(TheNewswire)
Coquitlam, BC – TheNewswire - May 30, 2023 - Canada Silver Cobalt Works Inc.(TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or“Canada Silver Cobalt”) announces that the Company is pleased thatthe Ontario Legislature has approved Bill 71 containing changes to theOntario Mining Act which marks the way for regulations of the recoverypermit. The recovery permit will be a streamlined method to reprocesshistoric mine wastes like the Beaver Mine and Castle Mine stamp milltailings.
“We are excited that Bill 71 is approved and willlead to new developments in regulation in Ontario including themineral recovery permit. This should enable us to process tailingslike those at the Beaver Mine in a cost effective and timely mannerand could lead to new opportunities that previously had unneededhurdles. Not only will this allow companies like Canada Silver Cobaltto turn historic hazards into profits but gives us the opportunity toclean out deleterious elements from the environment, and restacking ordisposing of tailings in a cleaner more stable fashion,” said MattHalliday, P.Geo. President of Canada Silver Cobalt Works Inc.
Potential Sites for Application ofRecovery Permit:
Beaver Mine Tailings
Canada Silver Cobalt Works completed 127 sonic holesfor 354 meters recovered at the Beaver Mine and 378 samples wereassayed for silver, cobalt, nickel and copper. The grade for tailingswas high with silver assays ranging from 13.7 to 314 grams per tonne. See news release from February 5,2021,
Castle Mine Tailings
SGS Lakefield produced a gravity concentrate from theCastle Mine tailings grading 389 g/t silver. 0.63 g/t gold and 0.20%cobalt. See news release from March 1,2019.
According to Ontario’s Critical MineralsStrategy , the government is encouraging mineral recovery from miningwaste. Mining is becoming cleaner through new technology that reducesenvironmental impacts. To facilitate mineral recovery, Ontario amendedthe Mining Act to introduce the new recovery permit. This will allowthe reprocessing of mining wastes without the requirement to file amine production closure plan or obtain a mining lease. The governmenthas stated it is committed to developing the regulatory framework forthe mineral recovery program, and is exploring innovative solutionsfor rethinking mining wastes. The intention is to measure success byreducing the burden and realizing cost savings for the mineraldevelopment sector, reduce the time an application takes, increaseclarity on the regulatory requirement and application process.
Part of the framework:
To obtain a recovery permit to undertake this activity,an applicant is required to demonstrate in its application that itwill remediate the land such that the condition of the land, withrespect to one or more of: (i) public health andsafety or (ii) the environment, is improved following the recovery andremediation activities. (Source: Environmental Registry of OntarioMarch 2, 2023 ero.ontario.ca )
The recovery permit provisions have not yet come intoforce.
Qualified person
The technical information in this news release wasapproved and prepared under the supervision of Mr. Matthew Halliday,P.Geo., (PGO), President and COO of Canada Silver Cobalt Works Inc., aqualified person accordance with National Instrument 43-101.
Quality Assurance/QualityControl
The Beaver tailings were sampled using a Sonic drill.The drill holes are all vertical with a maximum hole length of 4.78 mand a maximum sample length of 1.6 m (average individual sample length0.8 m). Drill sample recovery is around 85%. Two quality controlsamples (blank and standards) were inserted into each batch of 20samples. The tailings samples were placed in a plastic bag, tagged andsealed then shipped to ALS laboratory Val D'Or. The entire sample wasdried, weighed and fully pulverized up to 250 g 85% <75 µm.Samples were then split using riffle splitter and 35 elements wereanalysed using Aqua Regia ICP-AES. Samples grading above 100 g/t Ag,10,000 ppm Cu, 10,000 ppm Mo, 10,000 ppm Pb or 10,000 ppm Zn werereanalysed using OG46 Method. A total of 10 blank and 10 standards(STD 1 and STD 2) were used during the sampling program.
A 120-kilogram sample from the Castle mine’s historictailings pond was randomly collected in pails and subsequentlytransported by courier to SGS Laboratories, an accredited lab inLakefield, Ontario. Samples were submitted for assay. Aqua regiadigestion and atomic absorption finish were used for silver, gold,cobalt, nickel and copper analysis.
Cautionary Statement
No resource estimate or economic analysis of the Castletailings area has been carried out by the Company.
Canada Cobalt will not be basing a production decisionat Castle on a feasibility study of mineral reserves demonstratingeconomic and technical viability, and as a result there is increaseduncertainty and there are multiple technical and economic risks offailure associated with such a decision. These risks, among others,include areas that are analyzed in more detail in a feasibility study,such as applying economic analysis to resources and reserves, moredetailed metallurgy and a number of specialized studies in areas suchas mining and recovery methods, market analysis, and environmental andcommunity impacts.
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. 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: (1) 14 battery metals propertiesin Northern Quebec where it has recently completed a nearly16,000-metre drill program on the Graal property; and (2) theprospective 1,000-hectare Eby-Otto gold property close to AgnicoEagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where itis exploring. (3) lithium property – 230 square kilometers ofgreenfield exploration ground focussed along a significant volcanicsedimentary rock – Archean granite contact near Cochrane, Ontariocontiguous to Power Metals’ Case Lake Lithium properties.
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, a processing facility (TTL Laboratories) in the town ofCobalt, and a proprietary hydrometallurgical process known as Re-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
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Neither the TSX Venture Exchange nor its RegulationService Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Caution Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. This news release may contain forward-lookingstatements which include, but are not limited to, comments thatinvolve future events and conditions, which are subject to variousrisks and uncertainties. Except for statements of historical facts,comments that address resource potential, upcoming work programs,geological interpretations, receipt and security of mineral propertytitles, availability of funds, and others are forward-looking.Forward-looking statements are not guarantees of future performanceand actual results may vary materially from those statements. Generalbusiness conditions are factors that could cause actual results tovary 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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