(TheNewswire)
The most recent discovery intersected9.30 meters of combined massive sulphides containing 1.20% NiEq,consisting of 0.72% nickel, 0.86% copper and 0.09% cobaltmineralization in NRC-22-24 at 142.5m.
Coquitlam, BC – TheNewswire - April 4, 2022 - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the"Company" or "Canada Silver Cobalt") is pleased toprovide an update on exploration activity at its Graalnickel-copper-cobalt discovery in the Lac St-Jean region of Quebec,including the most recent assays results from drill hole NRC-22-24which intersected 13.1 meters of combined massive sulphides within a30-meter zone of disseminated and massive sulphides in a new arealocated 5 km from the previously reported discovery of massivesulphides.
“The results coming in from the labs for the drillprogram at Graal continue to be exciting for our geological team.Almost every drill hole has encountered disseminated to massivesulphides with strong nickel, copper and cobalt mineralization. Weintend to continue to explore further to determine the full size ofthis nickel-copper cobalt deposit as it appears to have the potentialto become an important supplier of battery metals for the EVmarket,” stated Matt Halliday, P.Geo., President, COO and VPExploration.
The drilling campaign with 7,772m drilled so far hasbeen paused to allow reception of pending assay data, bore-hole EMdata, and the completion of the SQUID Ground Geophysical Survey. Thegeophysical survey aims to more accurately pinpoint and outline thegeophysical conductors as well as identify areas where significantthicknesses are located.
The Company previously reported a major discovery ofmassive sulphides with high-grade nickel, copper and cobaltmineralization along with platinum and palladium in the northwestcorner of the property where an airborne geophysical survey hadindicated a sizeable gravity anomaly. The first three drill resultsreported in this location (NRC-21-02-03-04) showed segments up to2.08% nickel and 3.75% copper. (See news release March 3, 2022.)More assays are pending.
In addition, about 5 km to the southeast, the Companyalso drilled hole NRC-22-24 in a spot that had not yet been drilledalong the 6 km conductor continuity where a previous ground geologicalsurvey had indicated a gravity anomaly (see Figure 5 map below).
This drill hole (NRC-22-24) intersected 13.1 meters ofcombined massive sulphides within 30 meters of disseminated andmassive sulphides between 121.5 - 152.1 meters downhole. Drill holeNRC-22-24 was drilled at an azimuth of 115 degrees, dip of -55degrees, and is located at UTM 386142E, 5521057N. The other pending assay results will be released oncereceived and validated.
See Table 1 below for assay data, Figures 2 & 3 forcore photos, Figure 4 for a cross section of the drill hole and Figure5 for a map of Graal property).
These latest assay results support the previouslyestimated potential target along the 6 km conductor continuity ofnear-surface tonnage of 30 to 60 million tonnes at a grade range of0.60% to 0.80% nickel and 0.30% to 0.50% copper with 0.10% to 0.15%cobalt. This estimation does not take into account any potential atdepth which is currently being explored.
Please note that the quantity and grade of thispotential target calculation is conceptual in nature, and there hasbeen insufficient exploration to define a mineral resource. It isuncertain if further exploration will result in the target beingdelineated as a mineral resource. The potential target primaryevaluation is a calculation of the length multiplied by the thicknessof intersection by the density of 3.3 to 4.0 t/m3 multiplied by thedepth extension of 150 to 250m based on historical drill holes.
In addition to the holes drilled by Canada SilverCobalt, there are historical intersections including hole 1279-00-10drilled by Mines d’or Virginia Inc. in June 2000 approximately 200msouth of NRC-22-24. This intersection is not part of the gravityanomaly, yet it still returned 1.15% Ni, 0.56% Cu and 0.15% Co over 4.5 meters (Source : GM 58815 )which suggests the mineralization may be larger than the geophysicalanomaly itself.
Table 1: Key sample and assay detailsfor drill hole NRC-22-24
HOLE ID | From (m) | To (m) | Length (m) | Ni (%) | Cu (%) | Co (%) | % NiEq (1) |
NRC-22-24 | 121.50 | 152.10 | 30.60 | 0.39 | 0.40 | 0.05 | 0.63 |
NRC-22-24 | 121.50 | 129.20 | 7.70 | 0.61 | 0.34 | 0.07 | 0.89 |
Including | 121.50 | 122.50 | 1.00 | 1.30 | 0.24 | 0.13 | 1.69 |
Including | 122.50 | 123.50 | 1.00 | 1.35 | 1.16 | 0.14 | 2.05 |
NRC-22-24 | 142.80 | 152.10 | 9.30 | 0.72 | 0.86 | 0.09 | 1.20 |
Including | 142.80 | 143.70 | 0.90 | 1.26 | 0.10 | 0.11 | 1.56 |
Including | 145.60 | 146.00 | 0.40 | 0.21 | 2.32 | 0.04 | 1.01 |
Including | 146.00 | 146.90 | 0.90 | 1.17 | 0.21 | 0.12 | 1.53 |
Including | 148.20 | 148.90 | 0.70 | 1.01 | 3.31 | 0.13 | 2.33 |
Including | 149.40 | 150.00 | 0.60 | 1.02 | 3.40 | 0.12 | 2.35 |
Including | 150.00 | 151.00 | 1.00 | 1.27 | 0.92 | 0.16 | 1.94 |
Including | 151.00 | 152.10 | 1.10 | 1.16 | 0.89 | 0.16 | 1.82 |
Please note: Intervals are corelength and is presumed to be close to true thickness, with no cappingapplied, and using quartered core split. Bolded intervals are gradecomposites.
Note (1) %NiEq = %Ni+(%Cu X CuPrice/NiPrice)+ %Co X CoPrice/ NiPrice) where Nickel is 33,000USD/t, Copperis 10,000USD/t and Cobalt is 81,500USD/t; source LME March 30,2022.
In addition, the technical team has noted otherintervals with disseminated to massive sulfides that have assayspending. These intercepts include but not limited to:
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DDH NRC-21-05 intercepted 7.8 meters of mixed anddisseminated sulfides mineralization, beginning at 144.3 metersdepth.
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DDH NRC-21-06 intercepted 13.4 meters of mixed andmassive sulfides mineralization, beginning at 1395.2 metersdepth.
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DDH NRC-21-07 intercepted 1.9 meters of mixed andmassive sulfides mineralization, beginning at 167.8 metersdepth.
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DDH NRC-21-08 intercepted 9.1 meters of mixed andmassive sulfides mineralization, beginning at 121.0 metersdepth.
In addition to diamond drilling, bore-hole EMgeophysics surveys was completed on several of the holes thatintersected nickel and copper sulfides. The team is awaiting both thedata and the geophysical report. The EM survey should assist intargeting the most prospective anomaly within a 100-meter radius fromthe existing holes. The mineralization remains open in all directionsand at depth. The next phase of drilling in 2022 will focus on theareas identified by the SQUID survey. The drillprogram is currently being managed by Laurentia Exploration inassociation with GoldMinds Geoservices Inc.
Figure 1: Map showing the location of NRC-22-24(white) in addition to historical holes (blue) and the planned drillholes (yellow) targeting the geophysical anomaly.
Figure 2: Core photo of NRC-22-24with massive sulfides highlighted in box 28-29
Figure 3: Core photo of NRC-22-24with massive sulfides highlighted in box 33-35
Figure 4: Cross Section showingDrill Hole NRC-22-24
Figure 5: Map of Graal propertywith 6 km conductor continuity indicated by red line
QA/QC
The ¼ core samples have been sent rush to OnSite Labsinc. located in Cobalt Ontario for sample preparation and four-aciddigest multi-element suite including nickel and copper as well as afire assay for platinum and palladium. Blank and standards wereinserted in the sequence and meets expected values allowing the publicdisclosure. The ½ core results from ALS will be disclosed oncereceived, verified for comparison to the ¼ core results.
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. 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 14 battery metals properties inNorthern Quebec where it is currently drilling and the prospective1,000-hectare Eby-Otto gold property close to Agnico Eagle’shigh-grade Macassa Mine near Kirkland Lake, Ontario where it will beexploring in 2022.
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 proprietary hydrometallurgical process known asRe-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
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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