CBLT Closes on Shatford Lake
CBLT Closes on Shatford Lake
Burlington, Ontario--(Newsfile Corp. - March 1, 2021) - CBLT Inc. (TSXV: CBLT) ("CBLT") announces it
has closed on its previously announced purchase of the Shatford Lake property from an arm's length
vendor. CBLT is making plans to substantially advance exploration in 2021 at Shatford Lake, which
management believes to be highly prospective for lithium.
In 2021, other assets in CBLT's broad portfolio will also be advanced, with at least one drill program
contemplated. The board is still to decide whether that program will be at Big Duck Lake (gold in Hemlo)
or Chilton Cobalt (cobalt, nickel, copper, chromium, in Quebec).
"Looking through to the summer of 2022, we're going to be busy in the field and in the boardroom," said
Peter M. Clausi, CEO. "We expect a steady stream of news related to field results, acquisitions,
dispositions and Ciscom Corporation. Because we outsource much of the geologic work, we have the
bandwidth needed to work on multiple projects simultaneously."
Shatford Lake
Shatford Lake is located in the Winnipeg River-Cat Lake pegmatite field in eastern Manitoba near the
Ontario border, roughly 130 kilometres from Winnipeg and only five kilometres southwest of the Tanco
Mine. The area has been previously explored for rare element pegmatites with historical mapping and
drilling at Shatford Lake identifying multiple pegmatite dykes. Most of this work focused on the tantalum
potential of the dykes and lithium was not analysed for. However, spodumene was noted in an
assessment report and provincial geologists documented the presence of lithium-bearing mica.
Other minerals identified in historical work include beryl and tantalite, indicating the Shatford Lake
pegmatites are likely LCT-type (lithium-cesium-tantalum). The pegmatites are intruded into
metasediments and metavolcanics. Sulphide mineralisation has been noted in these host rocks.
Limited drilling was carried out on the west side of Shatford Lake in 1968 by a third party. The field notes
from that program carry a notation of "Reddish medium grained pegmatite". The best intercept for
pegmatite was a 19.8 metre section in hole SL-5. The core was not tested for lithium. CBLT did not carry
out this work, cannot attest to the means applied to carry it out, and does not know whether it was carried
out under the supervision of a Qualifying Person as that term is used in
NI43-101
. Readers are
cautioned not to rely upon it. CBLT intends to eventually carry out its own drill program at Shatford Lake
to obtain fresh data.
The pegmatites on the south shore of Shatford Lake have never been drill-tested.
Figure 1
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Shatford Lake is located 5 kilometres southwest of the Tanco Mine. Tanco is an LCT-type pegmatite,
producing cesium and tantalum. Lithium, beryllium and rubidium have previously been produced. The
Tanco pegmatite has dimensions of 820m by 1,600m and up to 100m thick, and over 100 minerals have
been identified in it.
It was estimated in 1991 that Tanco had lithium reserves of 7.3 million tonnes at 2.76% Li2O (
GSWA
Mining Bulletin No. 22
, page 66). This is a historical third party estimate and CBLT has no information
as to the methodology used to calculate this estimate or whether it was carried out under the supervision
of a Qualified Person, as that term is defined in
NI43-101
. Readers are cautioned not to rely upon this
estimate. CBLT references this to inform its knowledge of the area and to support its thesis for
exploration at Shatford Lake.
Jessica Daniel, P.Geo., a CBLT director and the past Exploration Manager at Rock Tech Lithium Inc.,
will oversee the Shatford Lake programs. Ms. Daniel has approved the contents of this press release.
CBLT's previously announced flowthrough financing continues. Management expects to close it off in the
next week or so. Customary prospectus exemptions are being relied upon, including the "accredited
investor" exemption and the "Distributions to Existing Security Holders" exemption pursuant to section
2.9 of Ontario Securities Commission
Rule 45-501
. Under this section each person who as of February
18, 2021 held any CBLT common shares is permitted to purchase from treasury up to $15,000 of the
Flowthrough Units.
CBLT does not believe a hard dollar financing will be needed for the foreseeable future. CBLT has over
$200,000 cash in its treasury and CBLT owns over 1,800,000 shares of Ready Set Gold Corp. ("RDY")
which trades on the Canadian Securities Exchange. It has received its first escrow release, with three
remaining escrow releases to take place on or about April 18, June 18 and August 18, all in 2021. CBLT
ultimately intends to use the proceeds of sale from some of the RDY shares to fund non-exploration
expenses. For the time being, CBLT does not intend to immediately sell its RDY shares although this
intention could change without notice at any time.
Outlook
CBLT believes a strong commodity super-cycle is beginning, and the main benefactors will be the
metals that support the Green Revolution.
In addition to the exploration plans referred to above, CBLT intends to:
continue to review other acquisition opportunities. In this regard CBLT advises it has reached a
meeting of the minds with an arm's length third party for CBLT to acquire a greenfield Ontario
mining asset that is prospective for some of the battery metals. CBLT is now attempting to convert
that into a definitive agreement. There are no assurances that the parties will be able to reach a
definitive agreement, or that the contemplated transaction would close as contemplated or at all;
explore profitable divestiture activities, and in this regard CBLT advises it has received multiple
inquiries from credible parties into the availability of some of its portfolio assets; and,
as instructed by the shareholders at the Annual and Special Shareholder Meeting held August 31,
2020, to consider the diversification of CBLT's growth plan into other business areas.
Finally, CBLT advises it has exercised its previously disclosed option to acquire 14% of
Ciscom
Corporation, a private Ontario company whose business model includes the acquisition of operating
entities.
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; 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; 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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