(TheNewswire)
The purchase of a 10-acreindustrial-zoned property with direct Highway 11 access will allowCanada Silver Cobalt abundant area for core handling and moreefficient use of space
Coquitlam, BC – TheNewswire- December 7, 2021 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B)(the "Company" or "Canada Silver Cobalt") ispleased to announce that it has entered into an agreement for anacquisition of a 10-acre (4 hectare) property fronting Highway 11 nearCobalt, ON, that will be used as the central hub for all of theCompany’s Ontario and Quebec operations for a cash consideration of$604,000.
The property houses a 4,000 square-foot, fully servicedwarehouse that is currently being leased by the Company and used asits main core processing facility. The access to Highway 11 allows foreasy transportation of core, samples, and distribution of Companystaff to projects across Ontario and Quebec. The property is locatedon the power grid and does not require any generators. The location isclose to Timiskaming Shores and Cobalt, ON and provides easy access tosupplies and amenities for Company staff. The property also containsan extra building.
The warehouse has already been converted into afull-service facility that fits the Company’s current needs, butwill also allow for further expansion as the Company grows. Thefacility is being used for offices, core logging, sampling, corecutting, and long-term core storage - all located on site.
The purchase of the property is subject to approval bythe TSX Venture Exchange. The vendor of the property is a companycontrolled by a family member of one of the directors and officers ofthe Company. Canada Silver Cobalt expects the closing of the purchaseto occur prior to year end.
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.
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 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 acquisition of the 10-acre industrial-zonedproperty (the “Acquisition”) and comments that involve otherfuture events and conditions, which are subject to various risks anduncertainties. Except for statements of historical facts, commentsthat address the Acquisition and future use of the property to bepurchased, resource potential, upcoming work programs, geologicalinterpretations, receipt and security of mineral property titles,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 Acquisition will closeon the 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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