(TheNewswire)
Coquitlam, BC – TheNewswire - May 08, 2023 - Canada Silver Cobalt Works Inc.(TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or“Canada Silver Cobalt”) announces that the Company has begun workat Castle East with a new, first stage stripping plan to follow up onshallow gold and silver mineralization.
“Stripping and trenching have historically been veryimportant in the Cobalt Mining camp. We are getting back to the basicsto see what is under the overburden at Castle East, to follow up ondistinct, shallow gold and silver intercepts in the planned strippingzone. We are motivated to see if there is a surface expression. We arealso excited to follow up on the previously identified gold zone onthe property.” commented Matthew Halliday P.Geo., President and COO.
Frank J. Basa, P.Eng., CEO, further commented, “Thebulk of the over 500 million ounces of silver recovered in the Cobaltcamp has been from surface vein discoveries found by stripping whichdeveloped into over 100 high-grade silver mines with cobalt and nickelcredits. With our recent success in drilling grades of up to 80,000grams per tonne silver in our completed 60,000-meter drill program, agood follow-up would be to see if the mineralized structures come tosurface which has been the norm.”
Stripping Highlights
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Stripping to follow up on 4,710 g/t silver over0.53m from 64.99 to 65.52m in hole CS-22-115.
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Additional follow-up on the nearby 24.95 g/t gold over0.30m from 49.70 to 50.00 in hole CS-20-31.
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Additional stripping to expose structures in potentialzones of gold mineralization already identified in previous strippingat Castle East and adjacent properties.
Field season is gearing up for Canada Silver CobaltWorks; the company has received permits for both drilling and outcropstripping allowing for further exploration at Castle East (See newsrelease March 06, 2023) and is ready for the stripping program tocommence. The field crew will be mobilized the week of May8 th with mechanical stripping and power washing to start mid week.
As explained in the March 6 th news release,the aim is to explore and identify any surface expressions on each ofthe distinct shallow silver and gold mineralization. The two primary,near-surface intercepts that will be followed up on are 4,710 g/t silver over0.53m from 64.99 to 65.52m in hole CS-22-115, and 24.95 g/t gold over0.30m from 49.70 to 50.00m in hole CS-20-31 (See news releasesNovember 14, 2022, and January 17, 2023, respectively).
Figure 1 . Location of the CastleEast Stripping Plan
Additional stripping over the projected gold zone tothe south of Castle East identified in 2014 stripping and 2018drilling will ensue to identify any extensions as well as potentialcontinuity or relationship to the near surface intercepts mentionedabove. Channel sampling from the 2014 trenching returned values of 3.77 g/t Au over1,27m , 1.16 g/t Au over 0.83 and a further 1.25g/t Au over 0.83m. Drill intercepts in this area can be seen inTable below. This phase will include channel sampling overprospective targets.
Hole ID | From (m) | To (m) | Length (m) | Au gpt |
CS-18-16W | 315.97 | 316.34 | 0.37 | 3.26 |
CS-19-19 | 298.00 | 299.00 | 1.00 | 15.20 |
CS-20-25* | 315.00 | 316.00 | 1.00 | 5.00 |
CS-22-108 | 276.00 | 277.00 | 1.00 | 2.94 |
*CS-20-25 is about 345m 072 degrees from the interceptin CS-19-19 and represents a conceptual idea of potential continuationof the zone.
Further trenching, sampling and drilling will thentarget any structures identified at surface to produce a bulksample.
Quality Control/Assurance
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 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 KirklandLake, Ontario where it is exploring. (3) lithium property – 230square kilometers of greenfield exploration ground 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
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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