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CBLT Options Chilton Cobalt
Burlington, Ontario--(Newsfile Corp. - June 13, 2022) - CBLT Inc. (CBLT: TSXV) ("CBLT") announ...
About this update from Cblt Inc
[{"type":"text","content":"CBLT Options Chilton CobaltBurlington, Ontario--(Newsfile Corp. - June 13, 2022) - CBLT Inc. (CBLT: TSXV) (\"CBLT\") announces that it has entered into an option agreement (the \"Option\") with PowerStone Metals Corp. (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 hour'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 samples 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 historical 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 transaction 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: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\");Close a financing of at least $250,000 (two hundred and fifty thousand dollars) at a price of $0.10 (ten ...