CBLT Acquires Falcon Gold Mine with Historical Resource Estimate
CBLT Acquires Falcon Gold Mine with
Historical Resource Estimate
Burlington, Ontario--(Newsfile Corp. - June 5, 2023) - CBLT Inc. (TSXV: CBLT) ("CBLT" or "the
Company") is very pleased to announce it has purchased the Falcon Gold property, host to the former
Falcon Gold Mine, in Sudbury, Ontario ("Falcon" or "the Property"), with a historical gold resource
estimate. This purchase consolidates Falcon with CBLT's Copper Prince along the Garson Fault,
effecting a 1996 recommendation from Falconbridge Limited, a prior owner.
"There are many overlooked wonderful properties like Falcon in safe jurisdictions," said Peter M. Clausi,
CBLT's CEO. "We are grateful to have the opportunity to marry Copper Prince with Falcon along the
Garson Fault for future exploration."
Location
Falcon comprises a contiguous block of 3 patented claims, within Falconbridge Township in the Sudbury
Basin. In the map below, it is the red middle between the patented and unpatented lands that are part of
CBLT's existing copper-gold-cobalt property, Copper Prince. The Garson Fault runs east-west through
Copper Prince and Falcon Gold.
Map of Falcon Gold and Copper Prince
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4750/168725_b14e778eb4e2f8f2_002full.jpg
The Property lies within the Huronian Gold Belt, a zone of past gold producers that extends from
northeast of the Sudbury Basin to south of Espanola, a distance of roughly 120 kilometers.
History
Like CBLT's adjacent Copper Prince, Falcon has been explored intermittently. Exploration has been
carried out since prior to 1900 after gold was found through prospecting. A work report from 2005 filed
by Millstream Mines Ltd. indicates over 28,000 feet of diamond drilling was carried out over time at
Falcon. Some of the historical data appears to be reliable but there are gaps as some exploration
activity was unrecorded, due to Falcon being patented land. Further work will be required to confirm the
Millstream Mines data and the data should not be relied upon.
CBLT has not been able to find any production data associated with the past producing Falcon Gold
Mine.
The Bailey Report and Resource Estimate
The most interesting report dates from 1996, authored by Gordon Bailey, M.Sc. Geol., based upon work
carried out by Falconbridge Limited in 1994 and 1995. Bailey advises five samples from near the former
mine site were collected and assayed. Two pyrite-rich surface samples assayed 50.47 and 53.21 g
Au/tonne whereas three pyrite-rich dump samples assayed 33.60, 38.33 and 40.46 g Au/tonne. (The
work and the report were not carried out according to
NI43-101
standards, it is unknown if Bailey would
meet the current definition of "Qualified Person", and therefore the results above and the resource
estimate below should not be relied upon without further work by CBLT.)
Bailey then recommended:
As the adjacent Copper Prince property has reportedly returned assays of up to 1.1 oz Au/ton over 5
feet and of 4.8% Cu and 0.07 oz Au/ton over 5 feet, and appears to be along strike of the Falcon
deposit along the Garson Fault, a purchase or joint venture agreement with its' [sic] owners should be
considered as a fist [sic] step towards gold exploration in this environment beyond the Falcon Gold
property.
1996 Regional location map from Bailey report showing the Garson Fault
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4750/168725_b14e778eb4e2f8f2_003full.jpg
This is what CBLT has done. It has consolidated title along part of the Garson Fault, allowing for efficient
exploration for gold, copper and cobalt, and ensuring all value created through such exploration can be
retained within CBLT.
Subject to the qualifications set out above, Bailey went on to report on a resource estimate at Falcon:
In 1988, Falconbridge completed a 24-hole, 14 951-foot drill program which increased the mineral
inventory of the Falcon deposit to 59 400 tons grading 0.226 oz Au/ton in a pyritiferous zone traced to
a vertical depth of 600 feet with an average dimension of l1 by 100 feet.
CBLT intends to carry out a summer work program at Falcon and Copper Prince, consisting of data
aggregation, mapping and sampling. A longer term goal would be to prove up a larger gold resource in
accordance with
NI43-101
.
CBLT also advises it intends to carry out work on at least two of its other properties this summer, and
intends to continue with M&A activity as opportunities present themselves.
CONTACT INFORMATION
Peter M. Clausi
CEO and Director
1 416 890 1232
@ClausiPeter
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.
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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