(TheNewswire)
The consolidation of properties atGraal allows the Company to hold 6 kilometers of land (strike length)containing near-surface Nickel, Copper, and Cobalt mineralizationbased on historical drilling and the current drill program
Coquitlam, BC – TheNewswire- November 29, 2021 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B)(the "Company" or "Canada Silver Cobalt") ispleased to announce that the conclusion of the latest acquisitioncompletes the consolidation of 6 kilometers of mineralized strikelength. The land included in the new acquisition from SOQUEM Inc. andMines Coulon Inc (Press Release November 22, 2021) bolsters thepotential at the Graal property with further geophysical anomalieswith conductor continuity and historical drill holes containingNickel, Copper, and Cobalt near surface.
Highlights :
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•• 6-kilometer strike lengthmineralized with near-surface copper, nickel, cobalt
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•• Aiming for potential targetof 30 to 60 million tonnes EV metals based on only the MHYsector
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•• Recently drilledmineralization (XRF values up to 2.79% Ni and 25.68% Cu) (News ReleaseNovember 24, 2021) not included in potential target calculation
Based on historical drill hole information, themineralized strike length drilled in the past highlights a potentialtarget of near-surface tonnage of 30 to 60 million tonnes at a graderange of 0.60% to 0.80% Nickel and 0.30% to 0.50% Copper with 0.10% to0.15% Cobalt for the MHY sector (see map below). This calculationexcludes the newly discovered mineralization (NRC-21-03) (see CompanyPress Release November 24, 2021), the northern Lac Suzanne portion,and the south portion of Nourricier sector. This estimation does nottake into account any potential at depth which is currently beingexplored.
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 potentialtarget primary evaluation is a calculation of the length multiplied bythe thickness of intersection by the density of 3.3 to 4.0 t/m3multiplied by the depth extension of 150 to 250m based on historicaldrill holes.
The company has started receiving technical informationfrom SOQUEM. The following pictures focus on core from DDH #1279-03-40 from 2003 where SOQUEM intersected 10.25 meters with 1.03%Nickel with 0.8% Copper (source SOQUEM & Virginia Inc.drill report of April 2003 – Project Chute desPasses (1279) By Isabelle Roy Geo. – ALS Chemex Chimitec including aQA/QC)) This information has been used to prepare the potential targetvalues. Historical core pictures are shown in Figures 2 & 3. Thecompany will soon have access to all historical data as well as anycore preserved at SOQUEM storage facility in Chibougamau.
Matt Halliday, P.Geo., President, COO and VPExploration commented: “We have accumulated a strategic land packageacross Ontario and Quebec. This is just the beginning. From what wesee already at Graal we have put together the right pieces. It seemsall the elements are there to develop a new world-class camp with avision of EV & Critical metals development. The evidence points toa large deposit; and we are working to develop it and continue to be aleader in the critical metals space.”
Figure 1: Property boundary with intersections and themineralized conductor extent
Figure 2: Zoomed out core photo of historical drillhole DDH 1279-03-40 showing massive sulfide intersection in the MHYsector
Figure 3: Zoomed in core photo of historical drill holeDDH 1279-03-40 showing the massive sulphides
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 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 atwww.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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