(TheNewswire)
Results support emergence of CanadaSilver Cobalt as the leading silver development project in theNorthern Ontario Greater Cobalt Camp
Coquitlam, BC – TheNewswire- July 26, 2021 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B)(the "Company" or "Canada Silver Cobalt") ispleased to report additional intersections of high-grade silver of2,736 and 7,981 grams/tonne Ag belonging to the Big Silver vein (Vein2) at Castle East in Northern Ontario – further defining andexpanding this exceptional high-grade silver zone initially discoveredwith hole CS-20-39 which had earlier recorded intercepts of up to 89,853 grams/tonne Ag (2,621 ounces per ton) over 0.30meters. (See January 29, April 26, and June 16news releases).
Matt Halliday, P.Geo., President, COO and VPExploration, commented: “The latest drill results bring us closer toa significant expansion of silver resources in the next resourceupdate which we have scheduled for Q1 2022 and which supports our viewthat Castle East could progress into being a full-fledged mine,producing silver and other metal by-products such as cobalt andnickel.
“The Castle East grades are truly exceptional –among the highest silver grades in the world – and are comparable tothe high silver grades (and vein widths) that were very profitablymined during the silver mining boom in the early 1900s in the GreaterSilver-Cobalt Camp which included the past-producing Castle, Capitol,and O’Brien high-grade underground silver mines (with cobaltby-product) all within 2 km of our Castle East discovery nearGowganda, Ontario,” Mr. Halliday stated.
“We’re putting the building blocks together for anew mine, including working on the design and permitting of a rampdown to the high-grade veins (studies for permitting of the ramp to becompleted in the first half of 2022). In addition, we have upgradedthe TTL bulk processing facility we own in nearby Cobalt so that weare able to mill the high-grade bulk samples we extract and useTTL’s bullion furnace to pour silver dore bars (as several companiessuch as Agnico Eagle and Teck have done in the past).
“Our earlier discovery of the Robinson Zone (60meters away from Big Silver) with its vein intercepts of up to 70,380g/t Ag (2,053 oz/ton) over 0.3 meters was, by itself, the basis of ourinitial resource estimate published in May 2020 (see details below).Since then, we have drilled 39,000 meters of a 60,000-meter drillprogram and have intersected an additional seven mineralized veinsincluding Big Silver, which is bigger in size than the Robinson Vein,and an additional high-grade vein system in between the Robinson andBig Silver vein system. We expect that the seven new veins, along withothers we may still discover during the continuing drilling at CastleEast, will contribute to a major increase in the upcoming resourceestimate,” Mr. Halliday added.
Drill Highlights (with table andphotographs below)
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- Significant silver intercept in hole CS-21-54 grading7,981 g/tonne Ag (silver) (232.82 oz/ton) over 0.30m at a downholedepth of 484.87-485.17m with a gold equivalent grade of 3.25 oz/ton Au(111.41 g/tonne Au). The intersection is 15 m down dip from the pilotintercept in hole CS-20-39.
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- Another silver intercept in hole CS-21-51 grading2,736 g/tonne Ag (silver) (79.81 oz/ton) over 0.30m at a downholedepth of 448.55-448.85m with a gold equivalent grade of 1.11 oz/ton Au(38.21 g/tonne Au). The intersection is 6 m down dip from the pilotintercept in CS-20-39.
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- We believe that these two intersections belong to thesame structure as Big Silver. Intercepting this zone again fromsurface drilling increases the Company’s confidence in its geologicmodel and demonstrates the continuity of this structure – expandingthe zone by a total of 15 meters.
With CS-20-51 and CS-20-54 containing valuableintercepts to the expansion of Big Silver and to the Robinson Zonearea, the Company is developing a better understanding of these veinsystems and will continue to explore the veins from surface and withwedge drilling.
Note: Gold equivalent iscalculated based on USD $25.17 oz/ton Ag and USD $1802.30 oz/ton Au asof July 23 rd 2021.
Hole ID | Sample No. | From (m) | To (m) | Length (m) | Ag g/tonne |
CS-20-54 | 484.87 | 485.52 | 0.65 | 4233.3 | |
Including | 13432 | 484.87 | 485.17 | 0.3 | 7981 |
13433 | 485.17 | 485.52 | 0.35 | 1021 | |
CS-20-51 | 448.2 | 448.85 | 0.65 | 2040.25 | |
including | 13366 | 448.2 | 448.55 | 0.35 | 1443.9 |
13367 | 448.55 | 448.85 | 0.3 | 2736 |
Ongoing drilling in the Castle East area is gearedtoward identifying new veins to enable significant expansion to theexisting resource panels outlined in the Company’s maiden ResourceEstimate reported in a news release May 28, 2020. The Resource Estimate identified zones 1A and 1B of the RobinsonZone with an average silver grade of 8,582 g/t ( 250 oz/ton ) in a combined 27,400 tonnes ofmaterial for a total of 7.56million Inferredounces of silver using a cut-off grade of 258g/t AgEq (mineral resources that are not mineral reserves do not havedemonstrated economic viability). Reportreference: Rachidi, M. 2020, NI 43-101 Technical ReportMineral Resource Estimate for Castle East, Robinson Zone, Ontario,Canada , with an effective date of May 28, 2020and a signature date of July 13, 2020.
Location
The Castle Property is 15 km east of Aris Gold Corp’sJuby gold deposit, 30 km due south of Alamos Gold’s Young-Davidsonmine, 75 km southwest of Kirkland Lake Gold’s Macassa Complex, and100 km southeast of new gold discoveries in the Timmins West area.
Qualified Person
The technical information in this news release wasprepared under the supervision of Mr. Matthew Halliday, P.Geo.,(APGO), President, COO and VP Exploration of Canada Silver CobaltWorks Inc., a qualified person in accordance with National Instrument43-101.
Figure 1: Silver and cobaltmineralization in hole CS-21-54 (7,981 g/tonne Ag)
Figure 2: Silver and cobaltmineralization in hole CS-21-51 (2,736 g/tonne Ag)
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered amajor high-grade silver vein system in the Castle East area 1.5 kmfrom the past-producing Castle Mine near Gowganda, Ontario in theprolific high-grade Silver District of Northern Ontario. The Companyreleased the first-ever resource in the Gowganda Camp and greaterCobalt Camp in May 2020. A total of 7.56 million ounces ofsilver in Inferred resources, comprising very high-grade silver( 8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of materialfrom two sections (1A and 1B) of the Castle East Robinson Zonebeginning at a vertical depth of approximately 400 meters, wasidentified. The discovery remains open in all directions (1A and 1Bare approximately 800 meters from the Capitol Mine workings) (mineralresources that are not mineral reserves do not have demonstratedeconomic viability) (refer to Canada Silver Cobalt Works Press ReleaseMay 28, 2020. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report MineralResource Estimate for Castle East, Robinson Zone, Ontario,Canada , with an effective date of May 28, 2020and a signature date of July 13, 2020).
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 Castle, an exceptional high-grade silver discovery at Castle East,a pilot plant to produce cobalt-rich gravity concentrates on site, aprocessing facility (TTL Laboratories) in the town of Cobalt, and aproprietary hydrometallurgical process known as Re-2Ox for thecreation 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.
“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 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 a guaranty offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.
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