(TheNewswire)
Coquitlam, BC - TheNewswire- November 15, 2021 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt: 4T9B)(the "Company" or "Canada Silver Cobalt") ispleased to announce that a 3,000-meter drill program has begun withtwo drills turning at its Graal-Nourricier-Lac Suzanne property in theLac St-Jean region of Quebec.
The drill program is part of the Company’searly-stage exploration activities in northern Québec where it isevaluating 15 properties on 689 claims covering 38,129.4 hectares thatare prospective for battery metals nickel, copper, and cobalt (SeeFebruary 16, April 21 and July 22, 2021 news releases). The drillprogram is currently being managed by Laurentia Exploration inassociation with GoldMinds Geoservices Inc.
The Company has existing drill permits for most of theproposed drill hole set-ups, which will allow testing of the Bouguer(geophysical) anomalies contained within the Graal-Nourricier-Lac Suzanneproperty . This promising anomaly has not beenfully explored. It is one of the five properties included in theCompany’s geophysical airborne surveys conducted earlier this yearand it is regarded as geologically one of the most promising in theshort term. The detailed airborne gravity survey of five propertiesconducted earlier this year by Sander Geophysics Ltd. to enableidentification of the highest Bouguer Anomaly of the anorthositiccomplex confirmed that the highest potential target area is on Graalproperty.
The Company is seeking to identify significant amountsof nickel-copper-sulphide mineralization at the base of the magmaticchamber. Historic drill results indicatemineralization on the side of the magmatic reservoir and it istheorized that the massive sulphide cumulates are potentially hiddenat depth. The drill program aims to intersectdeep targets and as well the rim contact at shallower depth.
Additionally, the Company has hired the professionalservices of Archéo-Mamu Côte-Nord to carry out a study on potentialarcheological sites in the area.
Qualified person
The technical information in this news release has beenreviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., amember of the Québec Order of Engineers, and isa qualified person in accordance with the National Instrument43- 101 standards.
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. This discovery has the highest silver resource grade in theworld, with recent drill intercepts of up to 89,853 grams/tonne silver(2,621 oz/ton Ag). A drill program is underway to expand the size ofthe deposit with an update to the resource estimate scheduled for Q12022.
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.
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 on site, a processing facility (TTL Laboratories) in thetown of Cobalt, and a proprietaryhydrometallurgical process known as Re-2Ox (for the creation oftechnical-grade cobalt sulphate as well as nickel-manganese-cobalt(NMC) formulations), Canada Silver Cobalt is strategically positionedto become a Canadian leader in the silver-cobalt space. Moreinformation 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 the Offering and comments that involve other futureevents and conditions, which are subject to various risks anduncertainties. Except for statements of historical facts, commentsthat address the Offering, 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. No assurance can be given that the Offering will close onthe terms and conditions set out in this news release or at all.General business conditions are factors that could cause actualresults to vary 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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