Burlington, Ontario--(Newsfile Corp. - October 16, 2024) - After a successful Phase 1, CBLT Inc. (TSXV: CBLT) ("CBLT") is pleased to announce the commencement of a Phase 2 work program on the Falcon Gold Property (the "Property"). The Property is situated on 100% owned patented mining claims located in Sudbury, Ontario, and hosts the past producing Falcon Gold Mine. The Property is contiguous to CBLT's Copper Prince Property.
CBLT is also advancing its mergers and acquisitions mandate in communicating with potential partners concerning CBLT's other Canadian assets.
The Phase 2 program at the Property includes a mechanized stripping program to follow up on previously reported grab samples collected earlier this field season with gold values that ranged from <0.005 g/t to 25.7 g/t (see News Release dated July 31st, 2024). The program, which recently commenced, will allow for a better understanding of the geological controls at the Property.
Phase 2 consists of locating and stripping historical features such as trenches and the dump to allow for further sampling and mapping.
Historically, prior to CBLT's ownership of the Property, gold mineralization was initially discovered in 1890. During the same year, a shaft was sunk to a depth of 46 ft followed by 59 ft of crosscutting. In 1935, the shaft was dewatered and deepened to 215 ft with levels established at 100 and 200 ft. No records are known to exist regarding production from the Falcon Gold Mine.
Falconbridge Ltd. acquired the Property in 1947 and completed several phases of exploration. In 1988, Falconbridge completed a 24-hole, 14,951 ft drill program and calculated resources at 59,400 tons grading 0.226 oz/ton (Bailey, 1994). (The mineral resource estimate is a historical estimate as defined by National Instrument 43-101. The historical resource estimate contains categories that are not consistent with current CIM definitions. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. No attempt was made to reconcile the historical resource estimate. CBLT is not treating the historical resource estimate as a current mineral resource or mineral reserve.)
In 1994, G. Bailey collected five grab samples from near the former mine shaft. Two pyrite-rich surface samples assayed 50.47 and 53.21 g/t Au whereas three pyrite-rich dump samples assayed 33.60 g/t Au, 38.33 g/t Au, and 40.46 g/t Au.
The technical information presented in this news release has been reviewed and approved Joerg Kleinboeck, P. Geo, a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
CONTACT INFORMATION Peter M. Clausi CEO and Director 1 416 890 1232 pclausi@cbltinc.com @ClausiPeter
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CBLT's operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.
