(TheNewswire)
XRF results confirm the existence ofstrong nickel and copper mineralization which complements theCompany’s battery metals portfolio.
Coquitlam, BC - TheNewswire - November 24, 2021 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt: 4T9B)(the "Company" or "Canada Silver Cobalt") ispleased to announce that it has intercepted massive sulphidescontaining nickel and copper at its Graal property in the Lac St-Jeanregion of Quebec. The mineralization has been verified with a handheldXRF device with point data taken on the sulphides ranging up to 2.79%Ni and 25.68% Cu.
The XRF results confirm the existence of strongnickel-copper-sulphide mineralization that corresponds to the Bougueranomaly identified using airborne gravitygeophysical survey conducted earlier this year .Drilling to follow up this newly discovered mineralization isunderway. The samples were sent to ALS labs located in Val d’Or forsample preparation and will be forwarded to a separate lab for afour-acid digest multi-element suite including nickel and copper aswell as a fire assay for platinum and palladium.
The ongoing drill program has now been increased from3000 to 5000 meters and is part of the Company’s early-stageexploration activities in northern Québec where it is evaluating 15properties on 689 claims covering 38,129.4 hectares that areprospective for battery metals such as nickel, copper, and cobalt (SeeFebruary 16, April 21, July 22, and November 15, 2021 news releases).The drill program is currently being managed by Laurentia Explorationin association with GoldMinds Geoservices Inc.
Frank J. Basa, P.Eng., President and CEO commented,“These are excellent XRF results for this early-stage drill programin Northern Quebec and complement our cobalt and nickel results fromthe ground held in the Cobalt/Gowganda camp in Northern Ontario. Bothdistricts are in low-risk jurisdictions to supply battery metals intothe emerging North American battery market. This will position therecently announced Coniagas Battery Metals spinout with primary feedfor our proprietary Re-2Ox processing technology for the production ofbattery metals.”.
"I believe this is a turning point for CanadaSilver Cobalt Works as an exploration company. These preliminary XRFresults are extremely encouraging and while the assays are stillpending, it fortifies our interest in the area. As we continue toexpand our operations, it is important that we maintain a healthypipeline of high-potential targets that pertain to our long-termstrategic vision. Continuing to build successful relationships is alsokey to this success, much like the recently acquired Chute-des-Passesclaims that are adjacent to our Graal property,” says Matt Halliday,President, COO and VP Exploration.
Figure 1: Map of Property, Claims, Drill Holes, and Sulphide InterceptLocations.
Figure 2: Core Photo of NRC-21-02 and Location of XRFPoint Data
Figure 3: Core Photo of NRC-21-03 and Location of XRFPoint Data
Figure 4: Core Photo of NRC-21-04 and Location of XRFPoint Data
Table 1: XRF Point Data Information
X XRF Point ID | Hole ID | Corresponding Sample ID | XRF Point Depth (m) | XRF Ni (%) | XRF Cu (%) |
A | NRC-21-02 | 375874 | 156.65 | 1.48 | 0.17 |
B | NRC-21-02 | 375874 | 157.15 | 1.28 | 2.81 |
C | NRC-21-02 | 375879 | 160.20 | 1.48 | 5.62 |
D | NRC-21-02 | 375879 | 160.29 | 1.85 | 0.07 |
E | NRC-21-02 | 375879 | 160.60 | 1.28 | 3.77 |
F | NRC-21-02 | 375884 | 164.34 | 1.62 | 0.18 |
G | NRC-21-03 | 375929 | 139.19 | 1.39 | 14.74 |
H | NRC-21-03 | 375930 | 140.04 | 2.08 | 0.75 |
I | NRC-21-03 | 375931 | 140.65 | 2.79 | 0.02 |
J | NRC-21-03 | 375932 | 141.40 | 2.42 | 0.04 |
K | NRC-21-03 | 375933 | 143.28 | 2.40 | 0.32 |
L | NRC-21-03 | 375936 | 143.65 | 0.03 | 4.17 |
M | NRC-21-03 | 375936 | 143.90 | 0.11 | 25.68 |
N | NRC-21-04 | 375960 | 136.46 | 1.83 | 0.01 |
O | NRC-21-04 | 375960 | 136.77 | 1.74 | 0.02 |
Note: The XRF data is taken as pointvalues and will not represent the true grade of the assay samples. Theelemental data is highly dependant on the location of which the beamintersects the rock. The device used to take the data points is anOlympus Vanta C Series handheld X-ray fluorescence (XRF) and producesa beam spot diameter of up to 3mm. It is designed to achievelaboratory-quality results in the field and provides rapid, accurateelemental analysis and testing.
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. 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.
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 exceptionalhigh-grade silver discovery at Castle East, a pilot plant to producecobalt-rich gravity concentrates on site, a processing facility (TTLLaboratories) in the town of Cobalt, and a proprietaryhydrometallurgical process known as Re-2Ox (for the creation oftechnical-grade cobalt sulphate as well as nickel-manganese-cobalt(NMC) formulations), Canada Silver Cobalt is strategically positionedto become a Canadian leader in the silver-cobalt space. Moreinformation 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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