Business
CBLT Purchases Another Gold and Cobalt Asset in Sudbury
Burlington, Ontario--(Newsfile Corp. - December 18, 2017) - CBLT Inc. (TSXV: CBLT) (" CBLT ") ...
About this update from Cblt Inc
[{"type":"text","content":"CBLT Purchases Another Gold and Cobalt Asset in SudburyBurlington, Ontario--(Newsfile Corp. - December 18, 2017) - CBLT Inc. (TSXV: CBLT) (\"CBLT\") is increasing shareholder value by leveraging its existing assets and acquiring new ones at shareholder-friendly pricing.Cobalt is a key ingredient in the cathode of rapid charge / discharge lithium-ion batteries, without which electrification of the motor vehicle industry cannot take place. Cobalt is in a global deficit position and in CBLT's view requires a Canadian ethical supply chain to alleviate the human suffering underway in the Congo.This global deficit is reflected in the London Metal Exchange price for cobalt, which has been driven from a low of USD$21,750 per tonne in February, 2016 to a recent high of USD$75,000 per tonne. The continuing upward movements in cobalt pricing has brought attention to Canadian cobalt assets from foreign companies.CBLT recently brought an Australian partner into the historic silver-cobalt Gowganda Camp. CBLT announced an agreement on Dec 6/17 with Winmar Resources Limited (symbol WFE on Australian Stock Exchange) pursuant to which CBLT will sell its Bloom Lake Property and option two others in the Gowganda Camp to Winmar. The option imposes minimum-spend exploration requirements on Winmar at each of the optioned properties. CBLT has received the deposit required from Winmar under that agreement, and closing is expected in early January, 2018. CBLT will continue to own its other assets in the Gowganda Camp. A finder's fee equal to 40,000 shares will be paid to an arm's length party on closing.Management has received offers from interested third parties concerning the sale, option, or joint venture of some of CBLT's other Canadian assets. Negotiations are underway, the details of which will be disclosed at the appropriate time.Today CBLT announces it has entered into a binding letter of intent (the \"Agreement\") with an arm's length prospector (the \"Vendor\") to purchase two claims (the \"MacTrack Claims\") near Sudbury, Ontario.The MacTrack Claims are northeast of CBLT's existing Falconbridge Township flagship gold and cobalt property, and are in management's opinion highly prospective for cobalt and gold. They total 29 units covering roughly 1300 acres, and appear to management to be underlain by Nipissing Gabbro in contact with sediments o...