(TheNewswire)
May 20 ,2021 – TheNewswire - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the"Company" or "Canada Silver Cobalt") is pleased toprovide an update on strategic developments using a proven businessmodel in the Cobalt Camp to achieve production that was employed bysuccessful mining companies like Teck Corp, Noranda, and Agnico-EagleMines, all of whom had their roots in the Cobalt Camp.
Highlights of StrategicDevelopments
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- Discovered high-grade silver mineralized structures -the first and only major discovery in the Historic High-Grade SilverCobalt Camp in the last 50 years. Ongoing 50,000-meter drillingprogram.
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- Poured a silver bullion bar using the furnace atTemiskaming Testing Labs from the metallics screened from thehigh-grade silver-cobalt material of the Castle Silver Mine. Completedthe purchase of former Provincial Government’s 20,000 square footTemiskaming Test Labs (TTL) - a complete analytical lab facility andplant for processing high-grade silver into bullion silver bars.
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- Used the Re-2Ox hydrometallurgical process to producebattery-grade cobalt sulfate. From the same high-grade silver-cobaltmaterial as above, SGS Canada, a Top-tier global service provider tothe mining industry, recovered 99 percent of the arsenic.
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- Canada Silver Cobalt is the first company toproduce battery-grade Cobalt-sulphate and to recover the arsenic –and the only company in the Cobalt Camp to have done so. Cobalt andArsenic are 2 of the 35 minerals deemed critical to U.S. NationalSecurity and the Economy ( www.usgs.gov ).
Canada Silver Cobalt is the first Company to make amajor high-grade silver discovery in Ontario’s 180-kilometer arcuateregional mining district stretching from Gowganda to Silver Centre inthe past 50 years. Material from narrow, massive native silver veinswas crushed and screened to produced 90 percent pure metallics silverand was then melted and poured using the furnace at TTL directly intoa bullion bar. The Company boasts the highest inferred silver resourcein the world with 7.5 million ounces at 250 ounces per ton (8,582g/t).
An upgrade of both the assay lab and high-grade silverprocessing circuit in the plant has been completed. To ensureregulatory impartiality, the company has engaged a contract laboperator to operate the lab independent of the company. Trial assaysare set to begin in June with an aim to attain a 6000-assay per monthanalytical lab capacity. The secondary crushing and screening circuitin the high-grade silver plant has been rebuilt with a processingcapacity rated at 18-20 tonnes per hour. In addition, the bullionfurnace has been relined to ensure a fresh and seamless start.
The company has engaged with community members, withmunicipal, provincial, and federal government officials, with localstake holders, and with five distinct First Nation Communities withthree separate agreements in place. The company is proud to be one ofonly a few that has had a First Nations member as an active directoron the Board since 2015.
Highlights of On-going, Real-TimeDevelopments
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- First and only company in the Cobalt Camp to open upan adit and drill underground in the past 40 years; rehabilitate thefirst level and set up the former mine shaft for dewatering; conduct apumping test at the Shaft dewatering at 50,000 liters per day; applyfor permits for bulk sample mining of mineralized material in openstopes; purchase scoop tram and related mining equipment to beginmining program once permits received. Company confirmed the presenceof High-Grade Silver and Cobalt veins left unmined underground whichis considered a source of primary feed using a proven, low-cost,successful business model for going into production in the Cobalt Campby residual mining.
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- Completed mill flowsheet for 600 tpdgravity-flotation Mill with planned initial mill location to be onhistoric mill footprint. Having identified multiple mineralized veinstructures in that area, the proposed mill site was relocated to moreproximal to the proposed ramp into the Robinson Zone. On-goingdrilling to locate a potential non-mineralized area for millsite.
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- Conceptual ramp to Robinson High-Grade Silver Zonecompleted by mining consultant. Environmental studies to be completedfirst quarter 2022.
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- Beaver stamp mill tailings drilled and sampled.Permit for testing Castle Tailings received and drill program to bescheduled. On-going test work at SGS on Beaver Tailings is producingexcellent preliminary grades and recoveries.
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- On-going bench test work using the Re-2Ox process isproceeding at SGS on secondary feeds consisting of spent Lithium-ionbatteries, Nickel-Cadmium batteries, and metal-hydride batteries. SGShas been retained to build the Re-2Ox pilot plant at their laboratoryat Lakefield, Ontario.
“The Company has multiple, ongoing, real-timedevelopments facilitating the ability to make a production decisionahead of the final resource calculation aided by continuous drillprograms” Frank J. Basa, P.Eng., CEO of Canada Silver Cobalt Workscomments. “The company is well-poised, with all the key parametersin place, when the decision will be undertaken to pour silver bullionbars and produce battery metals from either primary mine feed or fromrecycled spent batteries. We have demonstrated that we can findhigh-grade mineralized vein structures, recover it, process it andproduce final end-products for market.”
The company is well aware of the process economics todevelop a successful mining company and employs proven historicalbusiness models that have worked in the Cobalt Camp for decades. Thecompany is developing three sources of primary feed concurrently;these being stamp mill tailings, Castle Silver Mine residual recoveryof broken mineralize material in the stopes underground, and fromunmined, mineralized veins and the greenfield discovery at theRobinson Zone. Secondary feeds would include complex flotationconcentrates from other mines and from spent electric batteries.
Location
The Castle Property is 15 km east of Aris Gold Corp’sJuby gold deposit, 30 km due south of Alamos Gold’s Young-Davidsonmine, 75 km southwest of Kirkland Lake Gold’s Macassa Complex, and100 km southeast of new gold discoveries in the Timmins West area.
Qualified Person
The technical information in this news release wasprepared under the supervision of Frank J Basa, P.Eng., CEO of CanadaSilver Cobalt Works Inc., a qualified person in accordance withNational Instrument 43-101.
About Canada Silver Cobalt WorksInc.
Canada Silver Cobalt Works released the first-everresource in the Gowganda Camp and greater Cobalt Camp in May 2020. Atotal of 7.56 millionounces of silver in Inferred resourcescomprising very high-grade silver ( 8,582 grams per tonneun-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1Aand 1B) of the Robinson Zone beginning at a vertical depth ofapproximately 400 meters were identified. The discovery remains openin all directions (1A and 1B are approximately 800 meters from theeast-trending Capitol Mine workings) (mineralresources that are not mineral reserves do not have demonstratedeconomic viability) (refer to Canada SilverCobalt Works Press Release May 28, 2020. 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 a signature dateof July 13, 2020). More information available at www.canadasilvercobaltworks.com .
Canada Silver Cobalt’s flagship Castle mine and 78sq. km Castle Property features strong exploration upside for silver,cobalt, nickel, gold and copper in the prolific past producingGowganda high-grade Silver District of Northern Ontario. Withunderground access at Castle, a pilot plant to produce cobalt-richgravity concentrates on site, a processing facility (TTL Laboratories)in the town of Cobalt, and a proprietary hydrometallurgical processknown as Re-2OX for the creation of technical grade cobalt sulphate aswell as nickel-manganese-cobalt (NMC) formulations, Canada SilverCobalt is strategically positioned to become a Canadian leader in thesilver-cobalt space.
“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 nor its RegulationService Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. This news release may contain forward-lookingstatements including but not limited to comments regarding the timingand content of upcoming work programs, geological interpretations,receipt of property titles, potential mineral recovery processes, etc.Forward-looking statements address future events and conditions andtherefore, involve inherent risks and uncertainties. Actual resultsmay differ materially from those currently anticipated in suchstatements.
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