(TheNewswire)
Coquitlam, BC – TheNewswire- July 22, 2021 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B)(the "Company" or "Canada Silver Cobalt") ispleased to provide an update on its early-stage exploration activitiesin the Province of Québec where it is evaluating 15 properties on 689claims covering 38,129.4 hectares that are prospective for EV batterymetals nickel, copper, and cobalt. (see Figure 1 below and February 16and April 21, 2021 news releases).
The Company has now received its drill permit in orderto drill the Bouguer Anomalies Targets of its Graal-Nourricier - Lac Suzanneproperty in northern Lac St-Jean. This property,which has not been fully explored, is one of the five included in thecompany’s geophysical airborne surveys conducted earlier this yearand it is regarded as, geologically, one of the most promising. TheCompany is seeking to identify significant amounts ofnickel-copper-sulphide masses at the base of the magnetic chamber.
The drill program is scheduled to start in the next 30days and, in particular, seeks to intersect the base of the hiddenmagmatic reservoir of immiscible sulfides bath. Past drill results appear to be indicating mineralizationon the side of the magmatic reservoir and the massive sulphides arepotentially still hidden at depth.
The property has shown numerous metal intercepts frompast drilling/sampling with the best results recording grades of up to10.31% nickel, 4.9% copper and 1% cobalt from diamond drilling (seedetails below).
CEO Frank J. Basa, P.Eng., notes: “The company’smain focus remains the past-producing silver-cobalt Castle property innorthern Ontario and especially the ongoing exploration of the CastleEast exceptional high-grade silver discovery with drill intercepts upto 89,853 g/t Ag or 2,621 oz/ton and an initial resource of 7.6million oz Ag with an average grade of 8,582 g/t Ag or 250.2 oz/ton(see details below). The Castle East exploration drill program isgoing well with 39,000 meters of the 60,000-meter program completedwith numerous results pending and we expect a major increase inestimated silver resources in an update of the Resource Estimateexpected in early 2022.
“The Quebec properties were acquired for theirpotential to host a variety of EV battery metals including nickel,copper and cobalt with the intention of expanding our current holdingsand strategically positioning the Company and its shareholders to takefull advantage of the evolving market conditions for EV battery basemetal inputs. We are undertaking first-stage geological evaluation ofthe properties and, as previously announced, we are considering apotential transfer of the properties into another public companyfocused primarily on EV battery metals with our key precious metalsassets remaining in Canada Silver Cobalt,” Mr. Basa stated
The first conceptual primary target identified based onBouguer airborne survey conceptual modelling has an extent of 1200m x2200m on the Graal-Nourricier - Lac Suzanne property. The unknown isthe elevation – or the depth at which the base of the net-texturedand massive sulfides sits. The geological team believes it should beintersected at a depth range of 1500 to 2000m from surface over 100 to150 meters thick. If the Company succeeds in the first target, thedrill will be moved to define near-surface targets prior to moving toa second target of lesser magnitude in size. This plan is subject tochange and depends of the findings.
For the drill program, the Company has retained theservices of Saguenay-based Laurentia Exploration, which has anextensive technical knowledge of the regional geology since severalmembers of their crew have already worked on drill programs at theadjacent Arianne Phosphate lac à Paul project. The exploration workwill be under the direction of GoldMinds Geoservices which hasidentified the targets.
Once drilling at Graal has started, the Company willfollow up its exploration plan with drilling on the other mainfirst-level targets at:
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- Lowney, Lac Edouard South-East
- Forgues East Manic Crater
- Fuchsia-Massif du Nord
- B15 Bouguer anomaly
The program also includes verification with fieldgeology for the second-level properties.
The Company is not pursuing the option agreement on theB2 property as the completed drill program there has not deliveredexpected results in comparison to the surface sample results.
Figure 1 – Nickel - CopperProperty Locations in the Province of Québec
About Graal – Nourricier Lac Suzanne property
The Graal-Nourricier - Lac Suzanne property is one ofthe most promising magmatic reservoirs identified in the group ofrecently acquired properties. The Company’s intention is to drilldirectly on the maximum Bouguer Anomaly identified. Below are somehighlights (mostly historical data retrieved from public reports andinformation on SIGEOM) where we are of the opinion that the results todate are only mineralization on the side of the magmatic reservoir andthe massive sulphides are still hidden at depth.
This property, comprising 71 CCW claims over 3,947hectares and 23 optioned claims from Globex comprised of 3 distinct blocks totaling1,276 hectares for a combined total of 5,223 hectares, is the mostpromising target. It is southeast of the Lac à Paul Arianne Phosphatedeposit. The property is located approximately160 kilometers NNE of the city of Saguenay and 272 kilometers east ofChibougamau in NTS 22E15. The central and southern claim blocks areunderlain by anorthosites, gabbros and troctolites pertaining to theanorthositic suite of Lac-St-Jean, whereas the northern block isunderlain by tonalitic and trondhjemitic gneisses pertaining to theRouvray gneissic Complex.
Previous work on the Lac Suzanne property was performedby Mines d’Or Virginia Inc. between 1997 and 2001. This workconsisted of airborne geophysical surveys (magnetic andelectromagnetic) followed by ground surveys (magnetic andelectromagnetic – MaxMin) in order to more precisely locate theanomalies that were outlined by the airborne surveys. These surveyswere followed by geological mapping, trenching, blasting, soilgeochemical and rock sampling. The last exploration work done, withinthe limits of the present claims, consisted of diamond drilling where13 holes were drilled totaling 1,473 meters. The MaxMin surveydelineated a good electromagnetic conductor over a strike length ofover 6.5 kilometers which has only been sparsely explored, with up to800 meters drill hole spacing or more and the deepest holeinvestigated at merely a 100 meters vertical depth. Knowing this,there remains a lot of ground to investigate more thoroughly.
The best results fromthe rock and drill core sampling returned grades of up to 10.31%Nickel, 4.9% Copper and 1% Cobalt from diamond drilling . The mineralization found on the Lac Suzanne property is ofthe magmatic massive sulphide type where sulphides are concentratedwithin a magmatic chamber. The Voisey’s Baydeposit in Labrador is of this same type. (foradditional information regarding Voisey’s Bay deposit, please see: Current Research (2003) Newfoundland Departmentof Mines and Energy Geological Survey, Report 03-1, pages 231-239 -VOISEY’S BAY AND THE NICKEL POTENTIAL OF LABRADOR: A SUMMARY FOR THENONSPECIALIST by A. Kerr Voisey's Bay 2003 A.Kerr Report ). The exploration work done on the Lac Suzanne property thus far hasbarely scratched the surface. As exploration deepens, there is a goodchance that richer grades may be encountered. There are manyidentified, near-surface mineralized zones which dip toward theBouguer Anomaly sweet spot.
On the Nourricier portion, there is Nourricier A(97-01), A (97-c235), B (NB 97-01) B (NB97-02) sector. T he hole collar NA-97-01 (GM 56023 – Rapport des Travaux1997, Mines d’Or Virginia) locates the deposit. It is near theRT-97-C238 trench which revealed even higher grades. "Recognizedintrusive brec cias in theFeeder (Nourricier) Sector(A and B) with fragments of olivine containing droplets of sulphidesindicating crystallization of olivines in a sulphide bath are strongly similar to mineralizationat Voisey's Bay”.
The host rock is gabbro or anorthosite injected withlevels of pyrrhotite which give the rock an appearance of breccia. Themineralization consists of disseminated to massive pyrrhotite (max70%) sometimes accompanied by chalcopyrite (1% or less) and garnet(35%, when the matrix is ??gabbro, at 45.5 m in the hole). Magmatic mineralization, dominant Nickel-Copper (±Cobalt ± PGE), is associated with anorthositic-troctoliticmassifs .
MHY A (97-03) MHY (97-02) Occurrence (Lac Suzanneproperty) (source: GM 71373 – CompilationReport, Lac Suzanne Property, Globex Mining Enterprises, 2019)
Highlight:
MHY-97-02: 0.21% Copper, 0.22% Nickel and 338 ppmCobalt over 0.6 m to 22.5 m; 0.12% Copper, 0.27% Nickel and 395 ppmCobalt over 0.3 m to 34.8 m; Blasting: RT-97-C319: 0.18% Copper, 0.2%Nickel and 319 ppm Cobalt; Blasting FL-97-C 15: 0.1% Copper, 0.28%Nickel and 900 ppm Cobalt (smp689824); 0.62% Copper, 0.13% Nickel and276 ppm Cobalt (smp689751); 0.53% Copper, 0.09% Nickel and 171 ppmCobalt (smp689753).
MHY-97-03: 1447 ppm Copper, 5143 ppm Nickel and 533 ppmCobalt over 0.6 m to 16.4 m; 0.6% Copper over 0.8 m to 12.3 m;SM-97-C-21: 0.52% Copper and 0.06% Nickel; RT-97-C-240: 0.22% Copper;RT-97-C-245 (400 m to the southwest): 0.34% Copper and 0.12% Nickel.GM 59143: drillhole 1279-01-35 (360 m to the northeast): 0.37% Nickel,0.18% Copper and 0.04% Cobalt over 4.3 m including 0.95% Nickel over0.5 m.
Lac Suzanne North
Occurrence of massive sulphide veins.
Highlight: The best values??from hole 1279-01-37 show 0.29% Nickel, 0.05% Copper and 0.03%Cobalt over 1.0 m; 0.3% Copper over 0.3 m; 12.65% TiO 2 , 13.16% MgO and 0.2% P 2 O 5 over 30.6 m
Lac Suzanne
The mineralization occurs in the form of massivesulphide veins intersecting massive and very homogeneous units ofamphibole anorthosite and leucogabbro.
Highlight: Drill hole 1279-01-36has 10.31% Nickel, 0.06% Copper and 0.05% Cobalt over 0.3 m, as wellas 0.14% Nickel, 4.27% Copper and 0.03% Cobalt over 1.0 m. Thisinterval corresponds to a centimetric vein of sulphides rich inchalcopyrite intersecting the drillhole at a low angle.
Qualified person
The technical information in this news release has beenreviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc.m ember of Québec Order of Engineers and aqualified person in accordance with National Instrument43- 101 standards.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works released the first-everresource in the Gowganda Camp and greater Cobalt Camp in May 2020. Atotal of 7.56 millionounces of silver in Inferred resources,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 (1Aand 1B) of the Castle East Robinson Zone beginning at a vertical depthof approximately 400 meters, was identified. The discovery remainsopen in all directions (1A and 1B are approximately 800 meters fromthe Capitol Mine workings) (mineral resources that are not mineralreserves do not have demonstrated economic viability) (refer to CanadaSilver Cobalt Works Press Release May 28, 2020. Report reference:Rachidi, M. 2020, NI 43-101Technical Report Mineral Resource Estimate for Castle East, RobinsonZone, Ontario, Canada , with an effective date ofMay 28, 2020 and a signature date of July 13, 2020).
Canada Silver Cobalt’s flagship Castle mine and 78sq. km Castle Property feature strong exploration upside for silver,cobalt, nickel, gold, and copper in the prolific past-producingGowganda high-grade Silver District of Northern Ontario. Withunderground access at Castle, 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.
“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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