(TheNewswire)
Excellent assay results from both 17Mand 50 West Zones provide continuous expansion to known mineralizationand the upcoming resource update.
Coquitlam, BC - TheNewswire - February 22, 2022 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B)(the "Company" or "Canada Silver Cobalt") ispleased to announce the continued expansion of its high-grade silverdeposit at Castle East with excellent intercepts from the 17M and 50West Zones. These drill results will be included in the planned majorresource update expected by the end of Q1 2022.
Drilling Highlights:
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17M Zone grades include 5,887.59 g/t silver and 0.17%cobalt over 0.53m in hole CS-21-54W1, as well as 811.06 g/t silverover 0.53m in hole CS-21-73. The vein in CS-21-54W1 belongs to one ofthe more dominant structures in the vein network that comprises the17M Zone. The intercept is located roughly 23m to the north of the 17MZone intercepts in CS-21-39, CS-21-39W2, and CS-21-39W4 (See newsrelease August 23, 2021).
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50 West Zone grades include 975.57 g/t silver over0.72m and 852.23 g/t silver over 0.65m, both from hole CS-21-72. Theseintercepts are located approximately 150m from the intercept indiscovery hole CS-21-50 that graded 2,208.00 g/t silver over 0.44m(See news release August 23, 2021). Additional drilling is needed toconfirm whether this is an extension to the 50 West or a newstructure.
Hole ID | Zone | From (m) | To (m) | Length (m) | Ag (g/tonne) | AuEq (g/tonne) | Co (%) |
CS-21-54W1 | 17M Zone | 475.50 | 476.00 | 0.50 | 765.93 | 9.60 | <0.01 |
CS-21-54W1 | 17M Zone | 476.00 | 476.53 | 0.53 | 5,887.59 | 73.80 | 0.17 |
CS-21-72 | 50 West | 696.98 | 697.70 | 0.72 | 975.57 | 12.23 | 0.01 |
CS-21-72 | 50 West | 697.70 | 698.35 | 0.65 | 852.23 | 10.68 | 0.01 |
CS-21-73 | 17M Zone | 508.42 | 508.95 | 0.53 | 811.06 | 10.17 | 0.03 |
Note: Gold equivalent (AuEq) isbased on USD $23.76 oz/ton Ag and USD $1,895.51 oz/ton Au calculatedFeb. 17, 2022. Samples are core length and may not represent truewidth.
Matt Halliday, President, and Chief Operating Officer,commented: “Recent news releases have shown that our geologicalexploration team can continue to deliver at Castle East. On January10, we reported a 2,571 g/t silver intercept at our 61 Zone, onJanuary 24 a 6,188 g/t silver intercept at the Big Silver Zone, andnow we have intercepted 5,887 g/t silver within the 17M Zone. This isvery exciting especially as we inch closer to our resource updateexpected by the end of Q1 2022. These new zones add significant valueto the property and contribute to the attractiveness of the plannedramp and PEA. Our Gowganda assets are growing, and we are gettingready to discover more deposits on our broad property package.”(SeeJanuary 31, 2022 news release for what is planned at eachproperty.)
Ongoing drilling in the Castle East area has beengeared toward 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 located 80km W-NW 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 Agnico Eagle Mines’ 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 expected by theend of Q1 2022.
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 35,669 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 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.
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