(TheNewswire)
Excellent intercepts from the BigSilver Zone will contribute significantly to the upcoming resourceupdate.
Coquitlam, BC – TheNewswire- January 24, 2022 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B)(the "Company" or "Canada Silver Cobalt") ispleased to announce a continued expansion of its silver deposit atCastle East with excellent intercepts from the Big Silver Zonecontaining high-grade silver and cobalt grades. The drill results willbe included in the planned resource update expected by the end of Q12022.
Drilling Highlights:
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Big Silver intercept grading 6,188.43 grams per tonne(g/t) silver and 0.35% cobalt over 0.50m in hole CS-21-47 located 16mdowndip from Big Silver’s discovery hole CS-20-39 that graded89,853.00 g/t silver (See press release January 29, 2021).
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A second Big Silver intercept grading 2,509.41 g/tsilver and 0.10% cobalt over 0.50m in hole CS-21-73, that is locatedan additional 20m downdip from the intercept in CS-21-47 noted above.
Matt Halliday, President and Chief Operating Officer,commented: “Big Silver is living up to its name with the latestintercept of 6,188 g/t silver which has a gold equivalent of 74.67g/t. We are especially encouraged by the 36m of total downdipextension; this type of continued expansion will be very important forour next resource update. In addition, we can’t wait to explorethese structures further from underground after a ramp isconstructed.”
The upcoming resource update will include Big Silverand several other high-grade veins intersected at the Castle Eastdeposit during the 53,000 meters of drilling conducted since the lastresource estimate was published in May 2020.
The Company is also well-advanced in the process ofobtaining permits for a ramp down to the high-grade deposit in orderto conduct underground exploration to further expand the deposit andalso to access high-grade bulk samples that it can process into silverdore bars at its TTL bulk processing facility in nearby Cobalt,Ontario. Discussions with the provincial government are underway,and baseline environmental studies are expected to be completed bymid-year with the permit application filed soon after.
Hole ID | Zone | From (m) | To (m) | Length (m) | Ag (g/tonne) | AuEq (g/tonne) | Co (%) |
CS-21-47 | Big Silver | 526.90 | 527.40 | 0.50 | 6188.43 | 74.67 | 0.35 |
CS-21-47 | Big Silver | 527.40 | 528.40 | 1.00 | 1076.08 | 12.98 | <0.01 |
CS-21-73 | Big Silver | 512.50 | 513.00 | 0.50 | 2509.41 | 30.28 | 0.10 |
Note: Gold equivalent (AuEq) isbased on USD $24.45 oz/ton Ag and USD $1,838.33 oz/ton Au calculatedJan. 20, 2022.
Ongoing drilling in the Castle East area is gearedtoward expanding the existing resource panels outlined in theCompany’s maiden Resource Estimate reported in a news release May28, 2020. The resource estimate was the first ever in the GreaterCobalt Camp and identified zones 1A and 1B of the Robinson Zone withan average 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 Resource Estimate for Castle East,Robinson Zone, Ontario, Canada , with aneffective date of May 28, 2020 and a signature date of July 13, 2020.
Location
The Castle Property is located near the town ofGowganda and is located 80km W-NW of Temiskaming Shores, Ontario,Canada. It is also 15 km east of Aris Gold Corp’s Juby Gold deposit,30 km due south of Alamos Gold’s Young-Davidson mine, 75 kmsouthwest of Kirkland Lake Gold’s Macassa Complex, and 100 kmsoutheast 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., (PGO),President, COO and VP Exploration of Canada Silver Cobalt Works Inc.,a qualified person in accordance with National Instrument43-101.
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. This discovery has the highest silver resource grade in theworld, with recent drill intercepts of up to 89,853 grams/tonne silver(2,621 oz/ton Ag). A drill program is underway to expand the size ofthe deposit with an update to the resource estimate scheduled for Q12022.
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.
CCW also has 39,017.96 hectares of electric vehicle(EV) battery metals exploration properties (containing nickel, copperand cobalt) with 15 properties in Quebec and 1 in Northern Ontario.Exploration is underway at the Graal massive sulphide formation inNorthern Quebec. Drill core has been encouraging with initial XRFresults up to 2.79% nickel and 25.68% copper in hole NRC 21 03; labresults are still pending.
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 bulk processing facility (TTL Laboratories) inthe town of Cobalt, and a proprietary hydrometallurgical process knownas Re-2Ox (for the creation of technical-grade cobalt sulphate as wellas nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobaltis strategically positioned to become a Canadian leader in the silverand battery metals. 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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