(TheNewswire)
Many excellent intercepts providingsilver and cobalt continuity up to 2,571.53 g/t Silver over 0.50m and1.12% Cobalt over 0.51m coming from the 61 Zone.
Coquitlam, BC - TheNewswire - January 10, 2022 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B)(the "Company" or "Canada Silver Cobalt") ispleased to announce a continued expansion at Castle East with strongintercepts from the 61 Zone.
Drilling Highlights:
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61 Zone grades include 2,571.53 g/t silver over 0.50m,and 1.12% cobalt over 0.51m in hole CS-21-77W1, as well as 1,951.82g/t silver over 0.55m, and 0.76% cobalt over 0.46m in hole CS-21-77.Both intercepts provide an up-dip extension to the 61-vein structurewith CS-21-77W1 providing 22m of up-dip extension from discovery holeCS-21-61 that graded 30,416.91 g/t over 0.42m (See press releaseAugust 9, 2021).
Matt Halliday, President and Chief Operating Officer,commented: “Our team is extremely encouraged with these results.These intercepts are incredible, and we are continuing to expand onall our major mineralized zones. We can’t wait to deliver more newson Big Silver, the 17m zone and zone 50 as we are getting results inand compiled. We are excited about the major upcoming resource updatewhich will include several of the new high-grade silver veinsdiscovered over the course of the drill program since the lastresource estimate was published in May 2020.”
Hole ID | Zone | From (m) | To (m) | Length (m) | Ag (g/tonne) | AuEq (g/tonne) | Co (%) |
CS-21-61W1 | 61 Zone | 470.35 | 471.00 | 0.65 | 807.48 | 10.26 | <0.01 |
CS-21-77 | 61 Zone | 471.96 | 472.42 | 0.46 | 685.48 | 8.71 | 0.76 |
CS-21-77 | 61 Zone | 493.16 | 493.71 | 0.55 | 1951.82 | 24.81 | 0.10 |
CS-21-77W1 | 61 Zone | 452.35 | 453.00 | 0.65 | 823.78 | 10.47 | <0.01 |
CS-21-77W1 | 61 Zone | 453.00 | 453.50 | 0.50 | 2571.53 | 32.69 | 0.01 |
CS-21-77W1 | 61 Zone | 453.50 | 454.15 | 0.65 | 733.41 | 9.32 | <0.01 |
CS-21-77W1 | 61 Zone | 486.00 | 486.51 | 0.51 | 681.57 | 8.66 | 1.12 |
Note: Gold equivalent (AuEq) isbased on USD $23.19 oz/ton Ag and USD $1,824.28 oz/ton Au calculatedJan. 5, 2022.
Ongoing drilling in the Castle East area is gearedtoward expanding the existing resource panels outlined in theCompany’s maiden Resource Estimate reported in a news release May28, 2020. The resource estimate was the first ever in the GreaterCobalt Camp, and identified zones 1A and 1B of the Robinson Zone withan average silver grade of 8,582 g/t ( 250oz/ton ) in a combined 27,400 tonnes of materialfor a total of 7.56million Inferredounces of silver using a cut-off grade of 258g/t AgEq (mineral resources that are not mineral reserves do not havedemonstrated economic viability). Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral ResourceEstimate for Castle East, Robinson Zone, Ontario, Canada , with an effective date of May 28, 2020 and asignature date of July 13, 2020.
Location
The Castle Property is located near the town ofGowganda and is 80 km west-northwest of Temiskaming Shores, Ontario,Canada. It is also 15 km east of Aris Gold Corp’s Juby Gold deposit,30 km due south of Alamos Gold’s Young-Davidson mine, 75 kmsouthwest of Kirkland Lake Gold’s Macassa Complex, and 100 kmsoutheast of new gold discoveries in the Timmins West area.
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 has 39,017.96 hectares of electric vehicle (EV)battery metals exploration properties (containing nickel, copper andcobalt) 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 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 the silver andbattery 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.
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