CBLT Confirms High-Grade Copper-Cobalt Mineralization at Bloom Lake and Updates Equity Holdings in Winmar
CBLT Confirms High-Grade Copper-Cobalt Mineralization
at Bloom Lake and Updates Equity Holdings in Winmar
Burlington, Ontario--(Newsfile Corp. - August 21, 2018) - CBLT Inc. (TSXV: CBLT) ("
CBLT
") provides an update on its
relationship with Winmar Resources Ltd. ("Winmar") and reports on exploration work at the Bloom Lake Property in Gowganda,
Ontario ("Bloom Lake"). Assay results confirmed high-grade copper-cobalt mineralization with anomalous gold and nickel.
Earlier in 2018, CBLT sold the Bloom Lake Property to Winmar for cash and 16,666,667 shares from Winmar's treasury. At
current pricing, that equity holding represents roughly CDN$400,000 on CBLT's balance sheet. "Our choice of Winmar as a
cobalt-exploration dance partner in Gowganda is being well-rewarded," said Peter M. Clausi, CEO of CBLT.
Bloom Lake Results
For a ten per cent management fee and under Winmar's direction, CBLT managed the Bloom Lake exploration program. This
phase of exploration consisted of locating and sampling historic trenches, adits and shafts. Thirty-three samples were collected
from bedrock and from loose material proximal to historical trenches, adits, and shafts. Results are provided in Table 1 following
the map below. Grab samples are selective in nature, and the reported mineralization and assay results may not be
representative.
The most notable was Sample 853028, taken south of the No. 1 Adit, which assayed 6.84% cobalt, 0.422 g/t old, 0.58% copper
and 1.56% nickel. See the map below for locations of all samples reported in the release.
Highlights of the other assay results include:
2.02% Cobalt and 0.35% Nickel - Sample 853024
1.50% Cobalt, 8.94% Copper and 0.10% Nickel - Sample 853044
1.16% Cobalt and 2.24% Copper - Sample 853048
0.79% Cobalt, 0.34g/t Gold and 0.40% Copper - Sample 853039
0.47% Cobalt and 0.29% Nickel - Sample 853035
0.29% Cobalt and 5.34% Copper - Sample 853036
0.25% Cobalt and 5.69% Copper - Sample 853045
Winmar and CBLT are currently planning Phase 2 of the Bloom Lake Exploration Program, intended to further map and sample
historical workings ahead of a maiden diamond drilling program.
Figure 1:
Phase 1 reconnaissance program - sample locations at the Bloom Lake Project
To view an enhanced version of Figure 1, please visit:
http://orders.newsfilecorp.com/files/4750/38193_a1534818111712_96.jpg
Results are provided in Table 1. Grab samples are selective in nature, and the reported mineralization and assay results may not
be representative.
Summary Phase 1 Reconnaissance Program Assay Results
Sample ID
Easting
Northing
Gold
(g/t)
Cobalt
(%)
Copper
(%)
Nickel
(%)
853019B
524558
5290478
<0.013
0.074
0.18
<0.06
853020B
524563
5290478
<0.013
0.095
0.16
<0.06
853021
524562
5290477
<0.013
0.098
0.34
<0.06
853022
524597
5290351
0.066
0.36
<0.06
0.16
853023
524595
5290349
0.059
0.062
0.861
<0.06
853024
524584
5290370
0.026
2.02
0.057
0.35
853025
524564
5290359
<0.013
<0.01
1.95
<0.06
853026
524586
5289628
<0.013
<0.01
<0.06
<0.06
853027
524579
5289627
<0.013
<0.01
<0.06
<0.06
853028
524581
5289633
0.422
6.84
0.58
1.56
853029
524409
5289729
<0.013
0.018
<0.06
<0.06
853030
524405
5289729
<0.013
<0.01
<0.06
<0.06
853031
524404
5289727
<0.013
<0.01
<0.06
<0.06
853032
524539
5289733
<0.013
0.054
<0.06
<0.06
853033
524540
5289739
<0.013
0.088
<0.06
<0.06
853034
524225
5290065
0.222
0.212
0.49
<0.06
853035
524233
5290072
<0.013
0.47
<0.06
0.29
853036
524291
5289987
<0.013
0.288
5.34
<0.06
853037
524295
5289980
<0.013
0.062
1.07
<0.06
853038
524280
5289987
0.035
<0.01
<0.06
<0.06
853039
524291
5289990
0.337
0.789
0.4
0.072
853040
524311
5289983
0.083
0.274
<0.06
<0.06
853041
524469
5289883
<0.013
0.017
0.076
<0.06
853042
524465
5289881
<0.013
<0.01
<0.06
<0.06
853043
524497
5288563
<0.013
0.086
9.22
<0.06
853044
524484
5288570
0.13
1.5
8.94
0.1
853045
524484
5288572
<0.013
0.25
5.69
<0.06
853046
524500
5288572
<0.013
<0.01
<0.06
<0.06
853047
524527
5288553
<0.013
<0.01
<0.06
<0.06
853048
524664
5289512
0.049
1.16
<0.05
0.25
853049
524653
5289508
<0.013
0.051
<0.06
<0.06
853050
524588
5289519
0.11
<0.01
2.24
<0.06
853051
524609
5289527
<0.013
<0.01
0.23
<0.06
Table 1:
Summary Phase 1 Reconnaissance Program Assay Results, Bloom Lake Project
All samples were submitted to ROX- LAB in Sudbury, Ontario, a division of TestMark Laboratories of Garson, Ont. ROX-LAB is
accredited to ISO/IEC 17025, CALA, CCIL by Standards Council of Canada.
All grab samples submitted to ROX-LAB were assigned an internal sample identification number. Samples were then
individually weighed, tagged, recorded, and sent for sample preparation. Samples were crushed, and a 500 gram sample of the
homogenized material was removed using a Jones Riffler. The sample was then pulverized to all passing < 100 mesh, with
methanol cleaning of pulverizing bowls after every sample.
Samples were analysed for a selective multi-element package for base metals including Arsenic, Bismuth, Cobalt, Copper,
Lead, Sulphur, Nickel, Zinc. Samples were analyzed by Sodium Peroxide
Fusion followed by ICP-OES finish. Samples were
also analysed for precious metals including Gold, Silver, Platinum, and Palladium. Gold and Silver were first analyzed and
reported using the standard Gravimetric Fire Assay method using 30 grams of sample, with every tenth sample a duplicate, a
CRM (certified reference material), and one blank furnace check. For low levels of gold, platinum, and palladium, 30 grams Fire
Assay silver-lead collection with Mass Spectrometry Finish (MS) method was used. Silver assays for low levels were completed
by using Induced Coupled Plasma ICP-OES using 15 grams Fire Assay silver-lead collection.
Joerg Kleinboeck, 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.
Winmar Update
CBLT has a Canadian portfolio of mining assets including Calcite Lake and United Reef in the historic cobalt / silver camp in
Gowganda, Ontario. CBLT optioned those two assets to Winmar in 2017 (see the CBLT press release of December 6, 2017 for
further details). Given the success of the Bloom Lake program, Winmar and CBLT are in discussions to accelerate the
outstanding option agreements on Calcite Lake and United Reef. Details will be disclosed if mutually acceptable terms are
reached.
Trading in Winmar's stock on the Australian Stock Exchange is halted, pending a Winmar shareholder meeting to consider,
among other items, an AUD$8,000,000 equity financing in support of Winmar's pending acquisition of a Congo copper — cobalt
processing facility. Winmar must also file additional documentation with the ASX. Based on current information, CBLT intends to
vote its shares in favour of the financing and the acquisition. CBLT's management believes the value of its equity holdings in
Winmar will increase when the halt trade is lifted and Winmar has closed on the financing and the Congo acquisition.
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 the Company 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, the Company 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, the
Company 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; 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
CBLT INC.
"Peter M. Clausi"
Peter M. Clausi
CEO and Director
For Further Information:
Peter M. Clausi
1 416-890-1232
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.