Business
CBLT Acquires Gold Assets in Hemlo
Burlington, Ontario--(Newsfile Corp. - March 19, 2019) - CBLT Inc. (TSXV: CBLT) ("CBLT") is ve...
About this update from Cblt Inc
[{"type":"text","content":"CBLT Acquires Gold Assets in HemloBurlington, Ontario--(Newsfile Corp. - March 19, 2019) - CBLT Inc. (TSXV: CBLT) (\"CBLT\") is very pleased to announce it has closed on its previously announced purchase of a portfolio of Canadian mining assets (the \"Assets\") from GTA Financecorp Inc.(\"GTA\") (formerly known as GTA Resources and Mining Inc.). See CBLT's press release of January 21, 2019 for details of the terms of the purchase. The Assets are all located in Canada and all have been explored to some degree.\"There was much talk at PDAC2019 about the gold market moving higher this year,\" said Peter M. Clausi, CEO. \"Commodities run through cycles. We are fortunate to be able to position CBLT to benefit should that gold move happen soon, and if it takes longer, the Assets can be maintained at relatively low cost until a better market develops. These are strong additions to CBLT's balance sheet.\"CBLT has no immediate intention to carry out field work on any of the Assets. Northshore Gold and Recent Assay ResultsOne of the Assets, Northshore Gold in the world famous Hemlo Gold Camp, boasts a NI43-101 mineral resource estimate from June, 2014, using a cutoff grade of 0.50 grams gold per tonne, showing:Indicated Category: 391,000 ounces gold in 12,360,000 tonnes at a grade of 0.99 g/t goldInferred Category: 824,000 ounces gold in 29,580,000 tonnes at a grade of 0.87 g/t goldAll resources appear to be open for expansionSee GTA's press release of June 10, 2014 and its subsequent other public disclosure for further details on Northshore's mineral resource estimate.In 2018 GTA carried out a diamond drill program at Northshore Gold and based on information from GTA CBLT disclosed the assay results from the program on February 26, 2019. CBLT believes this was a very successful program. The program included two long holes that expanded the Afric Gold Deposit, leaving it open for additional delineation at depth, particularly to the east and northeast. The Afric Gold Deposit demonstrated significant widths to depth highlighted by an intercept of 124.50 metres grading 1.05 g/t gold (0.86 g/t gold \"cut\") in hole WB-18-54. This broad mineralized envelope included a high-grade core, which returned 7.00 metres grading 11.15 g/t gold (7.65 g/t gold \"cut\"), including 1.00 metre grading 56.50 g/t gold. This intercept extended the high-grade co...