(TheNewswire)
The Eby-Otto property is located in aprime geological setting with mineralized veins identified at surface,and is proximal to both the Cadillac-Larder Lake Break and an existinghigh-grade gold mine.
Coquitlam, BC, August 22, 2022 - TheNewswire - Canada Silver CobaltWorks Inc. (TSXV:CCW) (OTC:CCWOF)(Frankfurt:4T9B) (the "Company" or "Canada SilverCobalt") announces that it recently began advancing the fieldwork component of Phase 1 for its exploration plan at the Eby-Ottogold property near Kirkland Lake.
To date, the Company has:
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Identified several key areas for outcrop stripping andchannel sampling. All stripping permits are in place. The Company hasmobilized the team to begin in areas that have existing access andwill expand the extent of the field work as the access trails arecreated. Channel sampling will take place as the stripping progresses.
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Initiated consultations with Matachewan First Nations.A site visit with the committee is scheduled for August 26.
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Identified and planned the placement of drill trailsthat will allow access to key locations within the property. Theforest and terrain at Eby-Otto is very thick and can be difficult totraverse at times. Creating these trails will allow our team to accessthese important areas in addition to acting as drill trails once thedrilling begins.
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Work has begun preparing the access trails for the upcoming drill campaign laterthis fall.
The Company has previously outlined the threeexploration phases planned for the property:
Phase 1: Thefirst phase will consist of an initial site assessment to determinethe logistics of future operations and will provide the Company timeto receive any pending surface exploration work permits that will benecessary. Surveying will be completed for key Standard Iron Bars(SIB), legacy claim posts, and access points to refresh selectexisting cut line grids. An overall geological assessment will becompleted based on field work consisting of geological mapping,stripping key outcrops, and possibly further MMI geochemical ortargeted and detailed ground geophysics if the technical team deems itnecessary. As part of Phase 1, the Company has recently concluded adrone magnetic survey on the entire claim package conducted by EarthExGeophysical Solutions Inc. The survey was completed at a tight enoughline spacing and low enough altitude conducive for identifying smallerstructures, such as vein systems, to be resolved and visible.
Phase 2: Thesecond phase of exploration will be based on the results from Phase 1and will expand to include diamond drilling to intercept specificregional structures based on the initial geophysical data provided bythe drone magnetic survey, historic geological data, regionalgeophysics, geological mapping, and existing electromagnetic (EM)surveys completed by geologist Doug Robinson prior to the Company’sacquisition of the property.
Phase 3: Thethird phase of exploration will expand on the drilling and field workoutlined in Phase 2. Once the 3D inversion of the drone mag survey isreceived and the data has been interpreted, the technical team willcorrelate this data with known mineralization that has been identifiedvia field work to better refine the targets, and adjust theexploration accordingly.
The Company now has three option agreements covering1,000 ha at the Eby-Otto property, and includes approximately 5km ofstrike length along the Eby-Otto Fault and along a major alterationtrend (OGS OFR 6184). The property is within the Kirkland Lake golddistrict in northeastern Ontario and is located within 5km ofAgnico-Eagle’s producing, high-grade Macassa Gold Mine.
Qualified person
The technical information in this news release wasprepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO),President and COO of Canada Silver Cobalt Works Inc., a qualifiedperson in 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 itwill be exploring in 2022.
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
This news release may containforward-looking statements which include, but are not limited to,comments regarding future financings, if any, pursuant to the shortform base shelf prospectus referred to above, and 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, future financings, 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. Adetailed discussion of the risk factors encountered by Canada SilverCobalt is available in the Company’s Annual Information Form datedJuly 19, 2021 for the fiscal year ended December 31, 2020 availableunder the Company’s profile on SEDAR at www.sedar.com.
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