(TheNewswire)
Following up on gold discoveriesduring the Summer 2023 stripping program and silver discoveries duringthe previous drill program
Coquitlam, BC – TheNewswire- November 20, 2023 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or“Canada Silver Cobalt”) is pleased to announce the commencement ofa new 1,500-meter drill program at its Castle Property this weekfocusing on both gold and silver targets following the recent successof gold stripping activities in the Miller Lake area.
The Summer 2023 stripping program to the south and westof previous drilling identified a significant opportunity to evaluategold prospects with the discovery from channel sampling of multiplesamples above 1 gram per tonne (g/t) gold and ranging up to 3.2 g/tgold at the surface (see news releases July 5 and July 20, 2023).
The targets of the drill program include the new goldareas that have been identified, the potential to identify silverbelow the gold prospects, and new silver targets identified south ofCastle East. The first hole will be located 100 meters west ofprevious drilling at Castle East and is expected to extend 500 metersdownhole targeting both gold near surface and silver at depth.
"The Castle Project has demonstrated its potentialfor both gold and silver, and we are eager to capitalize on theseopportunities," said Matthew Halliday P.Geo, President of CanadaSilver Cobalt Works. "The success of our recent gold strippingactivities has opened up new possibilities for gold mineralization inthe shallow Archean cover and the potential for silver mineralizationin the diabase below it. The drilling program marks a strategic stepforward in our commitment to unlocking the full value of the CastleProject."
The drilling program will employ oriented core andmethodologies to extract valuable geological data and assess theeconomic viability of the identified targets. The company remainsdedicated to employing sustainable and responsible mining practicesthroughout the exploration process.
Canada Silver Cobalt Works is a leading explorationcompany focused on unlocking the full potential of its flagship CastleProject. With a commitment to environmental sustainability andcommunity engagement, the company aims to contribute positively to theregions in which it operates. Canada Silver Cobalt Works remainscommitted to responsible resource development and continues to engagewith local communities, Indigenous groups, and stakeholders to ensuretransparent and collaborative communication throughout our explorationactivities.
Investors, media, and stakeholders are invited to stayupdated on the latest developments by visiting the Company's websiteat www.canadasilvercobaltworks.com.
Qualified person
The technical information in this news release wasapproved by and prepared under the supervision of Mr. MatthewHalliday, P.Geo., (PGO), President and COO of Canada Silver CobaltWorks Inc., a qualified person in accordance with National Instrument43-101.
About Canada Silver Cobalt Works Inc.
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 nearly16,000-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) St. Denis-Sangster lithium project – 260 squarekilometers of greenfield exploration ground with numerous pegmatitesfocussed along a significant volcanic sedimentary rock – Archeangranite contact near Cochrane, Ontario contiguous 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
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Neither the TSX Venture Exchange nor its RegulationService Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Caution Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. This news release may contain forward-lookingstatements which include, but are not limited to, comments thatinvolve future events and conditions, which are subject to variousrisks and uncertainties. Except for statements of historical facts,comments that address resource potential, upcoming work programs,geological interpretations, receipt and security of mineral propertytitles, 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 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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