(TheNewswire)
Coquitlam, BC – TheNewswire - June 13, 2022 - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the"Company" or "Canada Silver Cobalt") is pleased toannounce that it has commenced a follow-up drill program at its Graalnickel-copper-cobalt property in the Lac St-Jean region of Quebec.
The minimum 5,000m drill program aims at testing thegeophysical anomalies characterized by high conductance that werehighlighted during a recent FL-TDEM geophysical survey (See newsrelease April 19, 2022). The objective is to verify the continuity andthe extent of the nickel-copper-cobalt mineralization and search forthe zones with increased thickness. Laurentia Exploration Services isconducting the drill program.
Previous diamond drilling along with geophysicalsurveys at Graal identified several disseminated to massive sulphidezones with varying thickness up to 13.1m containing significant gradesof nickel and copper and in addition lesser amounts of cobalt,platinum, and palladium. Drilling was paused earlier this year toallow for the reception of pending assay data and completion of thegeophysical survey (See news release April 4, 2022).
“Our geological team is quite excited to resumedrilling at Graal. Almost every drill hole so far has encountereddisseminated to massive sulphides with strong nickel, copper, andcobalt mineralization. What we have already discovered at the propertysuggests that it has the potential to become an important part of theNorth American battery metals supply corridor. The current drillprogram will give particular attention to the geophysical survey’sdiscovery of a large 1.7km by 850m anomaly characterized by highconductance which we will be testing with the drill bit,” statedMatt Halliday, President, COO and VP Exploration.
In addition to the drilling, the Company is pleased toannounce that it has engaged Archeo-Mamu under the direction ofJean-Simon Labbé to complete a field investigation on the propertyafter a desktop study identified potential zones which could have thepresence of artefacts. The Company will be pleased to provide theresults of this independent investigation to the Pessamit Innu Counciland other government entities at request.
At Graal, the geophysical survey program identified9,475m of drilling targets in two levels of priority where an initial5,070m were identified as a first priority, as indicated in the mapand chart below. The initial drilling will focus on near-surfacemineralization. The larger target indicated by the geophysical surveywill be drilled at a later stage.
Figure 1: Drill program location with priority table– labelling of zone subject to change
Qualified person
The technical information in this news release has beenreviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc.m ember of Québec Order of Engineers and aqualified person in accordance with National Instrument43- 101 standards.
About Canada Silver Cobalt Works Inc.
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 nearly10,000-metre drill program on the Graal property and an airborne VTEMgeophysical survey is being conducted at it Lowney-Lac Edouardproperty; and (2) the prospective 1,000-hectare Eby-Otto gold propertyclose to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake,Ontario where it will be exploring 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 exceptionalhigh-grade silver discovery at Castle East, a pilot plant to producecobalt-rich gravity concentrates, a processing facility (TTLLaboratories) in the town of Cobalt, and a proprietaryhydrometallurgical process known as Re-2Ox (for the creation oftechnical-grade cobalt sulphate as well as nickel-manganese-cobalt(NMC) formulations), Canada Silver Cobalt is strategically positionedto become a Canadian leader in the silver-cobalt space. Moreinformation 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 future financings, if any, pursuant to the shortform base shelf prospectus referred to above, and comments thatinvolve future events and conditions, which are subject to variousrisks and uncertainties. Except for statements of historical facts,comments that address 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. General business conditions are factors that could causeactual results to vary materially from forward-looking statements. Adetailed discussion of the risk factors encountered by Canada SilverCobalt is available in the Company’s Annual Information Form datedJuly 19, 2021 for the fiscal year ended December 31, 2020 availableunder the Company’s profile on SEDAR at www.sedar.com .
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