(TheNewswire)
Coquitlam, BC - TheNewswire - April 20, 2023 - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “ Company ” or “ Canada Silver Cobalt ”) announces that the Company has expanded its holdingsbetween Sangster and Potter Townships in the Cochrane District,Ontario by staking 799.8 hectares in 38 new claims contiguous to theSangster Claim Block for a total holding of 111 claims over 2,337hectares in cooperation with the original property optionor (seecompany News Release of November 9, 2022). The newly staked claims are100% held by Canada Silver Cobalt Works.
Highlights
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The additional 799.8 hectares include multiplepegmatites mapped by Noranda in 1995 and includes a 130m wide by 1kmlong zone interpreted by Noranda as pegmatite.
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This brings CCW holdings up to 26,373 hectares aroundthe Case Lake Batholith, one of the largest land packages for thisgeological setting.
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CCW’s Sangster and St-Denis blocks are in similargeological setting as Power Metals nearby Case Lake lithiumproject.
The new staking brings the total St-Denis project areato 26,373 hectares (including 24,036 hectares in the St-Denis Mainblock and 2,337 hectares in the Sangster block) and is one of thelargest land holdings in the emerging Case Lake LCT(lithium-cesium-tantalum) pegmatite district of Northeastern Ontario.The property is strategically positioned over an ideal geologicalenvironment for pegmatite mineralization, as demonstrated by a numberof observations of pegmatite in outcrop and drill core in the historicassessment work files and government mapping. The Project is supportedby year-round ease of access, proximity to services and suppliers inthe mining communities of Timmins and Cochrane, and location alongstrike to a known LCT (lithium-cesium-tantalum) pegmatite occurrence(Case Lake LCT pegmatite swarm).
Property Highlights
The Sangster claim block is a separate portion of thegreater St-Denis LCT pegmatite project east and northeast of Cochrane,Ontario. The Sangster block is located 38 km northeast of the town ofCochrane and is road accessible year-round by logging roads from themain Detour Lake Mine Road. The St-Denis Main block is road accessiblevia Translimit Road from Cochrane. See Figure 1 for the location ofthe Project.
The Sangster claim block is situated over thenorthwestern contact between the Case Lake evolved S-Type granite andArchean metasedimentary and metavolcanic rocks (and associatedgneisses) of the Porcupine Assemblage. The Sangster block is located62 kilometers northwest of the Case Lake lithium-cesium pegmatiteswarm (claims currently held by Power Metals Corp., “PowerMetals”). Power Metals has identified significant lithium and cesiumgrades in spodumene and pollucite rich pegmatites at the West Joe Dykeand Main Dyke areas, including 1.58 % Li 2 O (lithium oxide) over 15.0 m in drillhole PWM-22-134 (see Power Metals Corp News Release September 8, 2022)and 6.74% Cs 2 O over 5.0 m,11.0 to 16.0 m in drill hole PWM-18-126. Canada Silver Cobalt’sSangster claim block covers a similar geological environment to thatof Power Metals’ Case Lake lithium- cesiumproperty, and the St-Denis Main block covers ground west along strikeof the Case Lake property.
The Company has performed extensive research, datareview, and data compilation and has been successful in gathering anumber of historic assessment work reports and government records ofgeological data and exploration activity in the area. These newclaims at the Sangster claim block were staked as a direct result ofthis data review, as Company geologists found references to pegmatitesin outcrop in a geologic map produced by Noranda Exploration Inc. in1995 (Ontario Assessment File Record 42H07SE0003). The pegmatitesmapped by Noranda geologists were not well described and there islittle information about their mineralogy, so their significance mayhave been over-looked as Noranda Exploration’s focus at the time wason base metals. In addition to the pegmatite occurrences, Norandainterpreted an area approximately 1km in strike length by 130m widthas “pegmatite” in their compilation map. Company geologists areencouraged by these findings and this area will be a focus of CanadaSilver Cobalt’s on-going work.
Canada Silver Cobalt’s next steps at the Sangsterblock will be to ground truth, map, and sample the pegmatite outcropsidentified by Noranda in order to evaluate the area for itslithium-cesium mineralization potential. The Company is excited forthe snow to melt so that our geologists can visit the property to seethe characteristics of the outcrops and test that expanse forpotential lithium-cesium mineralization.
Figure 1 . Location of the St-DenisProject and Sangster claim block.
Figure 2 . Location of expandedclaim staking by Canada Silver Cobalt Works.
Figure 3 . Geologic environment ofthe Sangster claim block.
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.
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 16,000-metredrill program on the Graal property; and (2) the prospective1,000-hectare Eby-Otto gold property close to Agnico Eagle’shigh-grade Macassa Mine near Kirkland Lake, Ontario where it isexploring. (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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