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 of the Gowganda Formation. Historically, gold and cobalt values have been encountered by third parties on the sediment-gabbro contact on the MacTrack Claims. Further, one of CBLT's directors has first-hand knowledge of these claims as he previously carried out exploration activities for a third party at MacTrack.

Historic results, which were conducted by third parties and cannot be relied upon until CBLT carries out further exploration, technical due diligence and data compilation, include:

  • a 50 foot shaft sunk in 1923 which yielded results of 5 to 6 ounces of gold per tonne;
  • a grab sample from 1999 of 3.8 grams of gold/t and 0.1% cobalt; and
  • a September, 2017 grab sample which assayed 85.6 grams of gold/t and 0.11% cobalt.

The purchase price to be paid on the closing subject to regulatory approval for the MacTrack Claims is $10,000 cash and $15,000 in CBLT common shares to be issued at eight ($0.08) cents per share. CBLT will also grant the Vendor a 2% NSR, one-half of which can be repurchased at CBLT's option at any time for $1,00,000. Closing will take place following the satisfactory completion of legal and technical due diligence. No finder's fee is payable on this transaction.

"The Sudbury mining area is world famous for rich poly-metallic assets," said Peter M. Clausi, CBLT's CEO. "The CBLT business plan is based on the efficient acquisition of such assets, proving up value in those assets, and realizing that increased value with third party partners. The world needs Canada's cobalt."

MACTRACK CLAIMS

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 of the Gowganda Formation. Historically, gold and cobalt values have been encountered by third parties on the sediment-gabbro contact on the MacTrack Claims. Further, one of CBLT's directors has first-hand knowledge of these claims as he previously carried out exploration activities for a third party at MacTrack.

Historic results, which were conducted by third parties and cannot be relied upon until CBLT carries out further exploration, technical due diligence and data compilation, include:

  • a 50 foot shaft sunk in 1923 which yielded results of 5 to 6 ounces of gold per tonne;
  • a grab sample from 1999 of 3.8 grams of gold/t and 0.1% cobalt; and
  • a September, 2017 grab sample which assayed 85.6 grams of gold/t and 0.11% cobalt.

The purchase price to be paid on the closing subject to regulatory approval for the MacTrack Claims is $10,000 cash and $15,000 in CBLT common shares to be issued at eight ($0.08) cents per share. CBLT will also grant the Vendor a 2% NSR, one-half of which can be repurchased at CBLT's option at any time for $1,000,000. Closing will take place following the satisfactory completion of legal and te4chnical due diligence. No finder's fee is payable on this transaction.

"The Sudbury mining area is world famous for rich poly-metallic assets," said Peter M. Clausi, CBLT's CEO. "The CBLT business plan is based on the efficient acquisition of such assets, proving up value in those assets, and realizing that increased value with third party partners. The world needs Canada's cobalt."