San Marco Further Increases Flow-Through Private Placement to $4,000,000
San Marco Resources Inc. (TSXV: SMN) is pleased to announce that, due to strong investor demand, it is increasing the size of its non-brokered private placement offering to $4,000,000 consisting of: (i) “charity flow-through” Units at a price of $0.34 each (the “Charity FT Unit Offering“) and (ii) “flow-through” Units at a price of $0.26 each (the “FT Unit Offering” and, together with the Charity FT Unit Offering, the “Offering“). Eventus Capital Corp. has been appointed as a finder in connection with the Offering and will be paid a 7% cash fee and issued that number of compensation warrants (having the terms described below) equal to 7% of the Units sold.
Bob Willis, CEO & Director, stated, “San Marco very much appreciates the strong support from the institutional investor community. We are looking forward to continue a very expanded drill program at the Buck Property as soon as possible.”
Each Unit will consist of one ‘flow-through’ common share and one half of a common share purchase warrant. Each whole warrant (a “Warrant“) will entitle the purchase of one (non-flow-through) common share for 24 months at a price of $0.34. If the closing price of the Company’s common shares (“Common Shares“) is greater than $0.70 for 10 consecutive trading days, San Marco will have the right to accelerate the expiry date of the Warrants by giving notice, via a new release, to the Warrantholders that the Warrants will expire 30 days after the issuance of the news release. The compensation warrants will be exercisable for two years at a price of $0.26 per share and will not be subject to the acceleration provision.
Common Shares comprising part of the Units issued under the Charity FT Unit Offering and FT Unit Offering will qualify as ‘flow through shares’ (“Flow Through Shares“) under the Income Tax Act (Canada). The gross proceeds from the Offering will be used to incur ‘Canadian exploration expenses’ that will qualify as ‘flow through mining expenditures’ under the Income Tax Act and will be renounced to the initial purchasers of the Flow Through Shares.
Proceeds of the Offering will be used for funding exploration of the Company’s Buck Property. Closing of the Offering is expected on or about July 21, 2020. All the securities issued pursuant to the Offering will be subject to a four month restricted resale period. Completion of the placement is subject to the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region and includes many former and current operating mines. The Company’s portfolio also includes several prospective, early stage exploration properties in Mexico.
San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
Further details are available at www.sanmarcocorp.com
For further information, contact:
Sharyn Alexander, M.Sc.
VP Technical Services
Nancy Curry
Corporate Communications
Tel. 778-588-9606
- Published in Mining, News Home, San Marco Resources
Canada Silver Cobalt Appoints Halliday President and Chief Operating Officer
Canada Silver Cobalt Works Inc. has promoted Matt Halliday, PGeo, to the position of president and chief operating officer of the company, in addition to his duties as vice-president of exploration, as Canada Silver Cobalt prepares to aggressively ramp up drilling at Castle East to fully leverage a growing high-grade silver discovery adjacent to three past producers in Gowganda, 75 kilometres southwest of Kirkland Lake.
As a second drill rig is quickly added to this discovery as part of a new planned program encompassing 50,000 meters of drilling in 2020, Halliday will direct and supervise all project operations for Canada Silver Cobalt in his new role as President and COO. He will also immediately further build out the geological, engineering and environmental team with the goal of completing permitting and construction of a ramp to the rich Robinson Zone in 2021.
Based on reliable historical reports and internal data, management believes Castle East may represent the most significant new grassroots high-grade silver discovery in the Gowganda mining camp, and the broader Northern Ontario Silver-Cobalt district, in at least 40 years.
Halliday Appointment
Mr. Halliday first joined Canada Silver Cobalt late last year from Kirkland Lake Gold where he served as resource geologist. A graduate of Dalhousie University in 2007, Mr. Halliday honed his skills for almost eight years with SGS Geostat, known as global leaders in orebody modelling and reserve evaluation. In 2016 he was part of the SGS team that pushed machine learning into the geological realm and claimed top prize in the $1 million Integra Gold Challenge.
For more than a dozen years Mr. Halliday has focused on resource reporting and modelling while also gaining abundant experience with advanced field exploration including major drill programs in Ontario, Quebec, Newfoundland-Labrador, Nunavut and Alaska. With SGS he also enjoyed success in a business development capacity.
Halliday On Expanded Role
Mr. Halliday commented: “I’m excited to take on new and expanded responsibilities to help guide Canada Silver Cobalt to the next level as the leading vertically integrated silver-cobalt company in a prolific district that stretches for 130 km.
“We not only have the grade at Castle East but the opportunity for tremendous scale given the extent of untested ground in a camp where it appears the oldtimers, despite mining around 70 million ounces of silver, took only the low-hanging ‘fruit’. We’ll have a second drill rig turning by about July 15 as we begin to greatly accelerate this program based on multiple positive indicators.
“We already have exceptional talent within CCW, which we’ll be harnessing to an even greater extent, but it’s my mission to quickly build a ‘Dream Team’ that will execute flawlessly for shareholders,” Mr. Halliday continued. “This may also include a new VP-Exploration as I focus on making sure we deliver on a dynamic vision for this company in Canada’s silver-cobalt heartland. We will use the Castle East discovery in unlocking the value of the adjacent Castle mine and all other company assets including Temiskaming Testing Laboratories, following a path that helped build Agnico Eagle – former operator of the Castle mine – into the mining giant it is today.”
Maiden Inferred Resource
The Robinson Zone discovery features a very high-grade Inferred resource of 8,582 g/t Ag (250 oz/ton) in areas 1A and 1B for 7.56 million ounces of silver in a total of 27,400 tonnes of material, using a cut-off grade of 258 g/t AgEq. The discovery is wide open for expansion and the Inferred resource does not include a second high-grade silver vein intersected 95 meters below the Robinson Zone. Cobalt is also an important component of this discovery.
The Mineral Resource estimate is dated May 28, 2020, and was independently prepared by GoldMinds Geoservices Inc. in accordance with National Instrument 43-101. A Technical Report with respect to the Mineral Resource estimate will be filed within 45 days from May 28, 2020, in accordance with NI 43-101. The Company reminds investors, as per NI 43-101, that mineral resources that are not mineral reserves do not have demonstrated economic viability.
Mr. Halliday is replacing Mr. Frank Basa as President while also assuming the new position of Chief Operating Officer. With his many years of successful experience in the Northern Ontario Silver-Cobalt district, including his time with Agnico Eagle, Mr. Basa will continue as CEO of Canada Silver Cobalt while responsibilities for day-to-day operations are assumed by Mr. Halliday. “Matt is supremely qualified and has the energy, the expertise and the leadership skills to take CCW to a whole new level,” stated Mr. Basa. “We are entering a major growth period and it’s time to build out the team to take full advantage of this discovery and an exciting new bull market in silver.”
Castle East In Perspective
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (APGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with NI 43-101.
About Canada Silver Cobalt Works Inc.
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-Cobalt District of Northern Ontario. With an important new discovery at Castle East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and Violet properties, CCW is strategically positioned to become a Canadian leader in the silver-cobalt space.
- Published in Canada Cobalt Works, Mining, News Home
San Marco Arranges $2 Million Flow-Through Private Placement Financing
San Marco Resources Inc. (TSXV: SMN) announces it has arranged a non-brokered private placement consisting of: (i) “charity flow-through” Units at a price of $0.34 each (the “Charity FT Unit Offering“) and (ii) “flow-through” Units at a price of $0.26 each (the “FT Unit Offering” and, together with the Charity FT Unit Offering, the “Offering“) for gross aggregate proceeds of $2 million. Eventus Capital Corp. has been appointed as a finder in connection with the Offering and will be paid a 7% cash fee and issued that number of compensation warrants (having the terms described below) equal to 7% of the Units sold.
Each Unit will consist of one ‘flow-through’ common share and one half of a common share purchase warrant. Each whole warrant (a “Warrant“) will entitle the purchase of one (non-flow-through) common share for 24 months at a price of $0.34. If the closing price of the Company’s common shares (“Common Shares“) is greater than $0.70 for 10 consecutive trading days, San Marco will have the right to accelerate the expiry date of the Warrants by giving notice, via a new release, to the Warrantholders that the Warrants will expire 30 days after the issuance of the news release. The compensation warrants will be exercisable for two years at a price of $0.26 per share and will not be subject to the acceleration provision.
Common Shares comprising part of the Units issued under the Charity FT Unit Offering and FT Unit Offering will qualify as ‘flow through shares’ (“Flow Through Shares“) under the Income Tax Act (Canada). The gross proceeds from the Offering will be used to incur ‘Canadian exploration expenses’ that will qualify as ‘flow through mining expenditures’ under the Income Tax Act and will be renounced to the initial purchasers of the Flow Through Shares.
Proceeds of the Offering will be used for funding exploration of the Company’s Buck Property. Closing of the Offering is expected on or about July 21, 2020. All the securities issued pursuant to the Offering will be subject to a four month restricted resale period. Completion of the placement is subject to the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region and includes many former and current operating mines. The Company’s portfolio also includes the several prospective, early stage exploration properties in Mexico.
San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
Further details are available at www.sanmarcocorp.com
For further information, contact:
Sharyn Alexander, M.Sc.
VP Technical Services
Nancy Curry
Corporate Communications
info@sanmarcocorp.com
Tel. 778-588-9606
- Published in Mining, News Home, San Marco Resources
San Marco Mobilizes Field Crew and Commences 2020 Exploration Program at Buck Property, Central B.C.
San Marco Resources Inc. (TSXV: SMN) (“San Marco” or the “Company”) announces the mobilization of a field crew on its flagship gold/silver/zinc Buck property in north-central B.C. The 100% optioned property consists of 15,000 hectares and is located just south of the town of Houston, B.C.
Highlights include:
- Geological mapping, structural analysis, and geochemical sampling to be completed.
- Multiple targets identified on the property through historic data compilation.
- Continuous rock chip intervals in the Trench Zone include 48 metres of 2.96 g/t Au, 48 metres of 2.61 g/t Au, and 45 metres of 1.82 g/t Au. (1)
- Significant drill hole intercepts in the Trench Zone include 30.8 metres of 2.70 g/t Au, 33 g/t Ag, and 12.0 metres of 1.06 g/t Au, 25 g/t Ag. (1)
- Phase 2 drill program to commence within weeks of field work completion.
The team has begun on-site field reconnaissance and preparation for the summer 2020 exploration program, with geologists arriving shortly.
San Marco’s CEO, Bob Willis, states “We are excited to begin field work at the Buck property. We have a number of excellent drill targets generated through historic data compilation and are keen to get on site, evaluate their priority, and get the drill turning again. The geology at Buck appears very similar to the geology at the Blackwater deposit, recently acquired by Artemis Gold from New Gold Inc. We’re producing the first compilation of historic results from multiple sources. This is generating very compelling targets in several lightly explored areas kilometres away from the bulk of historical work. Results from these new target areas are still being refined and will be released as they are compiled.”
The summer exploration program will include geological mapping and geochemical sampling of key exploration targets identified through analysis of historic geological, geochemical, and geophysical data compiled by San Marco’s technical team. Drilling of multiple targets is planned within a few weeks after the initial field work is completed.
Of particular interest is a zone to the west of the Phase 1 diamond drilling program announced on April 8, 2020 (Figure 1). Newly recovered records of historic work in the “Trench Zone” includes drilling and geochemical sampling in the form of soil and rock samples, as well as rock chip samples taken from trenches (Figure 2). Rock chip samples are noted as continuous 3 metre intervals; significant intercepts include 48 metres of 2.96 g/t Au, 48 metres of 2.61 g/t Au, and 45 metres of 1.82 g/t Au. (1)
Continuous rock chip intervals from historic trenching in the Trench Zone appear in Table 1 below.
Table 1. Historic Continuous Rock Chip Intervals from Trenches
Trench ID | Length (m) | Au (g/t) | Ag (g/t) |
Trench 1 | 48 | 2.61 | 25.54 |
and | 45 | 1.82 | 26.26 |
Trench 2 | 48 | 2.96 | 23.89 |
Trench 3 | 9 | 0.49 | 4.43 |
Trench 4 | 6 | 0.53 | 4.05 |
and | 33 | 0.63 | 18.78 |
and | 12 | 0.34 | 6.28 |
Trench 5 | 27 | 0.53 | 11.52 |
Trench 6 | 18 | 0.29 | 1.95 |
and | 12 | 0.57 | 5.58 |
and | 6 | 0.47 | 11.50 |
and | 12 | 0.23 | 8.43 |
Trench 7 | 3 | 10.00 | 2.00 |
Trench 17 | 9 | 0.57 | 6.27 |
and | 9 | 0.63 | 5.97 |
Trench 24 | 33 | 0.57 | 12.11 |
and | 9 | 0.53 | 25.75 |
Trench 25 | 39 | 0.88 | 21.26 |
and | 12 | 0.40 | 21.75 |
Trench 51 | 12 | 0.46 | 3.15 |
and | 6 | 4.85 | 26.65 |
and | 3 | 3.40 | 2.60 |
* Individual rock chip samples are 3 metres in length
Historic drilling in the Trench Zone also identified continuous near-surface mineralization, including 30.8 metres of 2.70 g/t Au, 33 g/t Ag, and 12.0 metres of 1.06 g/t Au, 25 g/t Ag. (1)Significant drill hole intercepts within the Trench Zone appear in Table 2 below.
Table 2. Historic Drill Hole Intercepts
Hole ID | From (m) | To (m) | Length (m) * | Au (g/t) | Ag (g/t) |
84-13 | 6.7 | 150.0 | 143.3 | 0.75 | 9 |
Includes | 10.0 | 40.8 | 30.8 | 2.70 | 33 |
85-20 | 18.0 | 30.0 | 12.0 | 0.94 | 19 |
85-21 | 75.0 | 90.8 | 15.8 | 0.45 | 4 |
85-23 | 18.0 | 30.0 | 12.0 | 1.06 | 25 |
85-25 | 6.1 | 102.1 | 96.0 | 0.35 | 7 |
Includes | 6.1 | 45.0 | 38.9 | 0.61 | 10 |
85-28 | 3.5 | 122.5 | 119.1 | 0.31 | 4 |
Includes | 3.5 | 21.0 | 17.5 | 0.90 | 12 |
88-01 | 24.6 | 47.2 | 22.6 | 0.58 | 13 |
* Drill core length, not true lengths
The 2020 exploration program will be carried out in compliance with federal, provincial, and municipal guidelines established in response to the global COVID-19 pandemic. Strict safety protocols will be in place to protect the health of employees, contractors, consultants, and their families.
Change of CEO
San Marco also announces the appointment of Bob Willis as CEO. Mr. Willis previously held the role of Executive Director. This change was made following the Company’s Annual General Meeting held on June 11, 2020.
Links to Figures
Figure 1:
Figure 2:
__________________________
1) Thedrill and rock chip results were obtained from parties that previously exploredthe property. The Company believes the significant intercepts to be accurateand comply with industry best practices at the time of drilling.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc, and copper projects with a focus in mining friendly jurisdictions in both British Columbia and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region and includes many former and current operating mines. The Company’s portfolio also includes the several prospective, early stage exploration properties in Mexico.
San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
Further details are available at www.sanmarcocorp.com
For further information, contact:
Sharyn Alexander, M.Sc.
VP Technical Services
Nancy Curry
Corporate Communications
National Instrument 43-101 Disclosure
This news release has been approved by San Marco’s CEO, Robert D. Willis, P. Eng. a “Qualified Person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has also verified the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release.
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management’s current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco’s actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/58352
- Published in Mining, News Home, San Marco Resources
Sirona Biochem Ships First Batch of TFC-1067 to Rodan + Fields
Sirona Biochem Corp. (TSXV: SBM) (FSE: ZSB) (US-OTC: SRBCF) (“Sirona“) is pleased to announce that it has made its first shipment of compound, TFC-1067, to industry leader Rodan + Fields, LLC (“Rodan + Fields”) formulation team. Rodan + Fields will be the first to market for a consumer product utilizing TFC-1067 for the treatment of dyschromia (hyperpigmentation or “dark spots” of the skin).
Using the services and expertise of Contract Research Organization, Roowin SA, Sirona scaled-up production to the multi-kilogram level. The synthetic process was refined to yield a large supply of high purity TFC-1067 to meet the exacting standards for a high-quality product. Roowin will be providing a further supply of TFC-1067 near term as production continues. Sirona management is currently in advanced negotiations with Chinese producers regarding large scale manufacturing of TFC-1067 and expects to sign an agreement in this regard within the next quarter. Part of the strategic plan is to build up an inventory of commercially ready TFC-1067 through two manufacturing sites. This will enable a quick response to anticipated demands from other companies using a diversified supply channel. Further details of the product launch will remain confidential for strategic reasons.
Sirona also announces a successful attendance at BIO Digital, June 8-12, 2020. Interest in TFC-1067 and anti-aging from international cosmetic companies was high during the virtual conference. The advancement of TFC-1067 through clinical and manufacturing has established a significant level of interest as the compound is much more attractive to companies. Having a ready supply of inventory and established manufactures vastly decreases the risk for organizations looking to add TFC-1067 to their product lines.
About Rodan + Fields
Founded by Stanford-trained dermatologists Dr. Katie Rodan and Dr. Kathy Fields, Rodan + Fields was launched in 2002 with the mission of giving consumers the best skin of their lives. The brand is a result of the Doctors’ belief that healthy skin empowers people to feel confident. Born in the digital era and designed to directly reach consumers where they live and shop via mobile and social networks, Rodan + Fields is disrupting the industry with its regimen-based skincare and powerful Independent Consultant community.
For more information, please visit www.rodanandfields.com.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- Published in News Home, Sirona Biochem
Canada Silver Cobalt Ramps Up Drilling at Castle East Discovery, Closes $1.2 Million Private Placement
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce the Company has closed a flow-through private placement with strategic investors, raising gross proceeds of $1.2 million by issuing 2,000,000 units at $0.60 per flow-through unit (see details below).
Proceeds of the flow-through private placement will be used to further ramp up drilling and exploration over the coming weeks at the Company’s 100%-owned Castle East high-grade silver discovery in Northern Ontario’s Gowganda Camp.
Wedge Holes Take Aim At Rich Second “Trunk” Potential
After extending the original Robinson Zone high-grade discovery vein 47 meters up-dip through drill hole CS-20-24 from surface, geologists are now resuming a wedge hole strategy that proved to be very effective last winter when the extremely rich Robinson Zone was first delineated, leading to a maiden Inferred resource estimate (refer to May 28, 2020 news release).
Starting today, an initial two wedge holes, drilled up-dip from different directions based on the orientation of the vein, are targeting the extension of the high-grade vein discovered 95 meters below the Robinson Zone in drill hole CS-20-22 that was not included in the resource estimate (8,339 g/t Ag or 243 oz/ton over 0.35m within 0.60m of 4,971 g/t Ag or 145 oz/ton, estimated at 50% to 70% true width). This vein, featuring native dendritic silver (large “rosettes”), has a different texture to it than the vein in the original discovery, suggesting the Castle East mineralizing event was driven by multiple phases.
Matt Halliday, VP Exploration, commented: “It appears we have found the first two ‘trunks’ of this system. Based on district geology we expect to find branches off these trunks and a possible connection between these trunks through a network of veins.
“We have a very large area that has never been systematically drill tested, so the scale potential is very significant. We know we have the grade with 7.6 million Inferred ounces at 250 oz/ton in a very concentrated area, ideal for accessing through a ramp,” Halliday concluded.
Flow-Through Private Placement Details
Each FT Unit comprises one flow-through common share of the Company and one half of one share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.70 per share, for a period of two years from closing, subject to TSX Venture Exchange (“Exchange”) approval.
Canada Silver Cobalt has paid finder fees in the amount of $94,000 and issued 156,665 finder warrants in connection with the FT private placement. The finder’s warrants are on the same terms as the financing warrants. The finder fees are subject to Exchange approval.
All securities issued in connection with the private placement will be subject to a four–month and a day hold period expiring on October 16, 2020, in accordance with applicable Canadian securities laws.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (APGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with NI 43-101.
About Canada Silver Cobalt Works Inc.
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-Cobalt District of Northern Ontario. With an important new discovery at Castle East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and Violet properties, CCW is strategically positioned to become a Canadian leader in the silver-cobalt space.
“Frank J. Basa”
Frank J. Basa, P. Eng.
President and 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.
For further information: Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, mb@buffaloassociates.com, +44-7725-960939
Related Links
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Extends Robinson Zone High-Grade Silver Discovery
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that Phase 2 drilling at Castle East has quickly expanded the potential scale of the Robinson Zone high-grade silver discovery, open in all directions.
The latest drill hole, CS-20-24, further demonstrates continuity of vein structures over an increasingly broad area consistent with a robust mineralizing event immediately east of three past producers in Northern Ontario’s Gowganda Camp.
Highlights:
- CS-20-24, the just-completed first hole of Phase 2, was collared 200 meters northwest of CS-20-22 and intersected three separate visually well-mineralized vein structures at shallower levels including native silver and cobalt arsenides within a 5-meter zone (core interval) approximately 47 meters above the Robinson Zone;
- CS-20-24 is interpreted to be an extension of the original vein confirmed through historical drill hole CA-11-08 in addition to Canada Silver Cobalt’s recent follow-up wedge holes;
- A network of high-grade native silver veins has now been traced over a vertical distance of approximately 144 meters from the middle intersection in CS-20-24, at a vertical depth of 371 meters, to the second deeper intercept in CS-20-22 (representing a new vein) near the lower contact of the diabase with the Archean rocks.
Matt Halliday, Canada Silver Cobalt VP-Exploration, commented: “With the first hole of Phase 2 we’ve already opened up much more room for expansion of the very high-grade Robinson Zone, and many more high priority targets remain to be drilled. This appears to be a ‘pregnant’ system with strong potential for significant additional lateral and vertical extent given the increasing success we are having at hitting these narrow but exceptionally high-grade vein structures from surface. We eagerly anticipate the first batch of assays from CS-20-24.
“Our research shows that the Northern Ontario Silver-Cobalt Camp hasn’t seen anything like this in at least several decades – a grassroots discovery of very unusual silver grades, comparable with those that helped make this region the birthplace of Canadian hard rock mining in the early 1900’s,” Halliday continued. “In addition, core from CS-20-24 shows promise for gold mineralization in the 326-meter Archean package drilled into above the Nipissing diabase, nearly half a kilometer northeast of the high-grade gold intercept in CS-19-19 (refer to March 2, 2020, news release).”
Next Drill Holes
Geologists are now preparing to drill a series of wedge holes, commencing early next week, from CS-20-22 and CS-20-24 in an attempt to follow the trail of native silver veins, similar to the strategy last December that also involved the successful use of downhole camera technology. GoldMinds Geoservices’ custom-built downhole camera has been deployed once again and has provided valuable information with regard to CS-20-22 and the orientation of vein structures. It will also be used in the coming days to evaluate the vein structures intersected in CS-20-24.
Robinson Zone Inferred Resource
Notably, as disclosed in a maiden resource estimate May 28, 2020, zones 1A and 1B of the Robinson Zone entering Phase 2 had an average silver grade of 8,582 g/t (250 oz/ton) in a combined 27,400 tonnes of material for a total of 7.56 million Inferred 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). This resource estimate did not include the second vein discovered in CS-20-22.
Gold Target Above the Diabase
Starting 40 meters downhole and continuing to 368 meters, CS-20-24 intersected multiple potential gold-bearing quartz-carbonate multi-generational veins with sulphide mineralization and intense alteration in the Archean package above the Nipissing diabase. Arsenopyrite was also noted in feldspar porphyry.
As reported by Canada Silver Cobalt March 2, 2020, the last drill hole that targeted gold mineralization at Castle East (CS-19-19) intersected 4.3 g/t Au over 4 meters and 1.5 g/t over 12.5 meters within a 30-meter mineralized zone (core length, true width unknown at this time) grading 0.70 g/t Au (vertical depth approximately 240 meters). This broad interval included 1 meter that returned 15.2 g/t Au. This early stage gold discovery is approximately 460 meters southwest of the visually encouraging zones encountered in CS-20-24. The potential relationship between the two areas is being investigated as geologists await assays for this latest hole.
Castle Property Location
The Castle Property is 15 km east of Pan American Silver’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, 80 km northwest of CCW’s Temiskaming Testing Lab/processing facility in the town of Cobalt, and 100 km southeast of new gold discoveries in the Timmins West area.
Quality Assurance/Quality Control
Castle East core samples were collected using a 0.3-meter minimum length and a 1-meter maximum length. Drill core recovery averaged 95%. Two quality control samples (blank and standards) were inserted into each batch of 20 samples. The drill core was sawn with one half of the split core placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. Where silver was visually and significantly present, a pulp-metallic analysis on full sample was requested for the silver and gold assays where the entire sample is dried, weighed and crushed over 95% then fully pulverized and passed through 200-mesh screen to create a plus 200-mesh fraction (metallics) and a minus 200-mesh fraction (pulp). The minus 200-mesh fraction (fines) was run using geochemical analysis with AA finish for Ag, Au, Cu, Ni, and Co. The entire +200 mesh (coarse) fraction was analyzed using gravimetric processes (fire assay) for both Ag and Au to provide a weighted average assay for the entire sample.
Swastika Laboratories is an ISO 17025 certified lab independent of Canada Silver Cobalt.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (APGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
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.
President and 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.
For further information: Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, mb@buffaloassociates.com, +44-7725-960939
Related Links
- Published in Canada Cobalt Works, Mining, News Home
San Marco Increases Flow-Through Private Placement to up to $3,500,000
San Marco Resources Inc. (TSXV: SMN) is pleased to announce that, due to strong investor demand, it is increasing the size of its non-brokered private placement offering announced June 29, 2020 to up to $3,500,000 consisting of: (i) “charity flow-through” Units at a price of $0.34 each (the “Charity FT Unit Offering“) and (ii) “flow-through” Units at a price of $0.26 each (the “FT Unit Offering” and, together with the Charity FT Unit Offering, the “Offering“). Eventus Capital Corp. has been appointed as a finder in connection with the Offering and will be paid a 7% cash fee and issued that number of compensation warrants (having the terms described below) equal to 7% of the Units sold.
Bob Willis, CEO & Director, stated, “We are very pleased with the strong institutional investor interest in San Marco’s Buck Property. I thank all investors for their support and look forward to the continued work on the property, including an initial 10,000 metres of drilling anticipated to begin this summer.”
Each Unit will consist of one ‘flow-through’ common share and one half of a common share purchase warrant. Each whole warrant (a “Warrant“) will entitle the purchase of one (non-flow-through) common share for 24 months at a price of $0.34. If the closing price of the Company’s common shares (“Common Shares“) is greater than $0.70 for 10 consecutive trading days, San Marco will have the right to accelerate the expiry date of the Warrants by giving notice, via a new release, to the Warrant holders that the Warrants will expire 30 days after the issuance of the news release. The compensation warrants will be exercisable for two years at a price of $0.26 per share and will not be subject to the acceleration provision.
Common Shares comprising part of the Units issued under the Charity FT Unit Offering and FT Unit Offering will qualify as ‘flow through shares’ (“Flow Through Shares“) under the Income Tax Act (Canada). The gross proceeds from the Offering will be used to incur ‘Canadian exploration expenses’ that will qualify as ‘flow through mining expenditures’ under the Income Tax Act and will be renounced to the initial purchasers of the Flow Through Shares.
Proceeds of the Offering will be used for funding exploration of the Company’s Buck Property. Closing of the Offering is expected on or about July 21, 2020. All the securities issued pursuant to the Offering will be subject to a four month restricted resale period. Completion of the placement is subject to the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region and includes many former and current operating mines. The Company’s portfolio also includes several prospective, early stage exploration properties in Mexico.
San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
Further details are available at www.sanmarcocorp.com
For further information, contact:
Sharyn Alexander, M.Sc.
VP Technical Services
Nancy Curry
Corporate Communications
Tel. 778-588-9606
- Published in Mining, News Home, San Marco Resources