(TheNewswire)
The near-surface mineralization hasbeen intercepted as shallow as 50.50m downhole.
Coquitlam, BC – TheNewswire- February 16, 2023 – Canada Silver CobaltWorks Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased toannounce that it has received data from its Phase 2 drill program atGraal showing a visual estimate of up to 29.90 meters of massive andsemi-massive sulphides near the surface.
The assay results have been received and are currentlybeing compiled and will be reported after they are reviewed andverified by the geological team and Qualified Person. The Company hasdecided to disclose the discovery at this time (with core photos)prior to assay results because near-surface massive sulphide zones ofsuch length may be considered material under securities regulations.
The Company completed 7,036m of diamond drilling aspart of Phase 2 Graal (see news release June 13, 2022) for a total of1 6,794.60 m of drillingduring the 2021-2022 drilling campaign. The drills were shut down tocompile and analyze the results after the completion of Phase 2. Thetwo most important intersections discovered in the latest phase ofdrilling are from drill hole GRL-22-60 and GRL-22-61 which finished at101.00m and 93.00m respectively. The logging geologists noted thefollowing:
Drilling Highlights
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Visual Estimates of GRL-22-60 (SeeFigure 1 2):
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From 50.50 to 80.40m there was recorded massive andsemi-massive sulphides containing 50% pyrrhotite and approximately1.6% chalcopyrite over the combined 29.90m interval.
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Visual Estimates of GRL-22-61 (SeeFigure 3 4):
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From 62.10 to 77.80m there was recorded massive andsemi-massive sulphides containing 40% pyrrhotite and approximately1.4% chalcopyrite over the combined 15.70m interval.
Both holes were targeting shallow, high-conductancegeophysical anomalies identified by the FL-TDEM survey earlier in2022. This anomaly was interpreted to be 1,700m long in theNorth-South direction and 850m wide in the East-West direction (seenews release April 19, 2022). The core photos of the massivesulphides from the drillholes are shown below in Figures 1 throughFigures 4.
The 6,113-hectare Graal property is one of the manyCritical / Battery Metal properties acquired in late 2020 targetingnickel, copper, and cobalt mineralization. (See February 16, April 21,July 22, November 15, 2021 and January 31, 2022 news releases). Thedrill program was being managed by Laurentia Exploration inassociation with GoldMinds Geoservices Inc.
The Company has announced that it plans to spin out theGraal Property into a new Company called Coniagas Battery Metals. Thedetails of the spinout including share structure and distribution canbe found in previous news releases on February 15, 2023 and October 4,2022. A 43-101 Technical Report that was completed for Phase 1 ofdrilling and was announced on August 15, 2022.
Figure 1: Core photo of GRL-22-60,highlighting the sulphide intersection between 50.50m to80.40m.
Figure 2: Zoomed in core photo ofGRL-22-60 showing the massive sulphides.
Figure 3: Core photo of GRL-22-61,highlighting the sulphide intersection between 62.10 to 77.80m.
Figure 4: Zoomed in core photo ofGRL-22-61 showing the massive sulphides.
Qualified person
The technical information in this news release has beenprovided by Laurentia technical team and the content was reviewed andapproved by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., am ember of Québec Order of Engineers and aqualified person in accordance with National Instrument43- 101 standards.
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 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 statementswhich include, but are not limited to, comments that involve futureevents and conditions, which are subject to various risks anduncertainties. Except for statements of historical facts, commentsthat address resource potential, upcoming work programs, geologicalinterpretations, receipt and security of mineral property titles,availability of funds, and others are forward-looking. Forward-lookingstatements are not guarantees of future performance and actual resultsmay vary materially from those statements. General business conditionsare factors that could cause actual results to vary materially fromforward-looking statements. A detailed discussion of the risk factors encountered by CanadaSilver Cobalt is available in the Company’s Annual Information Formdated July 19, 2021 for the fiscal year ended December 31, 2020available under the Company’s profile on SEDAR at www.sedar.com .
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