CBLT Options Chilton Cobalt
CBLT OPTIONS CHILTON COBALT
(Burlington, ON. June 13, 2022) CBLT Inc. (CBLT: TSX -V) (“CBLT”) announces that it has
entered into an option agreement (the “Option”) with PowerStone Metals Co rp. (the
“Optionee”), a private British Columbia corporation, with respect to its 100% owned Chilton
Cobalt property (“Chilton Cobalt”).
Chilton Cobalt consists of nine claims totaling 497 hectares (almost five square kilometers) in
Quebec, Canada, located 40 kilometers east of Saint -Jovite, Quebec, roughly a one hou r’s drive
north of Montreal. Chilton Cobalt is easily accessible by highway and is close to mining
infrastructure.
Work carried out by CBLT and reported September 18, 2017 included the collection of 51 rock
grab samp les as well as completion of a 649 -sample soil geochemistry grid and a 27 line -
kilometer VLF-EM survey. The collective data identified two linear Co-Ni-Cu anomalies that are
coincident with strong VLF -EM conductors, both of which are centered over the hist orical
showings.
Zone A is outlined by a 1,000 by 250 metre north -trending cobalt-chromium-copper-nickel soil
anomaly. Several other conductors worthy of follow-up work are also identified as crossing Zone
A. Zone B is outlined by a 750 by 250 metre east -trending cobalt-chromium-copper-nickel soil
anomaly, with the historical Lac Sicotte showing at the south end of this zone. A strong VLF -
EM conductor passes through this zone.
In addition to Zones A and B, five additional sites at Chilton Cobalt exhibit anomalous cobalt,
copper, chromium and nickel in outcrop rock grab samples. Several of these are located on or
near VLF-EM conductors and CBLT considers them high-priority targets.
“Chilton Cobalt deserves further exploration,” said Peter M. Clausi, CBLT’ s CEO. “The
structure of this transacti on provides the Optionee a launchpad to commence operations and
provide CBLT’s shareholders with significant upside tied to the Optionee’s success.”
The Option provides that the Optionee can earn a 100% interest in Chilton Cobalt by performing
all of the following tasks:
1. Issue to CBLT one million special warrants from the Optionee’s treasury which shall be
convertible into one million common shares for no additional consideration (each, a
“Share”);
2. Close a financing of at least $250,000 (two hundred and f ifty thousand dollars) at a price
of $0.10 (ten cents) per Share;
3. Carry out work at Chilton of at $100,000 (one hundred thousand dollars) by September
30, 2023; and
4. Carry out a further $150,000 (one hundred fi fty thousand dollars) of work at Chilton by
December 31, 2024.
The Optionee has expressed its intention to have its Shares listed on a recognized Canadian stock
exchange. The Option pro vides that if the Optionee’s Shares are not listed on such an exchange
by September 30, 2023, then the Optionee will issue to CBLT a further 500,000 (five hundred
thousand) Shares from the Optionee’s treasury.
Of its one million Shares, CBLT intends to declare a dividend to its shareholders of 750,000
(seven hundred and fifty thousand) Shares on a pro rata basis. The ti ming of declaring and
paying the dividend are subject to discussion between CBLT and the Optionee.
The Option is subject to conditions common to agreements of this kind and may be s ubject to
regulatory approval.
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 c ertain 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, t here 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 inhe rent risks and uncertainties
that could cause actual future results, conditions, actio ns 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 stat ements. Except as expressly
required by applicable securities laws, CBLT assumes no obligation to update or revise any forward -looking
statements. The future outcomes tha t relate to forward -looking statements may be influenced by many factors,
including bu t 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 othe r local communities; jurisdictional
risk; risks of future legal proceedings; income ta x 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 glob al outbreak of a
contagious disease, including the recent outbreak of illness caused b y 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 disea se, the duration of the
outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In
addition, a significant outbreak o f 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.