CBLT Commences Phase 2 at Past Producer Falcon Gold
CBLT Commences Phase 2
at Past Producer Falcon
Gold
Burlington, Ontario (Newsfile Corp. – October 15, 2024) – After a successful Phase 1, CBLT
Inc. (TSXV:CBLT) (“CBLT”) is pleased to announce the commencement of a Phase 2 work
program on the Falcon Gold Property (the “Property”). The Property is situated on 100% owned
patented mining claims located in Sudbury, Ontario, and hosts the past producing Falcon Gold
Mine. The Property is contiguous to CBLT’s Copper Prince Property.
CBLT is also advancing its mergers and acquisitions mandate in communicating with potential
partners concerning CBLT’s other Canadian assets.
The Phase 2 program at the Property includes a mechanized stripping program to follow up on
previously reported grab samples collected earlier this field season with gold values that ranged
from <0.005 g/t to 25.7 g/t (see News Release dated July 31 st, 2024 ). The program, which
recently commenced, will allow for a better understanding of the geological controls at the
Property.
Excavator at Falcon Gold
Assay results from samples taken from the Property in Phase 1 were announced in July, 2024,
the highest of which was 25.7 Au g/t:
Sample Easting Northing Au (g/t)
864865 519937 5157078 25.70
864876 519945 5157083 8.96
864867 519934 5157076 4.80
864873 519929 5157077 4.38
864866 519936 5157081 4.06
864877 519933 5157074 3.81
864872 519926 5157077 2.42
864878 519924 5157081 1.63
Chart 1: Assay results from Phase 1 sampling
Figure 1: Grab Sample Locations, Falcon Gold Property
Phase 2 consists of locating and stripping historical features such as trenches and the dump to
allow for further sampling and mapping.
Historically, prior to CBLT’s ownership of the Property, g old mineralization was initially
discovered in 1890. During the same year, a shaft was sunk to a depth of 46 ft followed by 59 ft
of crosscutting. In 1935, the shaft was dewatered and deepened to 215 ft with levels established
at 100 and 200 ft. No records are known to exist regarding production from the Falcon Gold
Mine.
Falconbridge Ltd. acquired the Property in 1947 and completed several phases of exploration.
In 1988, Falconbridge completed a 24 -hole, 14,951 ft drill program and calculated resources at
59,400 tons grading 0.226 oz/ton (Bailey, 1994). (The mineral resource estimate is a historical
estimate as defined by National Instrument 43 -101. The historical resource estimate contains
categories that are not consistent with current CIM definitions. A qualified person has not done
sufficient work to classify the historical estimate as current mineral resources or mineral
reserves. No attempt was made to reconcile the historical resource estimate. CBLT is not treating
the historical resource estimate as a current mineral resource or mineral reserve. )
In 1994, G. Bailey collected five grab samples from near the former mine s haft. Two pyrite-rich
surface samples assayed 50.47 and 53.21 g/t Au whereas three pyrite-rich dump samples assayed
33.60 g/t Au, 38.33 g/t Au, and 40.46 g/t Au.
The technical information presented in this news release has been reviewed and approved Joerg
Kleinboeck, P. Geo, a qualified person as defined by National Instrument 43 -101, Standards of
Disclosure for Mineral Projects .
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 may contain 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 leadership
team; shareholder and regulatory approvals; the ability of Powerstone’s leadership team to explore and develop the optioned Chilton
Cobalt property in Quebec; 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; fore st fires
and other natural phenomena; rising costs related to inflation; effect of market interest on price of sec urities; 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 geog raphic
spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine r estrictions
imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human populat ion
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.