(TheNewswire)
Coquitlam, BC - TheNewswire- May 16, 2023 - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF)(Frankfurt:4T9B) (the “ Company ” or“ Canada SilverCobalt ”) is providingthis bi-weekly default status report in accordance with NationalPolicy 12-203 - ManagementCease Trade Orders (“NP 12-203”). In its May3, 2023 news release (the “Notice”), the Company announced a delayin the filing of its audited financial statements andmanagement's discussion and analysis for the financial year endedDecember 31, 2022 (collectively, the "Annual Documents"). The Company announced that it not file theAnnual Documents by the prescribed legal deadline of May 1, 2023 dueto the fact that the Company had to make the necessary arrangementswith its auditors to complete the audit of its annual financialstatements. The Company is working diligently with its auditors tocomplete the annual financial statements, with the goal of filing theAnnual Documents on or before May 26, 2023.
A management cease trade order was granted by theBritish Columbia Securities Commission (the “BCSC”) on May 2, 2023(the “MCTO”). The MCTO prohibits the ChiefExecutive Officer and Chief Financial Officer of the Company fromtrading in securities of the Company until the Company files theAnnual Documents and the BCSC revokes the MCTO. The issuance of theMCTO does not affect the ability of persons other than the CEO and CFOto trade in the Company's securities.
Pursuant to NP 12-203, the Company must file bi-weeklystatus reports in the form of further news releases during the periodfrom the Notice until the MCTO is revoked. The Company reports thatsince the Notice: (i) there have been no material changes regardingthe information contained in the Notice that have not been disclosedin a bi-weekly default status report or in a news release referencedtherein; (ii) there have been no failures by the Company in fulfillingits stated intentions with respect to satisfying the provisions of thealternative information guidelines under NP 12-203; and (iii) therehas not been any specified default subsequent to the defaultsannounced in the Notice. There is no othermaterial information concerning the affairs of the Company that hasnot been generally disclosed.
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. The Company has completed a 60,000 m 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 an almost15,000-metre drill program on the Graal property and an airborne VTEMgeophysical survey is being conducted at its Lowney-Lac Edouardproperty; and (2) the prospective 1,000-hectare Eby-Otto gold propertyclose to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake,Ontario where it is exploring in 2022.
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
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.
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