(TheNewswire)
Through prospecting, stripping andnew geophysics, CCW is finding additional targets for unlockingmineralization in addition to the known silver and cobalt at theformer high-grade Castle Silver Mine
Coquitlam, BC – TheNewswire- July 20, 2023 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or“Canada Silver Cobalt”) is pleased to provide an update on itsgold prospecting activities in the Miller Lake area at the Castle Mineproperty. The Company has made significant discoveries in its surfaceexploration efforts, and the latest findings with multiple samplesabove 1 gram per tonne (g/t) gold and ranging up to 3.2 g/t gold arehighly encouraging at surface.
“We are happy we have these grab samples in a timelymanner with a 3-day gold assay turn around from Temiskaming TestingLabs. They are taken systematically over the stripping area and theyare very encouraging. We now want to see what we can find in channelsamples so we can model some widths and we are excited to see theoutcrop mapping to incorporate into our geological database atCastle,” said Matthew Halliday, P.Geo., President and COO.
The discovery of gold at the surface at thepast-producing high-grade silver-cobalt Castle Mine is in addition topreviously reported results of gold sampling and drill intercepts atthe property (see news release July 5,2023 ) as well as the discovery of newmajor silver-cobalt vein structures and the publication of a resourceestimate (see details in the About section below).
During the recent stripping process in the Miller Lakearea, a section measuring approximately 15 meters by 12 meters at thewidest points was examined. The lithology in the area consists ofmafic volcanic massive flow with weak chlorite and albite alterationat the extremities. The main part of the area exhibits iron,carbonate, and silicification alteration with rusty gossan. Notably,there is about 1 percent quartz veining present.
Across the outcrop, pyrite mineralization is evident,ranging from 1 percent to 2 percent and locally reaching up to 5percent to 7 percent. This pyrite is associated with strongeralteration and provides additional evidence of mineralizationpotential.
A total of 22 rock samples were collected from thesite, along with 2 QAQC samples. Significant gold values from thesamples are as follows:
Sample Number Grams Per Tonne Gold
FW000387 3.20
FW000388 2.20
FW000389 1.40
FW000376 2.14
FW000377 1.38
FW000391 1.37
FW000392 1.10
FW000394 2.97
FW000395 1.08
It is worth noting that multiple samples have goldvalues above 1 gram per tonne gold, with one sample even reaching 3.2gram per tonne gold.
The next step in the exploration process involveschannel sampling, which is scheduled to take place during the week ofJuly 23rd. This additional data collection will provide a morecomprehensive understanding of the mineralization potential in thearea.
Furthermore, there are interesting findings inproximity to the current stripping area. Approximately 50m north ofthe stripping location, there is an outcrop with quartz veining andassociated iron, carbonate alteration, and pyrite mineralization. Thisnew discovery presents a potential new stripping target to expand onthe known mineralized zone.
Moreover, about 80 meters east of the current location,prospecting efforts revealed similar but less extensive pyritemineralization and alteration. Nonetheless, the grab samples from thisarea contained anomalous low gold grades ranging from 0.1 to 0.28grams per tonne gold.
The gold zone's potential appears to be open in alldirections, presenting the possibility of future drill targets.
Canada Silver Cobalt remains committed to leveragingadvanced technology in its exploration efforts. The recently initiatedM-PASS survey, conducted by ALS GoldSpot, is undergoing dataprocessing and will be integrated with the existing dataset. Thissurvey will facilitate machine learning targeting, enhancing theidentification and targeting of new gold and silver mineralizationzones. (See news release June 28,2023 .)
"We are excited about the progress we have made inour prospecting efforts, which have revealed promising results anddemonstrated substantial mineralization potential in the Miller Lakearea," said Mr. Halliday. "With the resumption of ourstripping program, we look forward to expanding our operations andfurther exploring this newfound location. Additionally, theimplementation of the M-PASS survey underscores our commitment toleveraging advanced technologies for successfulexploration."
Canada Silver Cobalt continues to prioritizeresponsible and sustainable mining practices while striving forexcellence in resource extraction. The Company's objective is tomaximize shareholder value through the discovery and development ofhigh-grade gold and silver deposits.
The company will keep stakeholders updated on itsprogress as it moves forward with channel sampling and otherexploration activities. For further information and updates, pleasevisit the Canada Silver Cobalt website.
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.
Quality Control and ReportingProtocols
The 2023 assay results are from Temiskaming TestingLaboratories (TTL) in Cobalt, Ontario. The field program, qualityassurance, quality control (QAQC), and interpretation of results areperformed by qualified persons employing procedures consistent with NI43-101 and industry best practices. Standards and blanks are includedwith every 20 samples for QAQC purposes for this program in additionto the lab QAQC.
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, Ontariocontiguous to Power 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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