(TheNewswire)
The assay results are from the60,000m drill program completed earlier this year.
Coquitlam, BC – TheNewswire - October 31, 2022 - Canada Silver Cobalt WorksInc. (TSX:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the"Company" or "Canada Silver Cobalt") announces newassay results from its 60,000m drill program at Castle East includingintercepts up to 2,900 g/t silver and 1.05% cobalt over 0.5meters.
Details of the drill core assays, which were receivedrecently after long delays in core logging and at the assay lab, areshown in the table below.
Assay Result Highlights
HOLE ID | FROM | TO | Length | Au g/t | Ag g/t | Co % |
CS-21-73 | 512.50 | 513.00 | 0.50 | < 0.01 | 2,900.00 | 0.09 |
CS-21-77W1 | 453.00 | 453.50 | 0.50 | < 0.01 | 2,760.00 | 0.02 |
CS-21-77W1 | 486.00 | 486.51 | 0.51 | 0.02 | 67.20 | 1.05 |
Note: The assay results are corelength with no capping applied. Assay results that are reported assignificant are >1000 g/t silver and >0.10% cobalt, and >1.00g/t gold. G/t refers to grams per tonne.
“We are pleased with these drill results, since theyconfirm vein continuity in the Big Silver Zone and the 61 Zone andsupport our view that the Castle East deposit has the potential to beexpanded beyond what has been indicated so far,” said MatthewHalliday, P.Geo., President and COO.
Hole CS-21-73 was drilled approximately 40m away fromthe high-grade intercept of 89,853 g/t silver over 0.3m in Big SilverHole CS-20-39 (see news release January 29, 2021). Hole CS-21-77W1 wasa follow up to the high-grade intercepts in the 61 Zone andintercepted two veins spaced apart; the silver rich vein at 453.00m is24m away from thehigh-grade intercept of 30,416 g/t silver over 0.42m in CS-21-61, and the cobalt rich intercept at 486.00m is 13mfrom the CS-21-61 intercept (see news release August 9, 2021).
QA/QC
The core samples were cut in two with a rock saw. Onehalf was sent to the assay lab and the other half was retained aswitness core. Blanks and certified reference material (standards) wereinserted into the sampling sequence such that they represent no lessthan 10% of the total samples. The results of the blanks and standardsare within expected values allowing public disclosure of theassays.
Qualified person
The technical information in this news release wasapproved and prepared under the supervision of Mr. Matthew Halliday,P.Geo., (PGO), President and COO of Canada Silver Cobalt Works Inc., aqualified person accordance with National Instrument 43-101.
About Canada Silver Cobalt WorksInc.
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 nearly15,000-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.
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 hydrometallurgical process known as Re-2Ox(for the creation of technical-grade cobalt sulphate as well asnickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt isstrategically positioned to become a Canadian leader in thesilver-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
Neither the TSX Venture Exchange norits Regulation Service Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Caution RegardingForward-Looking Statements
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-looking statements. A detailed discussion ofthe risk factors encountered by Canada Silver Cobalt is available inthe Company’s Annual Information Form dated July 19, 2021 for thefiscal year ended December 31, 2020 available under the Company’sprofile on SEDAR at www.sedar.com .
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