(TheNewswire)
Assay results confirm the existenceof strong nickel, copper and cobalt mineralization in addition todiscovering low grade platinum and palladium.
Coquitlam, BC - TheNewswire - March 3, 2022 - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the"Company" or "Canada Silver Cobalt") is pleased toannounce it has received positive assay results including interceptsup to 2.08% nickel and 3.75% copper from the first three diamond drillholes that intercepted massive sulphides at its Graal property in theLac St-Jean region of Quebec.
Highlights:
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The assay results (see table below) verify theexistence of nickel and copper that was identified using a handheldXRF device during the core logging process (See November 24, 2021 newsrelease).
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The elemental data suggests the pyrrhotite is nickelbearing and shows the existence of PGM elements including platinum andpalladium.
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There are assays pending from another 18 drill holes.
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Massive sulphides were intercepted in 20 of 21 drillholes with 7,772.3 meters drilled to date.
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Another 1,700 meters of drilling is planned at Graalalong with borehole EM geophysics to quantify potential thicknessaround the sulphide intersections and a ground EM survey (SQUID) toidentify conductive zones to create high-value targets at depth (Seenews release January 31, 2022).
Matt Halliday, P.Geo., President, COO and VPExploration stated: “Graal has been an exciting property for ourgeological team from the time we hit massive sulphides in the firstfew holes. As we drilled more holes, we discovered even widerintervals of sulphides. We're very much looking forward to the assaysfrom the remaining 18 holes that are still not reported and continuingwith exploration at this deposit. With Graal and the otherprospective properties we have in Quebec and Ontario, the Company iswell positioned for the continued discovery of battery metals, andwhen combined with our 'green' Re-2Ox extraction process, to be afully integrated, environmentally compliant supplier of criticalmetals and value-added battery metals to the North Americanmarket.”
Table 1: Drill core assay results
DDH | From | To | Length (m) | Ni (%) | Cu (%) | Co (%) | Pt (g/t) | Pd (g/t) |
NRC-21-02 | 155.00 | 171.00 | 16.00 | 0.10 | 0.70 | 0.01 | 0.01 | 0.01 |
Including | 155.70 | 160.70 | 5.00 | 0.29 | 0.18 | 0.03 | 0.01 | 0.01 |
NRC-21-03 | 138.30 | 144.00 | 5.70 | 0.84 | 0.59 | 0.09 | 0.03 | 0.03 |
Including | 138.30 | 142.40 | 4.10 | 1.15 | 0.27 | 0.12 | 0.04 | 0.04 |
Including | 143.40 | 144.00 | 0.60 | 0.10 | 3.75 | 0.02 | 0.00 | 0.00 |
NRC-21-04 | 136.40 | 136.90 | 0.50 | 2.08 | 0.88 | 0.03 | 0.41 | 0.22 |
Please note:Intervals represent single assays and are core length with no cappingapplied.
The 6,113-hectare Graal property is one of 14properties recently acquired in northern Quebec covering 31,201hectares that are prospective for EV battery metals such as nickel,copper, and cobalt. (See February 16, April 21, July 22, November 15,2021 and January 31, 2022 news releases). The drill program iscurrently being managed by Laurentia Exploration in association withGoldMinds Geoservices Inc.
Figure 1: Map of Property, Claims, Drill Holes, and Sulphide InterceptLocations.
QA/QC
The core samples were sent to ALS labs located in Vald’Or for sample preparation and will be forwarded to a separate labfor a four-acid digest multi-element suite including nickel and copperas well as a fire assay for platinum and palladium. Blank andstandards were included in the sample batch and their values allowsthe public disclosure of the assay results.
Qualified person
The technical information in this news release has beenreviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., amember of the Québec Order of Engineers, and isa qualified person in accordance with the National Instrument43- 101 standards.
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.
The Company also has 14 battery metals properties inNorthern Quebec where it is currently drilling and the prospective1,000-hectare Eby-Otto gold property close to Agnico Eagle’shigh-grade Macassa Mine near Kirkland Lake, Ontario where it will beexploring in 2022.
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 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
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 is available in the Company’sAnnual Information Form dated July 19, 2021 for the fiscal year endedDecember 31, 2020 available under the Company’s profile on SEDAR atwww.sedar.com.
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