(TheNewswire)
The property package is approximately240 km 2 and is contiguous withPower Metals’ Case Lake Lithium LCT property near Cochrane, Ontario.
Coquitlam, BC, - TheNewswire - February 6, 2023 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B)(the "Company" or "Canada Silver Cobalt")announces it has finalized and signed the Option Agreement to acquirea large prospective LCT Pegmatite land package(Lithium-Cesium-Tantalum) near Power Metals Case Lake Project. TheCompany has strategically staked a large package surrounding both theclaims provided by the Option Agreement and claims adjacent to thePower Metals Case Lake LCT Lithium project for a total holding ofclose to 240 square kilometres. The Property and project will befocused on exploring the LCT potential in the area.
Gerhard Kiessling, P.Geo. VP Exploration, commented,“The location, size, and proximity to existing lithium discoverieshas our team excited to get started working on this property. With thedemand for lithium increasing, we feel that we are in the right placeat the right time, and are currently in the process of planning asubstantial exploration program for the 2023 field season.”
The claim package is contiguous with Power Metal’sCase Lake Lithium Property to the east, where their West Joe Dyke andMain Dyke areas have identified some significant lithium grades suchas 1.86% Li2O (Lithium) over19.00m in hole PWM-22-135, 1.58 % Li2O over 15.00m in PWM-22-134 (See Power Metals CorpNews Release September 8, 2022), and 1.11% Li2O & 2.15% Cs2O (Cesium) over6.84m in hole PWM-22-128 (See Power Metals CorpNews Release August 19, 2022),
The Property acquisition had focused on two importantrequirements. The first requirement was land that is both proximal toknown mineralization (Power Metals Case Lake) and land that containspegmatites identified at surface from historical bedrock, quaternary,or engineering maps. The second requirement was whether the propertycontained the contact between Archean sedimentary rock and Archeanmassive to foliated granodiorite. The Property covers approximately 52kilometres of this potentially critical contact. This age of rock andtype of contact is a common environment for the occurrence of(Lithium-Cesium-Tantalum) LCT-type pegmatites. As very limitedhistorical work has been done on these claims and geological mappingis available only at a large scale, the property has very significantpotential for discoveries of new pegmatite dykes – the primarysource of lithium in this geological environment. These pegmatiticdykes can contain spodumene which is a Lithium aluminium inosilicate,otherwise known as a lithium ore mineral, and other elements such asCesium and Tantalum that make up the ore minerals in LCT typedeposits.
The Property acquisition consists of 2 separateagreements and four claim ‘blocks’. The Company and Optionorshall enter into two Option Agreements whereby the Optionor shallgrant to the Company the right to acquire an undivided 100% interestin and to the Properties as follows:
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Combined cash payment of $20,000 and issuance of200,000 shares of the Company to be paid to the Optionor, upon TSXVenture Exchange (“Exchange”) approval to the DefinitiveAgreement;
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The Company incurs a total exploration expenditure onthe Property in the amount $40,000 on or before the one-yearanniversary of the Definitive Agreement, to earn an undivided 50%interest in the Property;
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Combined cash payment of $40,000, and issuance of400,000 shares of the Company to the Optionor by the one-yearanniversary of the Definitive Agreement date;
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The Company incurs a total exploration expenditure inthe amount $80,000 on or before the second-year anniversary of theDefinitive Agreement, to earn an undivided 100% interest in theProperty;
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Upon exercise of the Option by the Company, the Companygrants to the Optionor a 2% NSR on each of the 1-block and 3-block Properties and on Claims within a 2-kilometre area of influence fromthe perimeter of the 3-block package as well asto certain CCW claims in between and within a 2-kilometre area ofinfluence from the perimeter of the 1-block property. The Companyretains the option to buy back 1% of each NSR for $500,000;and
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Upon the filing of a NI 43-101 compliant ResourceEstimate, where the resource is located within the area of interest,the Company will issue 150,000 shares to the Optionor if on thethree-block property; or 50,000 shares if on the one-blockproperty.
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 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. (3) lithium property – 230 square kilometers ofgreenfield exploration ground focused along a significant volcanicsedimentary rock – Archean granite contact near Cochrane, Ontariocontiguous to Power Metals’ Case Lake Lithium properties.
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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