(TheNewswire)
Coquitlam, BC - TheNewswire - January 31,2022 - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the"Company" or "Canada Silver Cobalt") is pleased toprovide an outlook for 2022 and a comprehensive review of companyoperations in 2021.
“What an energetic year for Canada Silver CobaltWorks. We are so proud of our team for accomplishing so much thisyear! Not only have we been opening up new structures and findinghigh-grade silver in Gowganda, but we’ve also been successful atGraal with multiple massive sulphide intersections. We’ve had quitea year for Re-2Ox and are taking the emerging battery markets veryseriously; the ability to produce EV quality materials from the Cobaltcamp is the heart of the process. The fact that we can now extractRubidium for the sodium-ion battery market illustrates how industriouswe are and that we are planning for a broad EV future. It was anincredibly ambitious year at Canada Silver Cobalt Works, and we planto keep the momentum going in 2022. We can’t wait to show you theexciting developments at Castle East, Graal and more.” statedMatthew Halliday, P.Geo., President, COO, and Vice-PresidentExploration.
Drilling Summary
The goal of the current drill program has been toexpand our current resources of 7.56 million ounces of silver inferred(8,582 grams per tonne un-cut in 27,400 tonnes). Since the lastResource update in May 2020 and the beginning of the 60,000m drillprogram at Castle East, CCW has discovered 7 new mineralizedstructures. The drill program has been highly successful thus far,with incredible intercepts in late 2020 including silver results of upto 89,853.00 g/tSilver over 0.30m in hole CS-20-39, cobaltresults of up to 2.22%Cobalt over 0.42m in hole CS-20-39W4, andimpressive gold results of up to 24.95 g/t Gold over 0.30m in hole CS-20-31with visible gold present at a shallow depth of 49.7m downhole.
In 2021, the Company drilled a combined total of42,603.4m at its Castle East and Graal Projects. At Castle East, thesilver and cobalt grades are equally impressive compared to 2020 andinclude up to 30,416.91 g/tSilver and 2.24% Cobalt over 0.42m in hole CS-21-61,multiple gold results including 2.35 g/t Gold over 1.30m in hole CS-21-47, and 1.94 g/t Gold over 1.00m in hole CS-21-48. At Graal, CCW is continuing tohit multiple intersections of massive sulphides with promisinghand-held XRF results up to 2.79% Ni and 25.68%Cu with assays pending.
2022 Outlook
Property Overviews
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Castle East, - Gowganda, Ontario(Figure 1):
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Finish the remainder of the 60,000m drillprogram.
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Complete and publish the updated resource estimatescheduled for Q1 2022.
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Sample stamp mill tailings at the Castle Mine and sendto TTL for testing using gravity pilot plant.
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Review GoldSpot AI targets with technicalstaff.
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Plan exploration between the Castle Mine and CastleEast areas, as well as greenfield exploration around surrounding areasthat have limited data.
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Eby-Otto - Kirkland Lake, Ontario(Figure 2):
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Preliminary field mapping, further channel sampling,and prospecting.
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Build exploration program for the 2022 field seasonincluding an MMI sampling program.
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Drill high-value targets based on existing fieldmapping and 2022 field season results.
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Graal - Lac St-Jean, Quebec (Figure3):
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Complete 1,700m of drilling in the MHY zone extensionand geophysical gravity anomaly to the southeast of the MHY sector.
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Borehole EM geophysics survey to quantify potentialthickness around the sulphide intersections encountered indrilling.
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Ground EM survey (SQUID) to identify conductive zonesto create high-value targets at depth.
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Henry Lake - Sudbury, Ontario (Figure4):
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Undergo further geophysical interpretation and databasecompilation to provide high-quality recommendations for fieldworkand/or preliminary diamond drilling.
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TTL Re2OX:
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Install gravity pilot plant at TTL in Cobalt, Ontario.
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Test high-grade stamp mill tailings from the BeaverMine and the Castle Mine once the commissioning of the gravity pilotplant is complete.
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Core Processing Facility:
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A planned expansion of the core yard and chain linkfencing surrounding the property to allow for increased capacity,security, and core/equipment storage. To make room for company growth,one of the buildings will be renovated to allow for office spaces andincreased personnel capacity.
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2021 Year in Review
Property Overviews
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CastleEast - Gowganda, Ontario (Figure 1):
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Completed 34,832.1m of surface exploration diamonddrilling.
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Continued drill program that started in 2020 whichidentified 7 new structures in addition to the existing Robinson Zone,with the grades from 2021 reaching up to 30,416.91 g/t silver and2.24% cobalt over 0.42m in hole CS-21-61.
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Initiated environmental baseline study data collectionin February 2021.
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Started the permitting process inthe fall of 2021 for the planned ramp.
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Engaged GoldSpot to aid our technical staff and produceAI based drill targets.
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Completed downhole geophysics to assist with geologicinterpretation.
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Eby-Otto - Kirkland Lake, Ontario(Figure 2):
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Acquired 810 hectares of prospective land near KirklandLake Gold’s Macassa Mine that is adjacent to the LarderLake-Cadillac Break, with select claims being already permitted fordiamond drilling, geophysics, and line-cutting.
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Completed preliminary channel sampling and prospectingwhich will guide the 2022 field season and future drill planning.
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Graal - Lac St-Jean, Quebec (Figure3):
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Expanded the claim package by acquiring 888.56 hectaresof land for a grand total of 6,113 hectares creating a 6km mineralizedstrike length with near-surface copper, nickel, and cobalt.
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Completed a strategic airborne gravimetric and magneticsurvey on select areas within the claim package.
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Completed 7,771.3 meters of diamond drilling targetinggeophysical anomalies.
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Intercepted massive sulphide in 20 out of 21 diamonddrill holes with XRF results up to 2.79% Ni and 25.68% Cu with assayspending.
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CCW also owns an additional 25,088 hectares for a totalof 31,201 hectares of EV properties across Quebec.
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Henry Lake - Sudbury, Ontario (Figure4):
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Completed an airborne gravimetric and magnetic surveyon a 4,468-hectare claim package that is located east of the SudburyBasin.
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TTL Re2OX:
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Using the Re-2Ox process, the Company successfullyleached rubidium from the EV battery metal discovery at Granada GoldMines.
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CCW launched a website dedicatedto the Re-2Ox process: https://re-2ox.com/
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Core Processing Facility
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An industrial-zoned property near the town of Cobalt,Ontario was leased for core processing. This property will act as theCompany’s central hub for all the Company’s Ontario and Quebecoperations. The location allows for easytransportation of core, samples, and distribution of staff to projectsacross Ontario and Quebec.
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Table 1 : CastleEast Sample Details
Hole ID | From (m) | To (m) | Length (m) | Ag (g/tonne) | Au (g/tonne) | Co (%) |
CS-20-31 | 49.70 | 50.00 | 0.30 | 0.50 | 24.95 | <0.01 |
CS-20-39 | 557.46 | 557.76 | 0.30 | 89,853.00 | <0.02 | 1.55 |
CS-20-39W4 | 551.08 | 551.50 | 0.42 | 53,739.00 | <0.02 | 2.22 |
CS-21-47 | 163.00 | 164.30 | 1.30 | 1.40 | 2.35 | <0.01 |
CS-21-48 | 558.00 | 559.00 | 1.00 | 11.45 | 1.94 | <0.01 |
CS-21-61 | 449.55 | 449.97 | 0.42 | 30,416.90 | <0.02 | 2.24 |
Please note:Intervals represent single assays and are core length with no cappingapplied.
Company Core Values and Initiatives
1) SustainableDevelopment
Canada Silver Cobalt has several different projects across Ontarioand Quebec. We are a small, dynamic team that achieves progress andstrives for success without compromising economic, social, or environmental integrity. We aim to meetthe demands of today without compromising the needs of tomorrow.
2) Health &Safety
Safety is our top priority at Canada Silver Cobalt. With theCOVID-19 pandemic still ongoing, we continue to enforce strict safetyprotocols to keep our staff safe during these trying times. Health andSafety is not solely a workplace topic, we believe that it is amindset that defines a culture and allows our staff to return home atthe end of the day.
3) Environment
We, at Canada Silver Cobalt, hold environmental responsibility inthe highest regard. The Company aims to reduce our environmentalimpact and footprint as much as possible for the benefit of futuregenerations. With our green Re-2Oxprocess and environmental baseline studies started at Castle East, weare actively following through on our environmental obligations.
4) Community
The Company has continually worked with localstakeholders and First Nations communities. TheCompany engages in meaningful involvement and participation in localactivities and uses locally sourced goods and services whereverpossible.
5) WorkCulture
AtCanada Silver Cobalt, we set out to achieve a work culture that makesour staff feel safe, valued, and engaged. We believe that ouremployees are critical to company success and will act as thefoundation for our future growth. We encourage respect between peers,trust in leadership, and opportunities for professional development.We strive for success in all things through collaboration and hardwork.
Qualified Person
The technical information in this news release wasprepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO),President, COO and VP Exploration of Canada Silver Cobalt Works Inc.,a qualified person in accordance with National Instrument43-101.
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. This discovery has the highest silver resource grade in theworld, with recent drill intercepts of up to 89,853 grams/tonne silver(2,621 oz/ton Ag). A drill program is underway to expand the size ofthe deposit with an update to the resource estimate scheduled for Q12022.
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.
CCW also has 39,017.96 hectares of electric vehicle(EV) battery metals exploration properties (containing nickel, copper,and cobalt) with 15 properties in Quebec and 1 in Northern Ontario.Exploration is underway at the Graal massive sulphide formation inNorthern Quebec. Drill core has been encouraging with initial XRFresults up to 2.79% nickel and 25.68% copper in hole NRC 21 03; labresults are still pending.
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 bulk processing facility (TTL Laboratories) inthe town of Cobalt, and a proprietary hydrometallurgical process knownas Re-2Ox (for the creation of technical-grade cobalt sulphate as wellas nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobaltis strategically positioned to become a Canadian leader in the silverand battery metals. More information atwww.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
This news release may containforward-looking statements which include, but are not limited to,comments regarding the Offering and comments that involve other futureevents and conditions, which are subject to various risks anduncertainties. Except for statements of historical facts, commentsthat address the Offering, resource potential, upcoming work programs,geological interpretations, receipt and security of mineral propertytitles, future financings, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. No assurance can be given that the Offering will close onthe terms and conditions set out in this news release or at all.General business conditions are factors that could cause actualresults to vary 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.
Figure 1: Castle East - Gowganda,Ontario.
Figure 2: Eby-Otto - Kirkland Lake,Ontario.
Figure 3: Graal - Lac St-Jean,Quebec.
Figure 4: Henry Lake - Sudbury,Ontario.
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