemical and electromagnetic anomalies (Figure 1).
The best results were obtained at the Lac Sicotte showing where three trenches spaced 50 metres apart were excavated for an aggregate length of approximately 300 metres. The trenches were systematically chip sampled on 5 metre intervals. Due to deep overburden and flooding at various places, it was difficult to sample consistently and to map the bedrock geology reliably. The trenches exposed an east trending zone of disseminated to semi-massive sulphides roughly 50 metres wide that returned up to 1.72% copper, 0.56% nickel and 0.21% cobalt from individual samples (Figure 2). The exact dimensions and orientation of this zone could not be determined due to the overburden and flooding problems.
The sample results are summarized as follows:
|Trench||Copper ppm||Nickel ppm||Cobalt ppm|
|*ppm equals parts per million; 10,000 ppm equals 1.00%|
The strong copper, nickel and cobalt values obtained in the trenches at the Lac Sicotte Showing, which has never been drilled, suggest that a program of diamond drilling be done to determine the orientation and extent of the sulphide mineralization in the subsurface. CBLT intends to drill this site as soon as possible.
"This is systematic exploration building on the results of June's aerial magnetic survey, which itself was built on prior sampling and a VLF survey," said Peter M. Clausi, CBLT's CEO. "We believe the field team's methodical work reduces our exploration risk and sets up the company for what we intend to be a successful drill program."
Trenching was also completed at the Chilton Showing located approximately 1.2 kilometres north of Lac Sicotte but no clear drill target was defined. Sample results at this site range from 21 to 2510 ppm for copper, from 21 to 2830 ppm for nickel and from 7 to 588 ppm for cobalt.
A total of 103 samples were delivered to AGAT Laboratories Inc. in Val d'Or, Québec for analysis. AGAT is accredited for specific tests (www.agatlabs.com/about/accreditation.cfm). The samples were prepared by crushing the full sample to a minimum 75% < 2.0 millimetre, and then a riffle split of 250 grams was pulverized to a minimum 85% <75 micrometres (AGAT Code 227-001). A 0.5-gram sub-sample of the pulverized rock was analyzed for 45 elements by partial Aqua-Regia acid digestion followed by ICP-OES finish (AGAT Code 201-073).
Mark Fekete, P.Geo is the designated "qualified person" as defined in Section 1.2 in and for the purposes of National Instrument 43-101 that reviewed and approved the technical content of this release.
CBLT is also pleased to announce its intention to carry out a financing up to $75,000 in Flow-through Units, each priced at $0.05 (five cents), with each Flow-through Unit consisting of one common share issued on a flow-through basis (the "Flow-through Share") and one common share purchase warrant exercisable for an 18-month period at $0.06 (six cents), subject to regulatory approval.
Proceeds from the sale of the Flow-Through Units will be used for "Canadian Exploration Expenses" which qualify as "Flow-Through Mining Expenditures" for the purposes of the Income Tax Act (Canada) and CBLT will renounce such expenses with an effective date no later than December 31, 2018. Where applicable, a finder's fee may be paid of 7% cash and 7% in broker warrants, with such broker warrants having the same characteristics as the underlying securities for which they have been issued.
Proceeds from the financing generally will be used at Chilton Cobalt, mainly in connection with the contemplated drill program.
CBLT is a Canadian mineral exploration company with a proven leadership team, targeting cobalt in reliable mining jurisdictions. CBLT continues to be a project generator and an efficient steward of its shareholders' capital.
Forward Looking Statements
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", "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.
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: reliance on key personnel; shareholder and regulatory approvals; risks of future legal proceedings; income tax matters; availability and terms of financing; distribution of securities; effect of market interest rates on price of securities; and, potential dilution.
About CBLT Inc.
On Behalf of the Board of Directors
"Peter M. Clausi"
Peter M. Clausi
CEO and Director
For Further Information:
Peter M. Clausi
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view an enhanced version of Figure 1, please visit:
To view an enhanced version of Figure 2, please visit: