(TheNewswire)
The Eby-Otto property is located in aprime geological setting with veining identified at surface, and isproximal to both the Cadillac-Larder Lake Break and an existinghigh-grade gold mine.
Coquitlam, BC, - TheNewswire - October 24, 2022 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B)(the "Company" or "Canada Silver Cobalt")announces that it has begun Phase II of its exploration plan at theEby-Otto gold property and has initiated a 3D IP Resistivitygeophysics survey to be completed by Dias Geophysical.
“We are pleased with the progress we have made so farthis year at Eby-Otto. It is a very promising land package close toa producing mine with outcropping mineralized veins alreadyidentified. Our team has completed the first season of outcropstripping and exploration trenching. On key outcrop locations, channelsamples were taken and sent to the lab for analysis (assays pending).Overall, Phase I provided us with good information about the propertyand our geological team is excited to be moving into Phase II. We arelooking forward to seeing the results of the channel samples and begindrilling this fall,” said Matthew Halliday, P.Geo., President andCOO.
The Company has contracted Dias Geophysical to completea 3D IP and resistivity geophysical survey on the property. Havingthis data will complement the existing drone mag survey and furtherthe exploration on the property. Dias Geophysical provides a uniqueand powerful solution to 3D IP geophysical surveys. Their DIAS32system combined with CVR technology provide the ability to map 3Dgeology to great depths while simultaneously providing excellentresolution. Its industry leading GS5000 transmitter technology andpatented common voltage referencing methodology (CVR) producesmulti-scale and multi-azimuth data that are typically 50-200 times thedata volume of other surveys. This provides a rich, dense data setthat provides excellent 3D models.
The Company has outlined the planned three explorationphases at the property as follows:
Phase I: Thefirst phase consisted of an initial site assessment to determine thelogistics of future operations and to provide the Company time toreceive any pending surface exploration work permits that will benecessary. Surveying was completed for key standard iron bars (SIB),legacy claim posts, and access points to refresh select existing cutline grids. An overall geological assessment was completed based onfield work consisting of geological mapping and stripping keyoutcrops. A drone magnetic survey on the entire claim package wascompleted by EarthEx Geophysical Solutions Inc.
Phase II: Thesecond phase of exploration will be based on the results from Phase Iand will expand to include a ground 3D IP Resistivity (EM) survey onthe entire claim package which will compliment the magnetic surveycompleted earlier this year. It will also include a 2500-3000m diamondprogram to intercept targeted areas of strong potential. The targetswill be based on the geophysical data provided by the drone magneticsurvey, historic geological data, regional geophysics, geologicalmapping, and existing selective 2D electromagnetic (EM) surveyscompleted by geologist Doug Robinson prior to the Company’sacquisition of the property. This will help refine Phase III.
Phase III: Thethird phase of exploration will expand on the drilling and field workoutlined in Phase II. The Company will combine the IP/EM ground surveyand cross reference the geophysical anomalies between the magnetic andIP/EM survey. The technical team will correlate the informationgathered from Phase I and Phase II with known mineralization that hasbeen identified via field work to better refinethe targets, and adjust the exploration accordingly. Phase III isestimated to begin in January 2023.
The Company has option agreements on contiguousproperties covering 1,000 ha at Eby-Otto and the area, importantly,includes approximately 5km of strike length along the Eby-Otto Faultand along a major alteration trend (OGS OFR 6184). The property iswithin the Kirkland Lake gold district in northeastern Ontario and islocated within 5km of Agnico-Eagle’s producing, high-grade MacassaGold Mine.
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 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 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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