(TheNewswire)
The property, contiguous with PowerMetals’ Case Lake Lithium property near Cochrane, Ontario is nowalmost 230 km 2 .
Coquitlam, BC, - TheNewswire- November 23, 2022 - Canada Silver Cobalt WorksInc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B)(the "Company" or "Canada Silver Cobalt")announces it has expanded its holdings between Case and StimsonTownships in the Cochrane District, Ontario by staking new claims fora total holding of 230 square kilometres. All claims are contiguousand are in cooperation with the original property optionor (seecompany News Release of November 9, 2022). The original LOI has beenamended to include additional claims staked by both parties.
The claim package is contiguous to Power Metal’s CaseLake Lithium Property where their West Joe Dyke and Main Dyke areashave identified some significant lithium grades such as 1.58 % Li2O (Lithium) over 15.00m in PWM-22-134 (See Power Metals Corp News Release September 8, 2022) .
This Property Expansion has focussed on the contactbetween Archean sedimentary rock and Archean massive to foliatedgranodiorite and has been extended approximately 50 km westwards andnow covers 52 kilometres of this potentially critical contact. This age of rock and type of contact is a common environment for theoccurrence of (Lithium-Cesium-Tantalum) LCT-type pegmatites. As verylimited historical work has been done on these claims and geologicalmapping is available only at a large scale, the property has verysignificant potential for new discoveries of new pegmatite dykes –the primary source of lithium in this geological environment. Thesepegmatitic dykes can contain spodumene which is a lithium aluminiuminosilicate, otherwise known as a lithium ore mineral.
The amended, non-binding letter of intent sets forththe terms and conditions which shall form the basis of the optionagreement whereby Canada Silver Cobalt Works Inc. (the “Company”)may acquire up to a 100% interest in certain mining claims located inCase, Pliny and Henley Townships, Cochrane District, Ontario (the“Property”).
The Company and Optionor shall enter into an amendedOption Agreement whereby the Optionor shall grant to the Company theright to acquire an undivided 100% interest in and to the Property asfollows:
(a) Cash payment of $15,000 and issuance of150,000 shares of the Company to be paid to the Optionor, upon TSXVenture Exchange (“Exchange”) approval to the DefinitiveAgreement;
(b) The Company incurs explorationexpenditures on the Property in the amount $30,000 on or before theone-year anniversary of the Definitive Agreement, to earn an undivided50% interest in the Property;
(c) Cash payment of $30,000, and issuance of300,000 shares of the Company to the Optionor by the One yearanniversary of the Definitive Agreement date;
(d) The Company incurs explorationexpenditures in the amount $60,000 on or before the second-yearanniversary of the Definitive Agreement, to earn an undivided 100%interest in the Property; and
(e) Upon exercise of the Option by theCompany, the Company grants to the Optionor a 2% NSR on the Propertyand on Claims within a 2-kilometre area of influence from theperimeter of the 3 claim packages as well as to certain CCW claims inbetween. The Company retains a $500,000 buy back on 1% of theNSR.
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 focussed 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 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 detailed discussion of the risk factorsencountered by Canada Silver Cobalt is available in the Company’sAnnual Information Form dated July 19, 2021 for the fiscal year endedDecember 31, 2020 available under the Company’s profile on SEDAR at www.sedar.com .
Copyright (c) 2022 TheNewswire - All rights reserved.