(TheNewswire)
New discoveries of precious andbattery metals and progress towards surfacing value for shareholdersthrough a spinout of a potentially large nickel-copper-cobalt propertyin Quebec
Coquitlam, BC – TheNewswire- December 21, 2023 - Canada Silver Cobalt WorksInc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or“Canada Silver Cobalt”) has experienced a dynamic and fruitfulyear marked by significant milestones across its diverse portfolio ofmining projects. The company achieved notable progress in key areas,demonstrating its commitment to exploration, innovation, andsustainable resource development.
“Despite difficult market conditions, the Company wasable to move forward on a number of fronts in 2023. We expect to makeseveral announcements in Q1 2024 on the results of the explorationactivities we undertook in the second half of the year and to providefurther information on our plans for the different properties,” saidMatthew Halliday, P. Geo., President and Chief OperatingOfficer.
Summary Review of 2023Activities
Castle East – Uncovering RichesBelow Ground
January 17th: Canada Silver Cobalt unveiled promisinggold intercepts at Castle East, highlighting the success of theprevious drill program and the potential for gold to be an importantaddition to the major high-grade silver-cobalt deposit at CastleEast.
May 8th: Additional targets were identified, leading tosurface stripping to further explore gold and silver intercepts.Following the receipt of permits, the company initiated strippingactivities, followed by analytical work that culminated in asuccessful drilling campaign later in the year.
June 28th: An airborne survey, employing ALS Goldspot'sMPASS technology, was conducted at the Castle Mine property, addingimportant geological data for the Company’s drill targeting.
Prospecting efforts resulted in a noteworthy 6.07 g/tgold hit southwest of Castle East drilling. Successful stripping andchannel sampling around this area revealed multiple surface sampleswith gold concentrations up to 3.2 g/t.
November 30th: Drilling activities commenced at Castle,targeting new gold and silver mineralization, and further advancingthe exploration efforts.
Processing and Re2Ox – ExtractingValue from Waste
January 25th: Canada Silver Cobalt achieved a majormilestone by releasing assay results showcasing 29,165 g/t silverextracted from concentrate of Castle mine waste rock.
February 7th: Additional assays from concentraterevealed 11% cobalt and 4% nickel content.
The company is eagerly anticipating new legislation andregulations for Ontario Recovery Permits, offering benefits such asmineral recovery from tailings and waste piles without a closure planat the Castle and Beaver properties. This may also open up theopportunity for the Company to process waste materials from otherproperties not held by the Company.
Coniagas – A StrategicSpinout
February 16th: Phase 2 drilling results at the Graalproperty in northern Quebec were released, highlighting massive andsemi-massive sulphide zones with exciting high-grade nickel, copper,and cobalt concentrations. The Company is working on a spinout of theGraal property into a separate publicly traded company called ConiagasBattery Metals Inc.
May 2nd: The technical report on the Graal project wasupdated, providing valuable insights into the project'spotential.
December 4th: Coniagas Battery Metals Inc. achieved aconditional listing on the TSX Venture Exchange, marking a significantstep forward for the spinout.
St. Denis and Sangster – Lithiumand Pegmatite Discoveries
Throughout the year, Canada Silver Cobalt madesignificant strides at St. Denis and Sangster in northern Ontario,expanding its lithium and pegmatite exploration efforts.
July 10th: An ALS Goldspot MPASS technology airbornesurvey covered the entire Sangster claims and select areas of St.Denis, contributing to the ongoing exploration initiatives.
October 17th: Geologists confirmed numerous pegmatiteswhile on the ground at Sangster with a notable 20m wide and 70m longpegmatite discovery.
October 25th: Discovery of 12 new promising pegmatiteareas and samples taken at St. Denis, emphasizing the fruitfulexploration program and the ongoing goal of mapping and samplingmultiple pegmatites.
Lac Edouard – A New Frontier forExploration
November 28th: Canada Silver Cobalt acquired the2,335-hectare Lac Guay property near Lac Edouard in central Quebecwith geologically favorable conditions for base metal and goldexploration.
December 18th: Drilling commenced at the Company’sLowney-Lac Edouard property, focusing on nickel-copper exploration,opening up new possibilities for resource discovery.
As Canada Silver Cobalt reflects on the accomplishmentsof the past year, the Company remains committed to responsible andinnovative resource development, positioning itself for continuedsuccess in the mining industry.
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 Matthew Halliday,P.Geo., (PGO), President and COO of Canada Silver Cobalt Works Inc., aqualified person in accordance with National Instrument 43-101.
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; (2) the prospective1,000-hectare Eby-Otto gold property close to Agnico Eagle’shigh-grade Macassa Mine near Kirkland Lake, Ontario; and (3) the St.Denis-Sangster lithium project – 260 square kilometers of greenfieldexploration ground with numerous pegmatites focussed along asignificant volcanic sedimentary rock – Archean granite contact nearCochrane, Ontario contiguous to Power Metals’ Case Lake Lithiumproperties.
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
Caution Regarding Forward-LookingStatements
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-looking statements.Canada Silver Cobalt Works Inc. does not undertake, and assumes noobligation, to update or revise, any such forward-looking statementsor forward-looking information contained herein or in othercommunications to reflect new events or circumstances, except as maybe required by law.
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