CBLT Inc. Receives Financial and Field Support from Ontario
Burlington, August 24, 2017 - CBLT Inc. (TSXV: CBLT) ("CBLT) is pleased to report on the ongoing contributions it is receiving from the Ontario government in its exploration activities. First, CBLT has received funding on its previously approved grant under the Junior Explorer Assistance Program ("JEAP").
JEAP is managed by the Ontario Prospector Association and funded by the Northern Ontario Heritage Fund Corporation ("NOHFC") (http://nohfc.ca/en). Through this and other programs, NOHFC has helped thousands of mining and non-mining projects grow in the North. JEAP targetted deserving junior exploration companies who could augment the Northern Ontario economy.
The JEAP grant was directed towards exploration at CBLT's main Sudbury cobalt/gold property in 2016. The results of that program included strong diamond drill assay results announced in December, 2016 and January, 2017, showing continuity of gold and cobalt throughout the vein system tested (press releases of Dec 14/16 and Jan 11/17). CBLT is following up that work with a summer, 2017 program that is now underway.
Second, the province of Ontario is supporting CBLT through the office of the Kirkland Lake District Geologist, who is carrying out exploration activities at its own expense at CBLT's Otto Lake asset (http://cbltinc.com/otto-lake.html). CBLT is not directing this activity but does have some input as to its methodology. The DG office has advised that such work will include 'boots and hammers' prospecting, road access, line cutting, sampling, a geophysic survey of a nature to be determined, and mapping. All results will be provided to CBLT for its own use throughout the fall of 2017.
"The JEAP grant and the work by the District Geologist are only two examples of the ongoing support from the Ontario government to Canada's mining industry," said Peter M. Clausi, CBLT's CEO. "Absent a compelling new opportunity, we intend to continue to concentrate our efforts in this supportive jurisdiction, to help build an ethical supply chain for cobalt. The recent announcement concerning funding for the Ring of Fire only buttresses our confidence in Ontario as one of the world's premier mining jurisdictions."
Forward Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to the Company 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.
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About CBLT Inc.
CBLT Inc. is a Canadian mineral exploration company with a proven leadership team, looking to build an ethical supply chain for cobalt in reliable mining jurisdictions. CBLT is well-poised to deliver real value to its shareholders.
On Behalf of the Board of Directors, CBLT INC.
"Peter M. Clausi"
Peter M. Clausi, CEO and Director
For Further Information:
CBLT Inc.
Peter M. Clausi
pclausi@cbltinc.com
1 905-681-1925 x2
1 416-890-1232
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