(TheNewswire)
The property is contiguous with PowerMetals’ Case Lake Lithium property near Cochrane, Ontario.
Coquitlam, BC – TheNewswire - November 9,2022 - Canada Silver CobaltWorks Inc. (TSXV:CCW) (OTC:CCWOF)(Frankfurt:4T9B) (the "Company" or "Canada SilverCobalt") announces it has signed a non-binding LOI to purchase a24-unit multicell greenfield lithium property in Case Township, in theCochrane District, Ontario.
The Property is contiguous to Power Metal’s Case LakeLithium Property. It is located approximately 5 kilometers north-westof their West Joe Dyke and Main Dyke areas. Some of the recenthighlights from the West Joe Dyke and Main Dyke pegmatites are:
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1.11 % Li2O (Lithium) over6.84m in PWM-22-128 (See Power Metals Corp NewsRelease August 19, 2022)
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1.58 % Li2O (Lithium) over15.00m in PWM-22-134 (SeePower Metals Corp News Release September 8, 2022)
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1.86 % Li2O (Lithium) over19.00m in PWM-22-135 (SeePower Metals Corp News Release September 8, 2022)
The Property is comprised of a single 24-unit multicellmining claim totalling 4.5 square kilometers or 450 hectares. TheProperty is sandwiched between several ‘domes’ identified andowned by Power Metals. These ‘domes’ are dome-shaped laccolithigneous intrusions that typically host the pegmatitic dykes thatcontain spodumene which is a lithium aluminium inosilicate, otherwiseknown as a lithium ore mineral. A collection of these domes appears totrend through the Property outlined in this LOI, and the Property hasoutcropping pegmatites on surface.
The non-binding letter of intent sets forth the termsand conditions which shall form the basis of the option agreementwhereby Canada Silver Cobalt Works Inc. (the “Company”) mayacquire up to a 100% interest in certain mining claims located in CaseTownship, The Cochrane District, Ontario (the “Property”).
The Company and Optionor shall enter into the OptionAgreement whereby the Optionor shall grant to the Company the right toacquire an undivided 100% interest in and to the Property asfollows:
(a) Cash payment of $5,000 and issuance of50,000 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 $10,000 on or before theone-year anniversary of the Definitive Agreement, to earn an undivided50% interest in the Property;
(c) Cash payment of $10,000, and issuance of100,000 shares of the Company to the Optionor by the One yearanniversary of the Definitive Agreement date;
(d) The Company incurs explorationexpenditures in the amount $20,000 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 the centerof the optioned claim. The center coincides with the NW corner of cellnumber 32E04D044, UTM 17U 0574401E, 5436293N. The Company retains a$500,000 buy back on 1% of the NSR.
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.
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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