(TheNewswire)
The Company has acquired 2,335hectares covering a geologically favourable unit with Base Metal andGold potential
Coquitlam, BC - TheNewswire - November 28, 2023 - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the“ Company ” or “ CanadaSilver Cobalt ”) is pleased to announce that ithas recently acquired, by online designation, a total of 2,334.95hectares in 40 claims close to the Company’s existing Lowney-LacEdouard claim block approximately 100 km northwest of Quebec City.
The Lac Guay property is approximately 5 km south ofthe Lowney-Lac Edouard block of claims and is accessible by awell-travelled gravel road dissecting it north to south providingexcellent access to potential drill targets. See maps below.
The claims cover a pyrite-rich paragneiss unit of theMontauban group and is represented here by a u-shaped fold hinge. Historical results from government geological work consist of a 1967geochemical sample (#1967002210) with 5ppm Nickel and 30 ppm Zinc; a2013 lake sediment sample (#78535910) from Lac Guay with the followingvalues of interest: 0.17 g/t Ag, 1.3 ppb Au, 4.1 ppm Co, 8.15 ppm Cu,7.8 ppm Ni, and 70.5 ppm Zn.
The Montauban geological formation is also host to thepast-producing mines near Montauban-des-Mines approximately 50 km tothe south which produced lead and zinc with gold and silver.
“This new property will be an excellent prospectingventure in the spring with its excellent road access. Given the knownmineralization nearby and similar geological setting, we are lookingforward to a very interesting season,” says Frank Basa, P.Eng.,CEO.
The total Canada Silver Cobalt land package in Quebec,focussing on Critical and Battery Metals, now stands at 32,185hectares over 14 properties. Acquisition began in late 2020 and hasbeen refined and added to by new staking and option agreements overthe past 3 years.
Qualified person
The technical information in this news release has beenprovided by Laurentia technical team and the content was reviewed andapproved by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., am ember of Québec Order of Engineers and anindependent qualified person in accordance with National Instrument43- 101 standards.
Figure 1: Map showing Lac Guay property location
Figure 2: Map of Lac Guay mineral claims
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered amajor high-grade silver vein system at Castle East located 1.5 km fromits 100%-owned, past-producing Castle Mine near Gowganda in theprolific and world-class silver-cobalt mining district of NorthernOntario. The Company has completed a 60,000m drill program aimed atexpanding the size of the deposit with an update to the resourceestimate underway.
In May 2020, based on a small initial drill program,the Company published the region’s first 43-101 resource estimatethat contained a total of 7.56 million ounces of silver in Inferredresources, comprising very high-grade silver (8,582 grams per tonneun-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections(1A and 1B) of the Castle East Robinson Zone, beginning at a verticaldepth of approximately 400 meters. Note that mineral resources thatare not mineral reserves do not have demonstrated economic viability.Please refer to Canada Silver Cobalt Works Press Release May 28, 2020,for the resource estimate. Report reference: Rachidi, M. 2020, NI43-101 Technical Report Mineral Resource Estimate for Castle East,Robinson Zone, Ontario, Canada, with an effective date of May 28,2020, and a signature date of July 13, 2020.
The Company also has: (1) 14 battery metals propertiesin Northern Quebec where it has recently completed a nearly16,000-metre drill program on the Graal property; and (2) theprospective 1,000-hectare Eby-Otto gold property close to AgnicoEagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where itis exploring. (3) St. Denis-Sangster lithium project – 260 squarekilometers of greenfield exploration ground with numerous pegmatitesfocussed along a significant volcanic sedimentary rock – Archeangranite contact near Cochrane, Ontario contiguous to Power Metals’Case Lake Lithium properties.
Canada Silver Cobalt’s flagship silver-cobalt Castlemine and 78 sq. km Castle Property feature strong exploration upsidefor silver, cobalt, nickel, gold, and copper. With underground accessat the fully owned Castle Mine, an exceptional high-grade silverdiscovery at Castle East, a pilot plant to produce cobalt-rich gravityconcentrates, a processing facility (TTL Laboratories) in the town ofCobalt, and a proprietary hydrometallurgicalprocess known as Re-2Ox (for the creation of technical-grade cobaltsulphate as well as nickel-manganese-cobalt (NMC) formulations),Canada Silver Cobalt is strategically positioned to become a Canadianleader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com .
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Neither the TSX Venture Exchange nor its RegulationService Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Caution Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. This news release may contain forward-lookingstatements which include, but are not limited to, comments thatinvolve future events and conditions, which are subject to variousrisks and uncertainties. Except for statements of historical facts,comments that address resource potential, upcoming work programs,geological interpretations, receipt and security of mineral propertytitles, availability of funds, and others are forward-looking.Forward-looking statements are not guarantees of future performanceand actual results may vary materially from those statements. Generalbusiness conditions are factors that could cause actual results tovary materially from forward-looking statements. A detaileddiscussion of the risk factors encountered by Canada Silver Cobalt isavailable in the Company’s Annual Information Form dated July 19,2021 for the fiscal year ended December 31, 2020 available under theCompany’s profile on SEDAR at www.sedar.com.
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