(TheNewswire)
Coquitlam, BC – TheNewswire- March 6, 2023 – Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or“Canada Silver Cobalt”) has received new permits to allowfollow-up drilling and outcrop stripping on the shallow gold andsilver mineralization at Castle East.
The Company has received permits for both drilling andoutcrop stripping allowing for further exploration at Castle East. Theaim is to explore and identify any surface expressions of both theshallow silver and gold mineralization. The two primary, near-surfaceintercepts that will be followed up on are 4,710 g/t silver over 0.53mfrom 64.99 to 65.52m in hole CS-22-115, and 24.95 g/t gold over 0.30mfrom 49.70 to 50.00m in hole CS-20-31 (See news releases November 14,2022, and January 17, 2023 respectively).
The Company aims to ascertain any relationship betweenthe near-surface gold and silver mineralization, as well as learnvaluable information about the Archean lithologies in the southernpart of the property. The technical team will plan the exploratorystripping based on projected 3D models of the veins created from the2020-2022 drill program. Stripping is planned to determine whether theveins continue to surface. If so, the Company will complete channelsampling across the structures to identify the quantity ofmineralization. In addition, any further drilling will explore thestructures along strike to determine their continuity. Depending onthe success of the short program, infill drilling between knownstructures to the north (Robinson Vein and Big Silver) and theseshallow intercepts will be considered. The Company aims to completethe field component mid to late summer 2023.
“We are excited the explore these near-surfaceintercepts, we think they will be a very important factor in thelong-term development at Castle East. The shallow structures are muchcloser to the conceptual portal, which could have larger implicationsfor future bulk sampling compared to the much deeper Big Silver andRobinson Zone veins,” comments Matthew Halliday P.Geo., Presidentand COO.
Figure 1: Locations of the nearsurface mineralization and planned follow-up work
Link to recent news releases
https://www.canadasilvercobaltworks.com/news/category/2023
Link to updated corporate presentation
https://www.canadasilvercobaltworks.com/Presentation.pdf
Q ualified Person
This news release has been reviewed and approved byMatthew Halliday P.Geo., President of Canada Silver Cobalt Works Inc., a qualified person in accordance with NationalInstrument 43- 101 standards.
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 July13, 2020.
The Company also has: (1) 14 battery metals propertiesin Northern Quebec where it has recently completed a nearly15,000-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
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.
Caution RegardingForward-Looking Statements
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-looking statements. A detailed discussion ofthe risk factors encountered by Canada Silver Cobalt is available inthe Company’s Annual Information Form dated July 19, 2021 for thefiscal year ended December 31, 2020 available under the Company’sprofile on SEDAR at www.sedar.com .
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