CBLT Inc. Corporate Update
CBLT Inc. Corporate Update
Burlington, Ontario--(Newsfile Corp. - October 24, 2019) - CBLT Inc. (TSXV: CBLT) ("
CBLT
") announces that work continues on
CBLT's audited annual financial statements (the "
Financial Statements
") and management discussion and analysis ("
MD&A
")
for the year ended May 31, 2019. CBLT continues to anticipate that it will be in a position to file the Financial Statements and
MD&A on or prior to November 29, 2019.
A previously incorporated wholly-owned subsidiary of CBLT has been loaned CDN$50,000 (fifty thousand dollars) against a
promissory note from an arm's length party. Part of those proceeds will be used for CBLT's working capital purposes.
Big Duck Lake Update
CBLT owns 100% of Big Duck Lake in Ontario, which is only 4 kilometres west of the past-producing polymetallic Winston Lake
Mine. That mine produced 2.68 million tonnes of 1.05% copper, 12.05% zinc, 1.07 g/t of gold and 31.37 g/t of silver.
Big Duck Lake consists of 65 claim units over six square kilometres, is within the Hemlo-Schreiber Greenstone Belt, and is
centred on an altered gold-rich porphyry which in Management's view is similar to rocks which host the Hemlo Gold Mine
mineralization. It contains numerous gold and base metal showings including "Coco-Estelle", which hosts a historic resource of
53,700 tonnes grading 10.7 g/t of gold. (This historic resource is not
NI 43-101
compliant and cannot be relied upon without
further work and updated interpretations.)
Superior Lake Resources Limited ("SLR") has been carrying out work at Winston Lake. On October 22, 2019 SLR announced
that a downhole transient electromagnetic survey had discovered a new conductive body located about 200 metres south of the
main deposit, which might be interpreted as a new mineralized horizon. SLR's press release can be found here
https://www.asx.com.au/asxpdf/20191022/pdf/449r1c84jgrc4v.pdf
.
"We are encouraged by and fully support Superior Lake's efforts as our neighbor at Winston Lake," said Peter M. Clausi,
CBLT's CEO. "This region is known for its polymetallic deposits and we are looking forward to eventually carrying out similar
work at Big Duck Lake."
CONTACT INFORMATION
Peter M. Clausi
CEO and Director
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.
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; commodities
pricing; effect of market interest rates on price of securities; and, potential dilution.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/49103