(TheNewswire)
Ontario Building up Critical MineralsSupply Chain
Coquitlam, BC - TheNewswire - October 18, 2023 - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “ Company ” or “ Canada Silver Cobalt ”) is thrilled to announce the approval of funding underthe Ontario Junior Exploration Program (OJEP) for its Sangster and St.Denis properties. The funding, provided by the government of Ontario,will support the development of a lithogeochemical map, furtheradvancing lithium exploration in the region.
Key Details of the OJEP Funding:
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Total Approved Funding: Canada Silver Cobalt Works hasbeen granted a maximum of $104,386 in funding from the government ofOntario. This funding will substantially contribute to the project'stotal eligible costs of $208,772.
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Project Timeline: The project is scheduled to takeplace between April 1, 2023, and February 16, 2024.
“Early exploration in our province is needed to findfuture mines to fuel the technologies of tomorrow,” said GeorgePirie, Minister of Mines. “Supporting junior mining companies likeCanada Silver Cobalt Works Inc. on their search for critical mineralsimproves our global competitiveness and demonstrates that Ontario’smining sector is open for business.”
Matthew Halliday, President, and COO of Canada SilverCobalt Works, expressed his gratitude, stating, "I would like tothank the government of Ontario for the approval of funding under theOJEP program. This will allow us to augment our exploration program toprogress a new grassroots lithium exploration project in Ontario.Canada Silver Cobalt Works is well-aligned to see new critical metalsprojects in Canada and is grateful for the support of Ontario to helpbuild the upstream and downstream capabilities of the Province as westrive to secure critical minerals for mining, processing, andadvanced manufacturing."
This OJEP funding represents a significant step forwardin Canada Silver Cobalt Works' mission to advance and secure criticalminerals in Ontario while fostering responsible resourcedevelopment.
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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