(TheNewswire)
Coquitlam, BC, Canada – TheNewswire - November 3, 2021 – Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the"Company" or "Canada Silver Cobalt") announces that it will be extending the expiry date of anaggregate 3,566,071 share purchase warrants (the "Warrants")by three years. The 3,566,071 Warrants are due to expire on November14, 2021. The expiry date will be extended by three years and theWarrants will now expire on November 14, 2024. All other terms andconditions remain constant.
The private placement units were issued at a price of$0.35 per unit and consisted of one common share and one Warrantentitling the holder to purchase one additional common share at anexercise price of $0.55 per share for a period of two years fromclosing. The amendment is subject to the approval of the TSX VentureExchange.
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, withrecent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underwayto expand the size of the deposit with an update to the resourceestimate scheduled for the first quarter of 2022.
In May 2020, based on a small initial drill program, the Companypublished the region’s first 43-101 resource estimate that containeda total of 7.56 million ounces of silver inInferred resources, comprising very high-grade silver (8,582 grams pertonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from twosections (1A and 1B) of the Castle East Robinson Zone, beginning at avertical depth of approximately 400 meters. Note that mineralresources that are not mineral reserves do not have demonstratedeconomic viability. Please refer to Canada Silver Cobalt Works PressRelease May 28, 2020, for the resource estimate. Report reference:Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimatefor Castle East, Robinson Zone, Ontario, Canada, with an effectivedate 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 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
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 contain forward-looking statementswhich include, but are not limited to, comments that involve futureevents and conditions, which are subject to various risks anduncertainties. Except for statements of historical facts, commentsthat address resource potential, upcoming work programs, geologicalinterpretations, receipt and security of mineral property titles,availability of funds, and others are forward-looking. Forward-lookingstatements are not guarantees of future performance and actual resultsmay vary materially from those statements. General business conditionsare factors that could cause actual results to vary materially fromforward-looking statements.
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