(TheNewswire)
Three impressive new intercepts addtwo new high-grade vein structures separate from both the RobinsonZone and Big Silver and bring the silver even closer to surface.
Coquitlam, BC – TheNewswire- August 9, 2021 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B)(the "Company" or "Canada Silver Cobalt") ispleased to announce a continued expansion at Castle East with threenew, high-grade intersections with silver grades of 30,416.91 g/t over0.42m, 7,328.47 g/t over 0.38m, 1,883.21 g/t Ag over 0.42m, and withgold equivalent grades of 425.94 g/t, 102.62 g/t, 26.37 g/t AuEqrespectively.
Drilling Highlights:
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- Hole CS-21-61 with an exceptional intercept grading 30,416.91 g/tonnesilver (887.31 oz/ton Ag) over 0.42m at adownhole depth of 449.55-449.97m with a gold equivalent grade of 425.94 g/tonneAu (12.42 oz/ton Au ). Thisincredibly mineralized vein is located 35m south from the RobinsonZone discovery hole CA-11-08, and 60m west of Big Silver discoveryhole CS-20-39. The Company currently believes this intercept belongsto a brand-new vein structure, independent from both the Robinson Zoneand the Big Silver vein.
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- The first intercept in hole CS-21-65 contains 7,328.47 g/tonne silver (213.77 oz/ton Ag) over 0.38m at a downhole depth of 254.03-254.41mwith a gold equivalent gradeof 102.62 g/tonne Au (2.99 oz/ton Au). Thisintercept is located 230m below the surface, 70m to the south and 220mabove the Robinson Zone. To date, this is the closest high-gradeintercept to surface and is located within Archean lithologies.
- The second intercept in hole CS-21-65 contains 1,883.21 g/tonnesilver (54.93 oz/ton Ag) over 0.42m at adownhole depth of 421-421.42m with a gold equivalent grade of 26.37 g/tonneAu (0.77 oz/ton Au).
“These three intercepts provide us with two newlydiscovered, high-grade vein systems. We continue to have excellentresults from the 60,000m drill program at Castle East, with 40,000mcompleted to date. There is now a total of eightdistinct high-grade veins to be included in the Q1 2022 resourceupdate. The initial estimate in May 2020 for Castle East (see below)was based solely on the Robinson Zone vein system but recent drillinghas discovered an even higher-grade vein (Big Silver grading 89,853g/t Ag over 0.30m) in addition to six other new vein structures, andour exploration program has expanded the overall area to be includedin the resource estimate.” said Matt Halliday, P.Geo., President,and COO.
The geological implications of these veins arethreefold: First, the addition of another exceptionally high-gradevein in CS-21-61 puts us that much closer to significant expansion ofthe resource at Castle East. Second, the high-grade silver vein inCS-21-65 (that is 230m below the surface) confirms the existence ofmuch shallower silver mineralization at Castle East. Third, it greatlyexpands the potential for silver mineralization to occur across theentire property because it occurs within the Archean lithologies. Mostof our high-grade or notable veins are located within the youngerNipissing Diabase sill which is intruding into the older Archeanrocks. This means that it is possible for further silvermineralization to occur in the same Archean lithologies both above andbelow the Nipissing Diabase, similarly to the vein found in CS-21-65that is located above the intrusion. As a further proof of concept,both the Beaver Mine and Temiskaming Mine had significant productionboth above and below the Nipissing diabase intrusion. This ultimatelyexpands the potential horizon within the property and is veryencouraging for future exploration.
Hole ID | Sample No. | From (m) | To (m) | Length (m) | Ag g/tonne | AuEq g/tonne |
CS-21-61 | - | 449.00 | 450.40 | 1.40 | 10,239.60 | 143.39 |
Including | DH000525 | 449.00 | 449.55 | 0.55 | 1,540.54 | 21.57 |
Including | DH000526 | 449.55 | 449.97 | 0.42 | 30,416.91 | 425.94 |
Including | DH000528 | 449.97 | 450.40 | 0.43 | 1,658.24 | 23.22 |
CS-21-65 | DH000684 | 254.03 | 254.41 | 0.38 | 7,328.47 | 102.62 |
CS-21-65 | DH000718 | 421.00 | 421.42 | 0.42 | 1,883.21 | 26.37 |
Note: Gold equivalent (AuEq) iscalculated based on USD $25.37 oz/ton Ag and USD $1811.72 oz/ton Au asof August 5 th , 2021.
Figure 1: Close-up of mineralizationin hole CS-21-61 (30,416.91 g/tonne Ag). One can see the intenseCobalt mineralization occurring as the dark grey minerals within thevein. The bright silver is located within the cobalt clusters as wellas lining the edge of the vein and radiating outwards.
Ongoing drilling in the Castle East area is gearedtoward identifying new veins to enable significant expansion to theexisting resource panels outlined in the Company’s maiden ResourceEstimate reported in a news release May 28, 2020. The resourceestimate identified zones 1A and 1B of the Robinson Zone with anaverage silver grade of 8,582 g/t ( 250oz/ton ) in a combined 27,400 tonnes of materialfor a total of 7.56million Inferredounces of silver using a cut-off grade of 258g/t AgEq (mineral resources that are not mineral reserves do not havedemonstrated economic viability). Report reference: Rachidi, M.2020, NI 43-101 Technical Report Mineral ResourceEstimate for Castle East, Robinson Zone, Ontario, Canada , with an effective date of May 28, 2020 and asignature date of July 13, 2020.
Location
The Castle Property is 15 km east of Aris Gold Corp’sJuby gold deposit, 30 km due south of Alamos Gold’s Young-Davidsonmine, 75 km southwest of Kirkland Lake Gold’s Macassa Complex, and100 km southeast of new gold discoveries in the Timmins West area.
Qualified Person
The technical information in this news release wasprepared under the supervision of Mr. Matthew Halliday, P.Geo., (APGO)VP Exploration of Canada Silver Cobalt Works Inc., a qualified personin accordance with National Instrument 43-101.
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. This discovery has the highest silver resource grade in theworld, withrecent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underwayto expand the size of the deposit with an update to the resourceestimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Companypublished the region’s first 43-101 resource estimate that containeda total of 7.56 million ounces of silver inInferred resources, comprising very high-grade silver (8,582 grams pertonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from twosections (1A and 1B) of the Castle East Robinson Zone, beginning at avertical depth of approximately 400 meters. Note that mineralresources that are not mineral reserves do not have demonstratedeconomic viability. Please refer to Canada Silver Cobalt Works PressRelease May 28, 2020, for the resource estimate. Report reference:Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimatefor Castle East, Robinson Zone, Ontario, Canada, with an effectivedate of May 28, 2020, and a signature date of July 13, 2020.
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 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-lookingstatements.
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