(TheNewswire)
The property has manyyet-to-be-drilled targets and prospective electromagnetic anomaliesidentified by an airborne geophysical survey.
Coquitlam, BC - TheNewswire - December 18, 2023 - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the“ Company ” or “ CanadaSilver Cobalt ”) is pleased to announce that ithas commenced drilling at its Lowney-Lac Edouard property as part ofthe first phase of an exploration program targeting prospective areasidentified previously in an airborne geophysical survey.
The drilling is being conducted in the center andsouthern part of the 7,237-hectare property in areas where fiveelectromagnetic anomalies were identified by a Geotech VTEM airbornegeophysical survey conducted for Canada Silver Cobalt (see newsreleases May 24, 2022 and August 29, 2022).
The Lowney-Lac Edouard property is south of thepast-producing nickel-copper Lac Edouard Mine and right next to aproperty where Rio Tinto, in a 2023 drilling program in the Savanearea of a Midland Exploration Inc. property, discovered high-gradenickel with copper. Midland reported in an April 27, 2023 news releasethat Hole MDLD0001, drilled by Rio Tinto,intersected an interval grading 1.07% Ni and 0.13% Cu over 0.78metres, from 101.87 to 102.65 metres. Midlandalso reported that grab samples taken by prospectors in the Savanearea in 1995 yielded historical values of 1.80%Ni and 0.20% Cu. Another grab sample from a sub-cropping boulder alsoyielded grades of 1.98% Ni and 0.46% Cu about 250 metres north of theSavane showing (Source: SIGEOM NTS sheet 31P07; GM55352). This may notbe representative of the mineralisation of Lowney-Lac Edouard.
The area, which has good road access andinfrastructure, is near La Tuque in Central Quebec and is locatednorth of the port of Trois Rivieres and approximately 100 km northwestof Quebec City. (See maps below.)
“We are excited to be following up on what we foundin the VTEM geophysical survey. We had to limit our explorationactivity this past summer due to forest fires in Quebec but now is thetime to catch up and we are looking forward to seeing this propertydevelop further,” said Frank J. Basa, Chief ExecutiveOfficer.
The first phase is expected to involve 1,500 metres ofdrilling and the second phase, planned for 2024, dependent on drillresults from the first phase, could include the testing of additionaltargets. The Company has engaged Laurentia Exploration, Multi DrillingServices and GoldMinds Geoservices for this campaign. Drilling in thisfirst phase is limited to targets near existing logging roads wherepermits allow and the Company is awaiting permits needed for drillingin other areas of the property.
The Lowney-Lac Edouard property is one of 14 criticalmetals properties in Quebec acquired in late 2020 by Canada SilverCobalt targeting nickel, copper, and cobalt mineralization inpreparation for the significantly increased demand for the metalsexpected for the ongoing electrification programs planned bygovernments. (See news releases February 16 and April 20, 2021 andAugust 29, 2022 for descriptions of the Lowney-Lac Edouard property).
One of the 14 Quebec properties – the Graal property,where the Company drilled extensively and successfully in 2021 and2022 – has been shown to have potentially a large area ofnear-surface, high-grade nickel-copper mineralization with cobaltbyproduct and showings of platinum and palladium in a 6 km strikelength as well as in other areas of the property. The Graal propertyis characterized by a large Bouguer gravity anomaly as is the casewith Lowney-Lac Edouard. The Company plans to spin out the GraalProperty into a new Company called Coniagas Battery Metals Inc. (Seenews release September 26, 2023.)
Note that the Figure 2 map below is updated to November20, 2023 and the Figure 3 map is from March 2022.
Figure 1: Location of the Lowney-LacEdouard and recently acquired Lac Guay properties
Figure 2: Lowney-Lac Edouardproperty mineral claims
Figure 3: Location of the Lowney-LacEdouard property with adjacent properties
Figure 4: Planned drill locations atLowney-Lac Edouard South
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.
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; (2) the prospective1,000-hectare Eby-Otto gold property close to Agnico Eagle’shigh-grade Macassa Mine near Kirkland Lake, Ontario; and (3) the St.Denis-Sangster lithium project – 260 square kilometers of greenfieldexploration ground with numerous pegmatites focussed along asignificant volcanic sedimentary rock – Archean granite contact nearCochrane, Ontario contiguous to Power Metals’ Case Lake Lithiumproperties.
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
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Caution Regarding Forward-LookingStatements
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.Canada Silver Cobalt Works Inc. does not undertake, and assumes noobligation, to update or revise, any such forward-looking statementsor forward-looking information contained herein or in othercommunications to reflect new events or circumstances, except as maybe required by law.
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