(TheNewswire)
Pegmatite Confirmations and AdvancedGeochemical Insights Propel Exploration Success
Coquitlam, BC – TheNewswire- October 17, 2023 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or“Canada Silver Cobalt”) is delighted to provide an exciting updateon its ongoing exploration efforts within the Sangster property. Aspart of our commitment to unlocking the full mineralization potentialof this high-value area, we have divided Sangster into three distinctzones: Sangster West, T-Bone Lake, and Sangster East. We are pleasedto announce significant progress within Sangster West.
Key Achievements in Sangster West:
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Confirmation of PegmatitePresence: Fieldwork conducted in Sangster Westhas confirmed the presence of pegmatites, in alignment with historicaldata filed by Noranda. Notably, there is extensive outcrop exposure,facilitating our exploration efforts. However, orientation of thesepegmatites appears to be different from the original Noranda mappingand additional field mapping will be required in the spring, followinggeochemical analyses of recent samples.
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Rock Sampling: A total of 18 rock samples have been collected from the area. Fourteensamples are from pegmatite, the rest are from adjacent granite. Thesesamples are now awaiting transport to the laboratory for comprehensivewhole-rock analysis and geochemistry. This data will play a pivotalrole in advancing the development of a lithogeochemical map, enhancingour understanding of the geological formations in Sangster West andpossibly chemical zonation providing data to vector follow upexploration.
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XRF Readings: In addition to the laboratory analysis, X-ray fluorescence (XRF)readings have been conducted on the collected rock samples. The aim isto establish potential correlations between the XRF readings andlaboratory results. These correlations will be explored in the future.If successful, in-field XRF readings could prove to be a valuable toolfor pinpointing mineralization.
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PegmatiteCharacteristics: Multiple pegmatites discoveredin Sangster West appear to exhibit a north-south trending pattern. Thelargest of these pegmatites measures approximately 20m meters inwidth, and can be followed over a distance of at least 70 meters.Additionally, pathfinder minerals such as garnet up to 1 mm diameterin about 25% of the outcrops and a gold-green muscovite have beenobserved in multiple samples. The pegmatites at Sangster have twotypes of feldspar, a white/pink potassium-rich feldspar and agrey/blue calcium-rich feldspar. While the presence of heavy mosscover poses some challenges, these areas hold significant potentialfor future stripping and exploration activities, for next fieldseason.
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Reinterpretation andMapping: Following the receipt of initiallaboratory results and data, a priority will be to reevaluate and mapthe Sangster pegmatites. This is part of our broader regionallithogeochemical program, aimed at refining our understanding of thegeological characteristics in this promising zone.
Figure 1: Sangster West Pegmatite (~20mx 70m)
Matthew Halliday, President, and COO of Canada SilverCobalt Works, expressed his enthusiasm for these developments,stating, "Our progress in Sangster West is a testament to ourdedication to comprehensive exploration. The confirmation ofpegmatites, extensive rock sampling, and the use of advanced toolslike XRF readings are vital steps in our pursuit of discoveringvaluable mineralization. We eagerly await the results and anticipatethe positive impact this will have on our regional lithogeochemicalprogram."
Canada Silver Cobalt Works remains committed toresponsible resource development and continues to engage with localcommunities, Indigenous groups, and stakeholders to ensure transparentand collaborative communication throughout our exploration activities.
Investors, media, and stakeholders are invited to stayupdated on the latest developments by visiting the Company's websiteat 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, 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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