(TheNewswire)
Advancement of the LithogeochemicalMapping of the Area supported by 36 samples covering two distinctareas over 1.5km and 2km long near Circle Lake Road in St-Denis ClaimBlock
Coquitlam, BC – TheNewswire- October 25, 2023 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or“Canada Silver Cobalt”) is pleased to provide a significant updateon the ongoing lithogeochemical mapping and exploration efforts in theSt. Denis and Sangster claims located in Ontario directly south ofJames Bay near the Quebec border contiguous toPower Metals’ Case Lake Lithium properties andaccessible by roads from Cochrane (38 km) and Timmins (85 km).
The St-Denis Project area is 26,373 hectares (including24,036 hectares in the St-Denis Main block and 2,337 hectares in theSangster block) and is one of the largest land holdings in theemerging Case Lake LCT (lithium-cesium-tantalum) pegmatite district ofNortheastern Ontario. The property is strategically positioned over anideal geological environment for pegmatite mineralization, asdemonstrated by a number of observations of pegmatite in outcrop anddrill core in the historic assessment work files and governmentmapping. The Project is supported by year-round ease of access,proximity to services and suppliers in the mining communities ofTimmins and Cochrane, and location along strike to a known LCT(lithium-cesium-tantalum) pegmatite occurrence (Case Lake LCTpegmatite swarm).
At the St. Denis claims, Canada Silver Cobalt hasdiscovered multiple pegmatites in the Circle Lake Road area. Manyindividual outcrops contain multiple pegmatites. In this phase,instead of sampling each pegmatite individually, sample spacing wasprioritized due to time constraints imposed by the weather and a latestart to the 2023 field season due to forest fire activity in thearea. Maximizing sample spacing allows us to build a representativeLithogeochemical map which will enhance our ability to vector furtherexploration towards more fertile ground.
The Company has taken 36 samples from the Circle LakeRoad area of the St. Denis claims, a key area of interest for ourexploration activities. Of these 36 samples, 21 are channel samples,and 12 samples were extracted from identified pegmatite formations.Canada Silver Cobalt has further utilized portable XRF (X-rayfluorescence) analyses on these samples to correlate with lab values,thereby evaluating XRF as an in-field vectoring tool, demonstrating acommitment to adopting advanced technologies to enhance explorationaccuracy. Two main sample areas have been targeted on Circle LakeRoad, area 1 circle lake south where 15 samples were collected in anarea approximately 2km by 1km and area 2 circle lake north where 18samples were collected in a 1.5km by 200m area.
The Circle Lake Road area has proven to be highlyadvantageous for the Company, with excellent outcrop exposure innumerous locations. Notably, the presence of xenoliths identified inthe granite is an additional encouraging sign, suggesting proximity tothe granite dome, a geological feature often associated with valuablemineralization. This discovery underscores the potential forsignificant mineral deposits within the area. Furthermore, theidentification of indicator minerals, such as garnet and muscovite, isa promising sign.
The latest developments at the St. Denis property (seemap below) build on the recent successes at the Sangster West propertyincluding the identification and sampling of expanses of numerouspegmatites up to 20 metres wide and 70 metres long along withidentification of pathfinder metals (see news release October 17,2023 ).
Matthew Halliday, President and COO of Canada SilverCobalt, expressed his enthusiasm for these developments, stating,"Our progress is encouraging. We want to get a balance betweenthe number of samples and the distance between them in the area, forboth the granite and the pegmatites. This will allow ourLithogeochemical map to provide vectors for the next phase ofexploration. It is encouraging to see pegmatite dykes in outcrop andsome of the main indications that we are in the rightarea."
Canada Silver Cobalt remains dedicated to advancing itsexploration efforts and unlocking the full potential of the St. Denisand Sangster claims. The Company's commitment to utilizingcutting-edge technologies, such as portable XRF analysis, underlinesits commitment to efficient and effective resource assessment.
Figure 1 :Channel Sample with Pegmatite - Circle Lake Road
Figure 2: Map showing Sangster andSt. Denis Projects in relation to James Bay and Timmins
Figure 3: Map of Sangster and St. Denis Projects
The Company remains committed to responsible resourcedevelopment and continues to engage with local communities, Indigenousgroups, and stakeholders to ensure transparent and collaborativecommunication throughout our exploration activities.
Investors, media, and stakeholders are invited to stayupdated on the latest developments by visiting the Company's websiteat https://www.canadasilvercobaltworks.com/ .
Qualified person
The technical information in this news release wasapproved by and prepared under the supervision of Mr. MatthewHalliday, P.Geo., (PGO), President and COO of Canada Silver CobaltWorks Inc., a qualified person in accordance with National Instrument43-101.
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 nearly16,000-metre drill program on the Graal property; and (2) theprospective 1,000-hectare Eby-Otto gold property close to AgnicoEagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where itis exploring. (3) lithium property – 230 square kilometers ofgreenfield exploration ground focussed along a significant volcanicsedimentary rock – Archean granite contact near Cochrane, Ontario contiguous toPower Metals’ Case Lake Lithium properties .
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, a processing facility (TTL Laboratories) in the town ofCobalt, and a proprietary hydrometallurgical process known as Re-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
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
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.
Caution Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its RegulationServices 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 which include, but are not limited to, 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, availability of funds, and others are forward-looking.Forward-looking statements are not guarantees of future performanceand actual results may vary materially from those statements. Generalbusiness conditions are factors that could cause actual results tovary 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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