Canbud Distribution Enters into Letter of Intent to Acquire Molecular Science Corp.
Canbud Distribution Corp. (CSE: CBDX) (FSE: CD0) (the “Corporation“) is pleased to announce that, on May 25, 2021, it has entered into a non-binding Letter of Intent (the “Letter of Intent“) with Molecular Science Corp. (“MSC“) in respect of a proposed transaction (the “Proposed Transaction“), whereby the Corporation would acquire all of the issued and outstanding common shares of MSC by way of a three-cornered amalgamation. MSC is a privately held analytical science and services company, carrying on the business of testing cannabis and related pharmaceutical products.
The Proposed Transaction
The Proposed Transaction is expected to be structured as a three-cornered amalgamation, pursuant to which a wholly-owned subsidiary to be incorporated by the Corporation under the laws of Ontario (“Subco“) would amalgamate with MSC, with the entity resulting from such amalgamation becoming a wholly-owned subsidiary of the Corporation, and the holders of common shares of MSC immediately prior to the amalgamation would receive an aggregate of 70,600,000 common shares of the Corporation in exchange for their common shares of MSC. All outstanding options and warrants of MSC would be replaced or exchanged from options and warrants of the Corporation or otherwise dealt with such that they retain economically equivalent terms, having regard to the exchange ratio for the MSC common shares under the Proposed Transaction. Upon closing of the Proposed Transaction, the Corporation may also issue up to 1,765,000 common shares of the Corporation as a finder’s fee (the “Finder’s Fee Shares“). The Proposed Transaction is subject to receipt of all necessary regulatory approvals, including, as applicable, approval of the Canadian Securities Exchange (“CSE“), and certain other conditions as described below.
Upon closing of the Proposed Transaction, the outstanding capitalization of the Corporation is expected to consist of approximately 160,839,597 common shares and, options and warrants to purchase 11,600,000 and 49,630,600 common shares of the Corporation, respectively, excluding any Finder’s Fee Shares issued. Current MSC shareholders are expected to own approximately 43.9% of the Corporation’s common shares on a non-diluted basis, and 35.7% on a fully-diluted basis, before giving effect to the issuance of any Finder’s Fee Shares.
The Corporation and MSC agreed to negotiate in good faith the terms of a definitive agreement with respect to the Proposed Transaction within 30 days following the date of the Letter of Intent. Following and conditional upon the execution of a definitive agreement the Corporation would make available to MSC a bridge loan (the “Bridge Loan“) of up to $500,000, to be used by MSC for the repayment of certain debt and for working capital purposes. The Bridge Loan would bear interest at 5% per annum, mature sixty days from the date of the Bridge Loan, and be secured against the shares and assets of each of MSC and its operating subsidiaries, as described further in the Letter of Intent. In the event that the Bridge Loan is advanced, in whole or in part, and the definitive agreement is terminated (other than as a result of any breach of its terms by the Corporation), then the principal amount advanced under the Bridge Loan and all accrued interest owing thereon would immediately become due and payable. In addition, MSC would be required to pay to the Corporation a break fee of $150,000 if MSC breaches the binding provisions of the Letter of Intent, or terminates the binding provisions of the Letter of Intent and subsequently enters into an alternative transaction with a third party within 12 months of such breach or termination.
The common shares of the Corporation issued in exchange for MSC common shares would be subject to resale restrictions, such that the holders would be permitted to trade 20% of such shares only after three months from closing and a further 20% of such shares after each successive three-month period thereafter until the date that is 15 months from the closing date.
All of the existing directors and management of the Corporation are expected to remain following any completion of the Proposed Transaction. Upon closing, all directors and officers of MSC are expected to resign other than Mauro Aiello and Sherry Farsami, who would remain as Interim CEO and Director, Quality Assurance of the amalgamated entity carrying on the business of MSC.
Completion of the Proposed Transaction would be subject to a number of conditions, including, without limitation, the following:
- receipt of the required approval for the Proposed Transaction from the shareholders of MSC within 30 days of the signing of the definitive agreement between the parties;
- receipt of all regulatory approvals (including applicable CSE approvals for the listing of the common shares of the Corporation issuable to the securityholders of MSC);
- there having been no acquisitions or disposals (other than in the ordinary course of business), no debt or equity capital raisings (excepting for the Corporation), no new material contracts (excepting for the Corporation) or related party transactions and no loss of any material license;
- no shareholders of MSC have exercised dissent rights with respect to the amalgamation of MSC and Subco;
- no material adverse change affecting MSC or the Corporation; and
- such other conditions as the parties decide are reasonable in the context of the Proposed Transaction.
Steve Singh, CEO of the Corporation stated: “We are extremely pleased to announce the Letter of Intent to acquire MSC, a leader within the Canadian analytical service sector. Analytical testing is a critical component of the seed-to-sale supply chain and MSC’s ability to attract and retain marque customers in a very competitive area is evidence of its technical capabilities. The Proposed Transaction is intended to enable the Corporation to expand its current focus and become more intricately connected within the supply chain in the cannabis and hemp sector as licensed producers refine and expand their cannabis 2.0 type product offerings, which require additional testing to conform to Health Canada regulations. The Corporation’s management believes that there is an opportunity for MSC to expand its current service offerings into emerging markets such as testing for psychedelics, which makes this acquisition an exciting avenue for MSC and in-tune for the Corporation to drive revenue growth.”
The Proposed Transaction would be an arms-length transaction for the Corporation and would not constitute a fundamental change or result in a change of control of the Corporation, within the meaning of the policies of the CSE.
About Molecular Science Corp.
Formed in January 2017, MSC is an established Health Canada licensed GMP analytical science and services company. MSC’s primary asset is a purpose-built facility in the Greater Toronto Area (GTA), which operates to pharmaceutical GMP standards. MSC tests cannabis and related pharmaceutical products for a range of purposes:
- Commercial release of cannabis products, as required by Health Canada or other authorities, including for export to international markets;
- Testing of new formulations for product development and registration, including chemical analysis of products beyond regulatory requirements for clinical purposes; and
- In-process testing and testing of manufacturing inputs (e.g., biomass, oils, etc.) for value-added products and process development.
About Canbud Distribution Corp.
Canbud Distribution Corp. is a science and technology company focused on the global hemp space inclusive of hemp cannabinoids (CBD). Currently the company, through its subsidiaries, holds three industrial hemp licenses for the purposes of supplying the global market with medicinal and wellness cannabidiol and other cannabinoid-based products on leased lands located in McKellar, Ontario, Kettleby, Ontario and Lakefield, Ontario. Each hemp licence allows the growing and harvesting of hemp CBD flowers for processing into CBD and other cannabinoids extracts.
- Published in Canbud Distribution, News Home
Canada Silver Cobalt Intersects Major Mid-Grade Silver Vein at 2208 g/t 650 Meters West of Robinson Discovery
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce a major new vein discovery in a distinct area, Robinson West. This latest intercept, Vein 7, is located approximately 650 metres west of the Robinson Zone Discovery hole CA-1108.
Highlights
- Significant silver intercept grading 2,208 g/t silver (64.4 oz/ton) over 0.45 m at a downhole depth of 548.43 meters
- New corridor with significant potential silver mineralized strike distance of 710 meters, striking towards the Robinson Zone.
- Increasing current drill program to 60,000 meters from 50,000 meters to explore the extension
Table 1: CS-20-50 Sample Details
Hole Id | Sample | From (m) | To (m) | Length (m) | Ag gpt | Co % |
CS-21-50 | 13306 | 548.43 | 548.87 | 0.45 | 2,208 | 0.38 |
CS-21-50 is in close proximity to CCW’s “Gold Zone” and, with this new target in mind, the company will take a new strategic outlook to further develop this corridor. Along with the orientation of the vein, there is additional information to support a continued trend to the east.
Based on the successful discovery of multiple veins to date, Canada Silver Cobalt is pleased to announce increasing the current 50,000-meter drill program to 60,000 meters. The Company has now completed 66 % of the 50,000 metres.
In addition, geochemical surveys will be undertaken this summer to help define some of the Archean lithologies and structures that have had little work due to overburden cover. Historically, the Nipissing diabase mafic intrusive lithology has been the focus of exploration in the Miller Lake Basin. The Company is developing models to cover not only the silver-cobalt veining within the Nipissing but to include the Archean basement having identified both silver and gold mineralization therein. To date, only orientation geochemistry surveys have been completed.
Follow-up drilling is underway to intersect this vein both above and below CS-21-50 to determine both extent, and grade and mineralization variability. Ongoing drilling in the area between the Robinson and Robinson West zones is geared toward identifying new veins to enable significant expansion to the existing resource panels outlined in the Company’s maiden resource estimate reported in a Press Release May 28, 2020. The resource estimate identified zones 1A and 1B of the Robinson Zone with an average silver grade of 8,582g/t (250 oz/ton) in a combined 27,400 tonnes of material for a total of 7.56 millionInferred ounces of silver using a cut-off grade of 258 g/t AgEq (mineral resources that are not mineral reserves do not have demonstrated economic viability). Report reference: Rachidi, M. 2020, NI 43-101 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.
Matt Halliday, P.Geo., President, commented: “With this major new vein discovery highlighting the potential of geophysics to aid in the targeting of new veins, and the ability of geochemistry to identify potentially significant lithological changes near-surface, Canada Silver is excited to evaluate the entire lithologic package and expand the mineralogical potential of this ever-expanding prospectivity.”
Location
The Castle Property is 15 km east of Aris Gold Corp’s Juby gold deposit, 30 km due south of Alamos Gold’s Young-Davidson mine, 75 km southwest of Kirkland Lake Gold’s Macassa Complex, and 100 km southeast of new gold discoveries in the Timmins West area.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday, P.Geo., (APGO) VP Exploration of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works released the first-ever resource in the Gowganda Camp and greater Cobalt Camp in May 2020. A total of 7.56 million ounces of silver in Inferred resources comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Robinson Zone beginning at a vertical depth of approximately 400 meters were identified. The discovery remains open in all directions (1A and 1B are approximately 800 meters from the Capitol Mine workings) (mineral resources that are not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt Works Press Release May 28, 2020. Report reference: Rachidi, M. 2020, NI 43-101 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).
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver District of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2OX for the creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations, Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Silver Cobalt Works Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2021/25/c3455.html
Contact:
Frank J. Basa, P.Eng., Chief Executive Officer, 416-625-2342
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Review of Strategic Developments With Real Time Progress Update
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to provide an update on strategic developments using a proven business model in the Cobalt Camp to achieve production that was employed by successful mining companies like Teck Corp, Noranda, and Agnico-Eagle Mines, all of whom had their roots in the Cobalt Camp.
Highlights of Strategic Developments
- – Discovered high-grade silver mineralized structures – the first and only major discovery in the Historic High-Grade Silver Cobalt Camp in the last 50 years. Ongoing 50,000-meter drilling program.
- – Poured a silver bullion bar using the furnace at Temiskaming Testing Labs from the metallics screened from the high-grade silver-cobalt material of the Castle Silver Mine. Completed the purchase of former Provincial Government’s 20,000 square foot Temiskaming Test Labs (TTL) – a complete analytical lab facility and plant for processing high-grade silver into bullion silver bars.
- – Used the Re-2Ox hydrometallurgical process to produce battery-grade cobalt sulfate. From the same high-grade silver-cobalt material as above, SGS Canada, a Top-tier global service provider to the mining industry, recovered 99 percent of the arsenic.
- – Canada Silver Cobalt is the first company to produce battery-grade Cobalt-sulphate and to recover the arsenic – and the only company in the Cobalt Camp to have done so. Cobalt and Arsenic are 2 of the 35 minerals deemed critical to U.S. National Security and the Economy ( www.usgs.gov ).
Canada Silver Cobalt is the first Company to make a major high-grade silver discovery in Ontario’s 180-kilometer arcuate regional mining district stretching from Gowganda to Silver Centre in the past 50 years. Material from narrow, massive native silver veins was crushed and screened to produced 90 percent pure metallics silver and was then melted and poured using the furnace at TTL directly into a bullion bar. The Company boasts the highest inferred silver resource in the world with 7.5 million ounces at 250 ounces per ton (8,582 g/t).
An upgrade of both the assay lab and high-grade silver processing circuit in the plant has been completed. To ensure regulatory impartiality, the company has engaged a contract lab operator to operate the lab independent of the company. Trial assays are set to begin in June with an aim to attain a 6000-assay per month analytical lab capacity. The secondary crushing and screening circuit in the high-grade silver plant has been rebuilt with a processing capacity rated at 18-20 tonnes per hour. In addition, the bullion furnace has been relined to ensure a fresh and seamless start.
The company has engaged with community members, with municipal, provincial, and federal government officials, with local stake holders, and with five distinct First Nation Communities with three separate agreements in place. The company is proud to be one of only a few that has had a First Nations member as an active director on the Board since 2015.
Highlights of On-going, Real-Time Developments
- – First and only company in the Cobalt Camp to open up an adit and drill underground in the past 40 years; rehabilitate the first level and set up the former mine shaft for dewatering; conduct a pumping test at the Shaft dewatering at 50,000 liters per day; apply for permits for bulk sample mining of mineralized material in open stopes; purchase scoop tram and related mining equipment to begin mining program once permits received. Company confirmed the presence of High-Grade Silver and Cobalt veins left unmined underground which is considered a source of primary feed using a proven, low-cost, successful business model for going into production in the Cobalt Camp by residual mining.
- – Completed mill flowsheet for 600 tpd gravity-flotation Mill with planned initial mill location to be on historic mill footprint. Having identified multiple mineralized vein structures in that area, the proposed mill site was relocated to more proximal to the proposed ramp into the Robinson Zone. On-going drilling to locate a potential non-mineralized area for mill site.
- – Conceptual ramp to Robinson High-Grade Silver Zone completed by mining consultant. Environmental studies to be completed first quarter 2022.
- – Beaver stamp mill tailings drilled and sampled. Permit for testing Castle Tailings received and drill program to be scheduled. On-going test work at SGS on Beaver Tailings is producing excellent preliminary grades and recoveries.
- – On-going bench test work using the Re-2Ox process is proceeding at SGS on secondary feeds consisting of spent Lithium-ion batteries, Nickel-Cadmium batteries, and metal-hydride batteries. SGS has been retained to build the Re-2Ox pilot plant at their laboratory at Lakefield, Ontario.
“The Company has multiple, ongoing, real-time developments facilitating the ability to make a production decision ahead of the final resource calculation aided by continuous drill programs” Frank J. Basa, P.Eng., CEO of Canada Silver Cobalt Works comments. “The company is well-poised, with all the key parameters in place, when the decision will be undertaken to pour silver bullion bars and produce battery metals from either primary mine feed or from recycled spent batteries. We have demonstrated that we can find high-grade mineralized vein structures, recover it, process it and produce final end-products for market.”
The company is well aware of the process economics to develop a successful mining company and employs proven historical business models that have worked in the Cobalt Camp for decades. The company is developing three sources of primary feed concurrently; these being stamp mill tailings, Castle Silver Mine residual recovery of broken mineralize material in the stopes underground, and from unmined, mineralized veins and the greenfield discovery at the Robinson Zone. Secondary feeds would include complex flotation concentrates from other mines and from spent electric batteries.
Location
The Castle Property is 15 km east of Aris Gold Corp’s Juby gold deposit, 30 km due south of Alamos Gold’s Young-Davidson mine, 75 km southwest of Kirkland Lake Gold’s Macassa Complex, and 100 km southeast of new gold discoveries in the Timmins West area.
Qualified Person
The technical information in this news release was prepared under the supervision of Frank J Basa, P.Eng., CEO of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works released the first-ever resource in the Gowganda Camp and greater Cobalt Camp in May 2020. A total of 7.56 million ounces of silver in Inferred resources comprising very high-grade silver ( 8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Robinson Zone beginning at a vertical depth of approximately 400 meters were identified. The discovery remains open in all directions (1A and 1B are approximately 800 meters from the east-trending Capitol Mine workings) (mineral resources that are not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt Works Press Release May 28, 2020. Report reference: Rachidi, M. 2020, NI 43-101 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). More information available at www.canadasilvercobaltworks.com .
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver District of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2OX for the creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations, Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.
“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
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Review of Strategic Developments with Real Time Progress Update
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to provide an update on strategic developments using a proven business model in the Cobalt Camp to achieve production that was employed by successful mining companies like Teck Corp, Noranda, and Agnico-Eagle Mines, all of whom had their roots in the Cobalt Camp.
Highlights of Strategic Developments
- Discovered high-grade silver mineralized structures – the first and only major discovery in the Historic High-Grade Silver Cobalt Camp in the last 50 years. Ongoing 50,000-meter drilling program.
- Poured a silver bullion bar using the furnace at Temiskaming Testing Labs from the metallics screened from the high-grade silver-cobalt material of the Castle Silver Mine. Completed the purchase of former Provincial Government’s 20,000 square foot Temiskaming Test Labs (TTL) – a complete analytical lab facility and plant for processing high-grade silver into bullion silver bars.
- Used the Re-2Ox hydrometallurgical process to produce battery-grade cobalt sulfate. From the same high-grade silver-cobalt material as above, SGS Canada, a Top-tier global service provider to the mining industry, recovered 99 percent of the arsenic.
- Canada Silver Cobalt is the first company to produce battery-grade Cobalt-sulphate and to recover the arsenic – and the only company in the Cobalt Camp to have done so. Cobalt and Arsenic are 2 of the 35 minerals deemed critical to U.S. National Security and the Economy (www.usgs.gov).
Canada Silver Cobalt is the first Company to make a major high-grade silver discovery in Ontario’s 180-kilometer arcuate regional mining district stretching from Gowganda to Silver Centre in the past 50 years. Material from narrow, massive native silver veins was crushed and screened to produced 90 percent pure metallics silver and was then melted and poured using the furnace at TTL directly into a bullion bar. The Company boasts the highest inferred silver resource in the world with 7.5 million ounces at 250 ounces per ton (8,582 g/t).
An upgrade of both the assay lab and high-grade silver processing circuit in the plant has been completed. To ensure regulatory impartiality, the company has engaged a contract lab operator to operate the lab independent of the company. Trial assays are set to begin in June with an aim to attain a 6000-assay per month analytical lab capacity. The secondary crushing and screening circuit in the high-grade silver plant has been rebuilt with a processing capacity rated at 18-20 tonnes per hour. In addition, the bullion furnace has been relined to ensure a fresh and seamless start.
The company has engaged with community members, with municipal, provincial, and federal government officials, with local stake holders, and with five distinct First Nation Communities with three separate agreements in place. The company is proud to be one of only a few that has had a First Nations member as an active director on the Board since 2015.
Highlights of On-going, Real-Time Developments
- First and only company in the Cobalt Camp to open up an adit and drill underground in the past 40 years; rehabilitate the first level and set up the former mine shaft for dewatering; conduct a pumping test at the Shaft dewatering at 50,000 liters per day; apply for permits for bulk sample mining of mineralized material in open stopes; purchase scoop tram and related mining equipment to begin mining program once permits received. Company confirmed the presence of High-Grade Silver and Cobalt veins left unmined underground which is considered a source of primary feed using a proven, low-cost, successful business model for going into production in the Cobalt Camp by residual mining.
- Completed mill flowsheet for 600 tpd gravity-flotation Mill with planned initial mill location to be on historic mill footprint. Having identified multiple mineralized vein structures in that area, the proposed mill site was relocated to more proximal to the proposed ramp into the Robinson Zone. On-going drilling to locate a potential non-mineralized area for mill site.
- Conceptual ramp to Robinson High-Grade Silver Zone completed by mining consultant. Environmental studies to be completed first quarter 2022.
- Beaver stamp mill tailings drilled and sampled. Permit for testing Castle Tailings received and drill program to be scheduled. On-going test work at SGS on Beaver Tailings is producing excellent preliminary grades and recoveries.
- On-going bench test work using the Re-2Ox process is proceeding at SGS on secondary feeds consisting of spent Lithium-ion batteries, Nickel-Cadmium batteries, and metal-hydride batteries. SGS has been retained to build the Re-2Ox pilot plant at their laboratory at Lakefield, Ontario.
“The Company has multiple, ongoing, real-time developments facilitating the ability to make a production decision ahead of the final resource calculation aided by continuous drill programs” Frank J. Basa, P.Eng., CEO of Canada Silver Cobalt Works comments. “The company is well-poised, with all the key parameters in place, when the decision will be undertaken to pour silver bullion bars and produce battery metals from either primary mine feed or from recycled spent batteries. We have demonstrated that we can find high-grade mineralized vein structures, recover it, process it and produce final end-products for market.”
The company is well aware of the process economics to develop a successful mining company and employs proven historical business models that have worked in the Cobalt Camp for decades. The company is developing three sources of primary feed concurrently; these being stamp mill tailings, Castle Silver Mine residual recovery of broken mineralize material in the stopes underground, and from unmined, mineralized veins and the greenfield discovery at the Robinson Zone. Secondary feeds would include complex flotation concentrates from other mines and from spent electric batteries.
Location
The Castle Property is 15 km east of Aris Gold Corp’s Juby gold deposit, 30 km due south of Alamos Gold’s Young-Davidson mine, 75 km southwest of Kirkland Lake Gold’s Macassa Complex, and 100 km southeast of new gold discoveries in the Timmins West area.
Qualified Person
The technical information in this news release was prepared under the supervision of Frank J Basa, P.Eng., CEO of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works released the first-ever resource in the Gowganda Camp and greater Cobalt Camp in May 2020. A total of 7.56 million ounces of silver in Inferred resources comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Robinson Zone beginning at a vertical depth of approximately 400 meters were identified. The discovery remains open in all directions (1A and 1B are approximately 800 meters from the east-trending Capitol Mine workings) (mineral resources that are not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt Works Press Release May 28, 2020. Report reference: Rachidi, M. 2020, NI 43-101 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). More information available at www.canadasilvercobaltworks.com.
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver District of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2OX for the creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations, Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Silver Cobalt Works Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2021/19/c7408.html
Contact:
Frank J. Basa, P.Eng., Chief Executive Officer, 416-625-2342
- Published in Canada Cobalt Works, Mining, News Home
Granada Gold Hits Massive Rare Earth and Alkali Metals Zone 1.6 Kilometers from Discovery Hole GR-20-20
Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (the “Company” or “Granada”) is pleased to announce that Hole GR-20-22 drilled to a depth of 1626 meters on the Big Claim of the Granada Gold Mine property, in Quebec, Canada.
Results are preliminary and full core lengths have not yet been assayed in two holes drilled at the north of the Big Claim. The company encountered unusual facies of altered rock which has been sampled in portions of the drill core. The mineralized portions of the core have been assayed for 56 metals. Additional assays are pending. Initially, portions of drill holes GR-20-20 and GR-20-22 were sampled. The company has received preliminary assay results for GR-20-22. Based on recent assays for intervals sampled, the intervening intervals are being prepared and will be sent for assay to create a complete picture.
Highlights of drill hole GR-20-22 as of today:
- – Intercepted 21 distinct mineralized zones.
- – Zones range in core length from 177 meters to 2.8 meters.
- – Rare Earths and Alkali metals of note identified to date are Caesium (Cs), Rubidium (Rb), Scandium (Sc), Zirconium (Zr), Cerium (Ce), Gallium (Ga), Hafnium (Hf), Neodymium (Nd) and Strontium (Sr). Others pending.
Highlights of Select Drill Core Intercepts:
True widths are unknown at the moment.
Complete analysis of current 21 drill intercepts can be found on the GGM website ( REE Interval Table ).
Uses and Market Price Ranges of Rare Earths and Alkali Metals
Caesium is used to make special optical glass, as a catalyst promoter, in vacuum tubes and in radiation monitoring equipment. One of its most important uses is in the ‘caesium clock’ , or atomic clock. ( Royal Society of Chemistry ) with a price of 68,100 US dollars per kilogram ( Mineral Commodity Summaries 2019 ).
Rubidium ’s photoemissive properties make it useful for electrical-signal generators in motion-sensor devices, night vision devices, photoelectric cells (solar panels), and photomultiplier tubes. Rubidium is used as an atomic resonance-frequency-reference oscillator for telecommunications network synchronization, playing a vital role in global positioning systems with prices of 15,500 US dollars per kilogram ( USGS Mineral Commodity Summaries 2019 ).
Scandium is one of the most expensive of all the natural elements. Prices for 99.99% pure scandium (RE: 99% min. | Sc/TREM: 99.99% min.) have fluctuated between US$ 7000 and US$ 20,000 per kilogram over the past decade. Of course, because of the limited amount of material produced globally and the limited market for scandium, there is also a wide range of prices offered for the metal at any given time ( strategic-metal.com and phone conversation May 10, 2021). Applications for scandium were not developed until the 1970s, when the positive effects of scandium on aluminium alloys were discovered, and its use in such alloys remains its only major application.
The leading consumers of zirconium metal are the chemical process and nuclear energy industries. ( USGS zirconium-hafnium.pdf ) with a price of 37.1 US dollars per kilogram. ( Shanghai Metals Market ).
Cerium metal is used in ferrocerium lighters for its pyrophoric properties. Cerium-doped YAG phosphor is used in conjunction with blue light-emitting diodes to produce white light in most commercial white LED light sources. Recent prices are 4.71 US dollars per kilogram ( Shanghai Metals Market, cerium ).
Gallium as an arsenide is used in the manufacture of devices such as microwave frequency integrated circuits, monolithic microwave integrated circuits , infrared light-emitting diodes , laser diodes , solar cells and optical windows with a price of 5 34.4 US dollars per kilogram ( kitco.com strategic-metals ) .
The leading use of hafnium metal is in superalloys with a price of 1347.4 US dollars per kilogram ( kitco.com strategic-metals ) .
Neodymium is as a component in the alloys used to make high- strength neodymium magnets—powerful permanent magnets. These magnets are widely used in such pro ducts as microphones, professional loudspeakers, in-ear headphones, high performance hobby DC electric motors, and computer hard disks, where low magnet mass (or volume) or strong magnetic fields are required. Larger neodymium magnets are used in high-power-versus-weight electric motors (for example in hybrid cars) and generators (for example aircraft and wind turbine electric generators ). Price is 118.5 US dollars per kilogram ( kitco.com strategic-metals ).
Strontium is used in producing ferrite magnets and refining zinc. Modern ‘glow-in-the-dark’ paints and plastics contain strontium aluminate ( Royal Society of Chemistry – Strontium ). Recent prices are 6.68 US dollars per kilogram ( https://en.institut-seltene-erden.de/current-prices-of-strategic-metals/ ).
Equivalent Range Values of Intercepts
Equivalent Range Intercepts (I), (II), and (III) were calculated without Caesium and Rubidium as no active market for the metals could be identified at present. Inclusion into the Equivalent Range Value of intercepts would present values of 404.8 and 5,273.1 US dollars per tonne for Caesium and Rubidium respectively for Intercept (I). For comparison purposes, in gold equivalents 6.83 and 89.0 g/t over 53 meters respectively.
Equivalent Range Value for Intercept (I) is 80.8 to 93.8 US dollars per tonne.
In gold equivalents 1.36 g/t to 1.58 g/t over 53 meters. Gold 59.24 US dollars per gram ( https://www.jmbullion.com/charts/gold-price/ ).
Equivalent Range Value for Intercept (II) is 110.9 to 228.3 US dollars per tonne.
In gold equivalents 1.87 g/t to 3.85 g/t over 35 meters.
Equivalent Range Value for intercept (III) is 133.6 to 326.0 US dollars per tonne.
In gold equivalents 2.25 g/t to 5.50 g/t over 30 meters.
Ten other rare earths and/or alkali metals are pending for inclusion into Equivalent Range Values.
Currently gold is mined from underground at values down to 2 g/t gold in Ontario, Canada ( https://miningdataonline.com/property/1484/Young-Davidson-Mine.aspx#Geology ).
Granada Gold Mine target underground gold grade is 4 g/t over a mining width of 1.5 to 2 meters.
Processing and Refining Rare Earths and Alkali Metals
Conventional mining, milling, separations and finishing possible at a single site with a zero discharge. Mountain Pass Mine in California, USA, which is in operation now is producing rare earth metals.
“Granada’s rare earth and alkali metal discovery was encountered during our deep drilling program for gold on the defined gold zone that is dipping at 50 degrees to the north towards the renowned Cadillac Break. Our target depth for the gold mineralization extension in the north of the Big Claim is about 2,500 meters,” said Frank J. Basa, P.Eng., “The 1.6 kilometer step out along the Cadillac Break could potentially be a massive rare earth and alkali metals mineralized zone yet to be discovered which would greatly impact the value of the property. The company has 5.5 kilometers of east-west strike length to further explore along the Cadillac Break. Drill results to date are exceptionally encouraging.”
The company is taking action on characterizing the minerals of these elements. It has sent samples to SGS Minerals in Ontario for advanced mineral analysis under the direction of Tassos Grammatikopoulos, Mineralogist at SGS Lakefield Research
Results to date are from SGS independent laboratories where NQ core samples of hole GR-20-22 were analysed. The company will proceed with sampling of the entire hole to enable disclosure of mineralized lengths associated with grades as well as investigation on the mineralogy as the grades of interest are not confined to one geological unit.
Co-ordinates of the hole have been determined by handheld GPS and will be surveyed in spring.
GR-20-22: 647 624E, 5 339 218N, 291Z, Azimuth 360N, Dip -65 and length 1,626m
QA/QC
The insertion of blanks and standards by the technical team in the program were in line with expected values. The laboratory QA/QC results for these anomalous elements at the laboratory are in line with their expected values thereby allowing the public disclosure of the values.
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc. m ember of Québec Order of Engineers and a qualified person in accordance with National Instrument 43- 101 standards.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold Property near Rouyn-Noranda, Quebec. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east-west over a potential 5.5 kilometers of mineralized structure. The highly prolific Cadillac Break, the source of more than 75 million plus ounces of gold production in the past century, cuts through the north part of the Granada property, but is not necessarily indicative of mineralization hosted on the company’s property.
The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and a half kilometers. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 3.5 to 5 grams per tonne gold.
Updated Mineral Resource
The updated resource at the Company’s Granada Gold project in Rouyn-Noranda, Quebec was estimated by SGS Canada and outlined in a January 29, 2021 news release. The final report was filed March 15, 2021 with an Effective date of December 15, 2020. The 43-101 Technical Report is titled: Granada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc, géo. Both of SGS Canada Inc.
Updated Mineral Resource Estimate Base Case with Details Between the Open Pit Portion and the Underground Portion
- 1. Cut-off grades are based on a gold price of US$1,600 per ounce, a foreign exchange rate of US$0.76 for CA$1, a gold recovery of 93%
- 2. Pit constrained mineral resources are reported at a cut-off grade of 0.9 g/t Au within a conceptual pit shell
- 3. Underground mineral resources are reported at a cut-off grade of 3.0 g/t Au within reasonably mineable volumes
The Company is in possession of all mining permits required to commence the initial mining phase, known as the “Rolling Start”, which allows the company to mine up to 550 tonnes per day. Additional information is available at www.granadagoldmine.com .
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
For further information, please contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home