(TheNewswire)
Coquitlam, BC - TheNewswire- January 25, 2023- Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF)(Frankfurt:4T9B) (the “ Company ” or“ Canada SilverCobalt ”) is pleased to announce that it hascompleted re-processing waste rock material fromCastle Mine, in Gowganda, Ontario. Cobalt and nickel results are stillpending.
Highlights of Waste RockRe-Processing:
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Mine waste rock is potential pre-production plantfeed.
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Mine waste rock can be mechanically sorted and upgradedby simple gravity concentration.
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Waste rock currently sitting outside the mine ispotentially similarly mineralized as the stored waste rock left in themine stopes.
TABLE 1: Silver - Gold Assays from Waste RockConcentrates
Sample No. | Au (ppm) | Au (oz/ton) | Ag (ppm) | Ag (oz/ton) |
Castle -20 (1) | 1.435 | 0.042 | 3,963 | 115.59 |
Castle -20 (2) | 1.557 | 0.045 | 4,128 | 120.4 |
Castle -20 (3) | 0.502 | 0.015 | 4,011 | 117.0 |
Castle +20 (1) | 13.023 | 0.380 | 28,200 | 822.5 |
Castle +20 (2) | 1.000 | 0.029 | 28,586 | 833.7 |
Castle +20 (3) | 1.164 | 0.034 | 29,165 | 850.6 |
The assays were performed on two separate size classesof the same mineralized material. Due to significant native silver in the waste rock, it isbest to break down the sample to different size classes to find which size class thenative silver and gold values are associatedwith . As this is a simple ,single- pass gravity concentration , higher grades are likely afteradditional gravity concentration steps . Table 1 indicates that in the +20mesh size fraction, the higher grades are due to the native metalcomponent of the precious metals.
Waste rock from the Castle mine was mechanically sortedin preparation for crushing, grinding, screening and gravityconcentration to produce a gravity concentrate for the recovery ofsilver and battery metals. The waste rock that has been put on thewaste pile outside the mine by previous mine operators has thepotential to be of similar grade as that left in the stopesunderground.
The Company, as part of the proposed mine developmentfor production mining, has already rehabilitated about 500 meters ofthe 1.2 kilometers of accessible First Level underground mine workingswhich can be accessed by an adit. Two hundred of the 500rehabilitated meters have mined stopes above and have broken muckstored, potentially up to 10 meters deep in the stope, on the mine’sfirst level. Historically, mining companies drifted directly on themineralized veins during mine production.
Based on the underground drilling done in 2019, thepotential exists that, in addition to the 600 meters of stoped driftsthat have already been mined, there exists up to a further 300 metersof stoped veins yet to access. With additional exploration,extensions of potential mineralized vein material can be identified tomine and process for the recovery of precious metals and batterymetals.
In addition to the mine level plans, the company cameupon plans for a ramp to be used to mine the mineralized materialbetween the 11 existing mine levels. This would create a ramped mineoperation allowing for hauling the ore up the main shaft. This willlead to an optimized mine design for future mine production.
Qualified person
The technical information in this news release wasapproved and prepared under the supervision of Mr. Frank J. Basa,B.Eng., P.Eng., CEO of Canada Silver Cobalt Works Inc., a qualifiedperson in accordance with National Instrument 43-101.
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. 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 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.
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 subject to various risks anduncertainties. Except for statements of historical facts, commentsthat address resource potential, upcoming work programs, geologicalinterpretations, receipt and security of mineral property titles,availability of funds, and others are forward-looking. Forward-lookingstatements are not guarantees of future performance and actual resultsmay vary materially from those statements. General business conditionsare factors that could cause actual results to vary materially fromforward-looking statements. A detailed discussion of the risk factors encountered by CanadaSilver Cobalt is available in the Company’s Annual Information Formdated July 19, 2021 for the fiscal year ended December 31, 2020available under the Company’s profile on SEDAR at www.sedar.com .
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