CBLT Provides Update on Field Work
Burlington, Ontario--(Newsfile Corp. - November 8, 2017) - CBLT Inc. (TSXV: CBLT) ("CBLT") provides an update on operations in Ontario and Quebec.
CBLT continues to focus its resources on its cobalt assets in Ontario and Quebec. Cobalt globally is in high demand to be used in lithium-ion batteries, with limited new supply due to come on-stream. Management believes the opportunity to benefit from this imbalance will continue for several years, and as a result is positioning CLBT to be a global leader in creating an ethical supply chain for cobalt in Canada.
Overall, labs in Ontario and Quebec appear to be suffering from a backlog related to another company's large drill program, which has caused the delivery of CBLT's lab results to be delayed. CBLT requires those data in order to finalize plans for the next phase of work.
In the interim CBLT is carrying out surface work at its Copper Prince gold /cobalt asset in Sudbury, Ontario, with a view to carrying out a drill program in 2018. CBLT is also planning to fly an aerial survey using a drone at Chilton Cobalt in Quebec. The data from that survey will be interpreted in real-time, allowing for the Company to respond quickly to investigate identified anomalies.
CBLT received a Junior Exploration Assistance Program grant in 2017 related to its Sudbury field work. Last week, the Ontario Prospectors Association, the Northern Ontario Heritage Fund Corporation and the Ministry of Northern Development and Mines announced the extension of JEAP as part of the province's Mineral Development Strategy. CBLT intends to apply for a further grant as part of its Ontario exploration strategy.
CBLT is a Canadian mineral exploration company with a proven leadership team, targeting cobalt in reliable mining jurisdictions. CBLT continues to be an efficient steward of its shareholders' capital.
