(TheNewswire)
World’s Highest-Grade SilverResource Estimate i s Set f or a n Update i nEarly 2022 Along With t he Completion o f t he Fully Funded 60,000m Drill Program a nd Enviro n mental Studies f or t he Future Bulk Sample
Coquitlam, BC – TheNewswire- November 1, 2021 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B)(the "Company" or "Canada Silver Cobalt") ispleased to announce that after the successful, fully subscribed $7.5million financing completed on October 25, 2021, the Company is ontrack to achieve key milestones at Castle East during the firstquarter of 2022.
The Company’s current plans are as follows:
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- Complete the planned 60,000m drill program at CastleEast (more than 43,000m have already been drilled).
- Update and increase the world’s highest-gradesilver resource, which prior to the drill program, was estimated, inMay 2020, at 7.56 million ounces of silver ininferred resources at 8,582 grams per tonne Ag un-cut (or 250.2 oz/tonAg) and which was based on only the Robinson vein and does not includeseveral new high-grade silver and cobalt veins discovered andannounced during drilling since the estimate was made.
- Complete environmental baseline studies and advancedwork towards an exploration permit for a future bulk sample.
- Initiate metallurgical testing for mineral processingfor silver production.
- Initiate a preliminary exploration program at therecently acquired gold claims next to Kirkland Lake Gold’shigh-grade Macassa gold mine (see news releases August 3 and August30, 2021).
Matthew Halliday, P. Geo., President of Canada SilverCobalt, stated: “We are extremely grateful for the strong investorsupport, demonstrated during the financing, for our plans to advancethe Castle East project. We are now in the position to maximize thepotential of the remaining drill program to further enhance ourcompany’s resource at Castle East. Once we are underground at CastleEast, we will have the opportunity to do underground exploration andreally advance this project to a new level. We have over 1.5kilometers of ground between the Castle and Castle East with some ofthe best potential in the camp to explore from surface, which is onlyone piece of our excellent property portfolio.”
Location
The Castle Property is located in the northwest part ofthe prolific, past-producing Silver-Cobalt Camp in Northern Ontariowhere more than 100 former underground mines produced over 500 millionounces of silver and over 30 million lbs of cobalt between 1903 and1989. The property, which is near Gowganda, covers 78 sq. km andincludes the past-producing Castle Mine and the newly discoveredCastle East silver deposit 1.5 km east of the existing mine and is 75km southwest of Kirkland Lake Gold’s high-grade Macassa Mine. TheCompany recently acquired prospective gold claims in 810 hectares inEby-Otto Township within 5 km of the Macassa Mine.
Qualified Person
The technical information in this news release wasprepared under the supervision of Mr. Matthew Halliday, P.Geo.,President of Canada Silver Cobalt Works Inc., a qualified person inaccordance with National Instrument 43-101.
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. This discovery has the highest silver resource grade in theworld, withrecent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underwayto expand the size of the deposit with an update to the resourceestimate scheduled for the first quarter of 2022.
In May 2020, based on a small initial drill program, the Companypublished the region’s first 43-101 resource estimate that containeda total of 7.56 million ounces of silver inInferred resources, comprising very high-grade silver (8,582 grams pertonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from twosections (1A and 1B) of the Castle East Robinson Zone, beginning at avertical depth of approximately 400 meters. Note that mineralresources that are not mineral reserves do not have demonstratedeconomic viability. Please refer to Canada Silver Cobalt Works PressRelease May 28, 2020, for the resource estimate. Report reference:Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimatefor Castle East, Robinson Zone, Ontario, Canada, with an effectivedate 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 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 Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.
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