Canada Silver Cobalt Works’ New Gold Property Now Totals 810 Hectares with 610 Hectare Acquisition
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that it has entered into an Option Agreement dated August 15, 2021, to acquire the 610 hectares, known as the “Tinney” property (the “Property”) from a group of highly renowned prospectors (“Claim Holders”).
Acquisition Highlights:
- – Property lies within the Abitibi Greenstone Belt in the prolific Kirkland Lake district and is located approximately 7 km south-west of the high-grade Macassa Gold Mine currently operated by Kirkland Lake Gold.- In addition, the 610 hectares included in this acquisition are adjacent to the 200 hectares recently optioned on August 3, 2021, from geologist Doug Robinson and partners. This increases the total area of the land package four-fold to a grand total of 810 hectares.- The acquisition provides further expansion of the Company’s precious metals portfolio into the well-established Kirkland Lake Gold camp located on the prolific Larder Lake-Cadillac Break.- Select claims have valid exploration permits that will allow a combination of mechanized drilling and/or surface geophysics (shown on Figure 1 and Figure 2). A well-organized exploration plan is currently being developed for the 2022 field season which may include geological mapping, the stripping of outcrops, and channel sampling. Results of this field season will dictate the drill program to follow on the property.
Company President, Matt Halliday, P.Geo. stated “These new gold properties have our geologists very excited about the 2022 field season. There are multiple geological features that are of extreme interest including three major fault structures: the Larder Lake Cadillac Deformation Zone (also referred to as Break or Fault Zone) 1km to the north, the Amikougami Creek Fault 5km to the east, and over 2km of the Eby-Otto Fault trending north-easterly through the property. The property is permit ready, we just need to put in the work.”
The structural zone surrounding the Eby-Otto Fault is marked by iron carbonate, silicification, chloritization, and large pyrite-mineralized zones up to 200 meters wide. According to OGS open file report OFR6184 quoting Meyer et el 2005, there are several gold deposits in the area that show similarities such as the Holloway Mine “Lightning Zone”, the Kerr Mine “Flow Ore”, and the “D Zone” at the Cheminis Mine. While these orebodies are not significant at surface, the evidence exists in the form of carbonatization, silicification, pyrite mineralization, and sporadic gold mineralization similar to what is encountered on these claims. In addition, geochemically anomalous gold and copper values have been recorded along the length of the Eby-Otto Fault as showings, pits, and small-scale shafts with values up to 5.8 g/t Au over 1.5m (0.17 oz/ton over 5’, AFRI 2.57388 2016). Further anomalous showings of gold, copper, and platinum occur within the mafic metavolcanics, mafic metasediments, and syenite intrusions scattered across the combined property.
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Figure 1: Location of newly acquired Tinney claims and previously acquired Eby-Otto claims in addition to showing proximity to Kirkland Lake Gold’s Macassa Mine.
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Figure 2: A closer look at the total property package showing the simplified regional geology, location of preliminary channel samples (news releases August 3, 2021), as well as three major faults of interest.
Details of the Property
The Eby-Otto and Tinney area was originally discovered by silver prospectors originating from the town of Cobalt prospecting for silver. But instead of silver, they found occurrences of gold near the shore of Otto Lake in 1906. This kickstarted the discovery of many gold mines in the area. Since then, there has been sporadic activity by various prospectors, geologists, and exploration companies exploring primarily for gold. Over the years there has been small scale trenching, pits, shafts, and small mining operations with low grade to anomalous values identified. This work has helped define the nature of the iron carbonate, silicification, chloritization, and large pyrite mineralized zones.
As previously mentioned, the rocks in this claim package show certain parallels at surface to the Holloway Mine, the Kerr Mine, and the Cheminis Mine. But it also shows similarities to the style of veins and host rocks encountered at the Macassa Mine, which is characterized by finely disseminated pyrite, wide alteration zones, and multiple generations of quartz veining and/or flooding. The Macassa Mine, which commenced operations in 1933, has produced more than 5.2 million ounces of gold, has benefited from new discoveries within its property over the years and still has one of the highest reserve grades in the world. The greater Kirkland Lake camp, situated along the Larder-Lake Cadillac Break, has collectively produced over 74 million ounces of gold.
The property contains three large faults that are of interest. The Larder Lake Cadillac Deformation Zone is one of the major gold-bearing deformation zones in the southern Abitibi subprovince. It hosts many gold mines such as the Cheminis and Kerr Addison and has many gold-bearing subsidiary faults (or splays) such as the “Main Break” (the dominant gold-bearing fault at the Macassa Mine) and the Eby-Otto Fault cutting through the Eby-Otto and Tinney claim package. The Amikougami Creek Fault is an important structural feature because it offsets certain gold-bearing faults including the ’04 Break at the Macassa Mine. To date, there has been no major discovery to the west of the Amikougami Creek Fault. The Eby-Otto Fault is another splay off the Larder Lake Cadillac Deformation Zone and there is strong potential for gold mineralization to exist along strike and at depth when considering the major alteration zones, sulphides, and quartz veins encountered on the property.
In addition, the adjacent Eby-Otto property was optioned to the company on August 3, 2021, from Doug Robinson and partners. Doug is a highly respected geologist with an exceptional record of precious metal discoveries over the past 50 years. He served as underground mine geologist for Agnico Eagle Mines in the Greater Silver-Cobalt Camp in the 1980s and more recently as a geological consultant for Canada Silver Cobalt Works’ Castle property. His work for us led to the major discovery of the exceptionally high-grade silver veins at Castle East which led to the company’s first resource estimate. He will continue to work with the Company as a consultant to further the exploration work on the properties.
Terms of the Acquisition
The Claim holders grant the option to Canada Silver Cobalt Works Inc. to acquire, over a period of 5 years, 100% of the Property in return for cash payments totalling $182,000, the issuance of 400,000 common shares of Canada Silver Cobalt Works and incurring a total of $1.2 million in exploration expenditures on the Property. In addition, the Claim Holders will retain a 3% royalty if Canada Silver Cobalt Works completes the entire option. Canada Silver Cobalt Works will be the operator and will manage all exploration work throughout the term of the option.
All shares issued are subject to a 4 month plus a day hold period in accordance with applicable securities laws.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO) 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 Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained 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 Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are 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, 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 silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, 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
Sonoro Reports Surface Sampling Exposed Multiple Vein Windows Over 750 Meter Extension to Buena Suerte and El Colorado Zones
Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report additional assay results from the ongoing surface sampling program at the Company’s Cerro Caliche gold project in Sonora State, Mexico. 275 new samples were assayed, bringing the total for the current sampling program to 1,567 samples over four mineralized corridors as described in the Company’s news release dated July 20, 2021.
The new results further confirmed material extensions of up to 750 meters over two southern linear structural corridors at the Buena Suerte and El Colorado zones. The sampling results also revealed oxide gold mineralized “windows” among the two southern structural corridors. The windows were accessed via recently built road cuts and drill site excavations and future sampling will investigate potential continuation and extensions.
Surface rock samples were collected from several well-defined vein and gold mineralized structures by channel sampling perpendicular across measured veins and wall rocks with sample lengths ranging from 0.4 to 2.0 meters. Assay results from 17 samples returned grades between 2.5 and 14.3 grams of gold per tonne (“g/t Au”). The image below illustrates five high-priority window targets for the upcoming drilling program as each demonstrated strong stockwork quartz veining and outlined broad zones of gold and silver mineralization.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Analysis of approximately 284 surface samples collected during the current program from the El Colorado/La Ventana and Buena Suerte/San Quintin corridors confirm the southern extensions of the vein trends with numerous parallel sheeted veins and quartz veinlet stockwork. All samples were given equal weighting.
Sample highlights from the El Colorado/La Ventana Corridor:
- Window A, approximately 100 meters by 130 meters along strike, with 39 samples averaging 0.36 g/t Au and 0.6 grams of silver (“g/t Ag”), including one sample grading 8.6 g/t Au.
- Window B, approximately 300 meters by 280 meters along strike, with 39 samples averaging 0.63 g/t Au and 4.8 g/t Ag, including one sample grading 4.9 g/t Au over 1 meter and another sample grading 3.7 g/t Au over 1.2 meters.
- Window C, approximately 300 meters by 50 meters oriented northeast perpendicular to the northwest-oriented regional vein trends, with 51 samples averaging 0.76 g/t Au and 1.9 g/t Ag.
Sample highlights from the Buena Suerte/San Quintin Corridor:
- Window D, a teardrop shaped area at the Buena Suerte vein zone extension, covering 350 meters in length by a width ranging from 40-80 meters, with 61 samples averaging 0.65 g/t Au and 18.5 g/t Ag.
- Window E, approximately 220 meters by 100 meters along strike, with 94 samples averaging 0.28 g/t Au and 1.3 g/t Ag, including one sample grading 2.7 g/t Au.
Outside of the targeted windows, sample assays from a vein considered to be the Hanging Wall of the Cabeza Blanca vein (located between windows B and D), returned 1.2 meters averaging 10.8 g/t Au. This vein is hosted in the rhyolitic intrusive rock and is mostly soil covered. Almost one kilometer to the east of window D, sample assays from a one-meter vein located near the Cuervos vein returned 7.5 g/t Au.
Rock types hosting veining in the southern corridor are mainly a rhyolite sub-volcanic unit and a meta quartzite-shale unit with lesser biotite granodiorite. Alteration is predominantly silicification associated with quartz veinlets and sericite with gold-silver mineralization cutting these rock types.
The remaining samples were collected from more widespread areas to the northeast and east of the southern extensions (outside of the above map area). Samples results from this region are generally encouraging and the eastern La Española corridor is another priority target for the Company. Mapping and sampling are currently underway at La Española to quantify the size of the exposed vein. Four prior drill holes intersected the vein including previously announced scout hole SCR-068 which was drilled in 2019 and which intercepted 6.179 g/t AuEq over 3.05 meters and 1.327 g/t AuEq over 9.14 meters.
Stockpiled vein material at the La Española mine surface is noteworthy for its distinct multiple bands with greenish quartz, while dikes of rhyolitic composition are common within the ridge that hosts the vein, which cuts both the rhyolitic unit and quartzite.
Mel Herdrick, Sonoro’s VP of Exploration noted, “With this latest round of mapping-sampling information, new priority drill targets have been identified, increasing management’s confidence the next drilling campaign may extend gold mineralization to the south.”
Kenneth MacLeod, Sonoro’s President and CEO added, “With the continuing success of the surface sampling program in areas that had not been previously explored, we are confident that mineralization at Cerro Caliche will continue to expand with the reverse circulation drill program scheduled to restart in the fall.”
John Darch Sonoro’s Chairman commented, “These newly identified oxide gold mineralized windows are essential to our fall drilling campaign to expand mineralization at Cerro Caliche. The presence of strong stockwork quartz veining and broad zones of gold and silver mineralization in all five windows confirm that these will be our high-priority targets. We are particularly encouraged with the number of high-grade samples results as we continue to investigate the potential for near-surface higher-grade mineralization. Confirmation of high-grade mineralization could potentially improve the economics of our proposed open-pit Heap Leach Mining Operation in the initial years of mining.”
As previously announced, drilling activities on the concession have been paused since April 2021 to provide the exploration team sufficient time to ensure all data and assistance was available for the completion of a Preliminary Economic Assessment (PEA) anticipated to be completed in the Fall. The Company has engaged Micon International Ltd. to prepare an updated resource estimation for inclusion in the PEA being prepared by D.E.N.M. Engineering Ltd.
Quality Assurance/Quality Control (“QA/QC”) Measures and Analytical Procedures
Samples are collected as continuous chip samples by hand into plastic bags, GPS positions and rock descriptions noted, the bags are numbered using Bureau Veritas (BV) bar code number books, then sealed and taken to secure storage in Cucurpe village near the project.
Company personnel transport those bagged samples directly to the BV preparation laboratory in Hermosillo, Sonora. At the preparation laboratory samples are logged into the BV system using bar code labels, opened, then reduced in size through crushing, splitting and pulverization. Thirty grams of each pulverized sample is split apart in that laboratory and undergoes a fire assay for gold content by reducing the fire assay to a concentrated button of material that is dissolved in acids, and from the solution the gold content is determined by atomic absorption. About 200 grams of each sample are sent by BV to their Vancouver, Canada laboratory where samples are individually dissolved in aqua regia for multi-element ICP analysis, including silver. Quality control standards were inserted in the sample lineup by the BV Vancouver, laboratory.
No QA/QC issues were noted with the results received from the laboratory.
Geologic Description
Cerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic small underground gambusino gold mines were developed in the concession including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola. Mineralization types of the Cucurpe-Sonora Mega-district include variants of epithermal low sulfidation veins and related mineralized dikes and associated volcanic domes. Local altered and mineralized felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization both in the dikes and meta-sedimentary rocks.
Qualified Person Statement
Stephen Kenwood, P.Geo., a Director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release. Readers are cautioned that the presence of mineralization on historic mines adjacent to or on Cerro Caliche is not necessarily indicative of economic gold mineralization in the concessions held by the Company.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company holding the near development stage Cerro Caliche project and the exploration stage San Marcial properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of Sonoro Gold Corp.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
- Published in Mining, News Home, Sonoro Gold
Affinor Growers Announces Issuance of Patent in Colombia for Automated Vertical Farming Production Towers
Affinor Growers Inc. (“Affinor” or the “Company”) (CSE: AFI OTCQB: RSSFF), a vertical farming technology company and commercial production facility licensor and operator, is pleased to announce that it has been issued Patent No. 38806 by the Superintendencia de Industria y Comercio, Republica de Colombia for “vertical growing towers for automated horticulture and agriculture”.
Affinor’s vertical farming towers can be used to sustainably grow fruits, vegetables and cannabis in greenhouses and indoor facilities. The hot dipped, galvanized steel construction is a durable and long-lasting design capable of operating in all climates. The towers are part of a complete turnkey vertical farming technology solution encompassing automation, water conservation, soil remediation and alternative energy. It offers ease of plant maintenance, increased yield, lower production cost, higher quality, minimized water usage, optimized air flow and mechanical pollination. The company plans to offer their technology for licensing in 2022, wherever patent protection has been achieved. Affinor expects to showcase its patented commercial towers this year, in its 15,000 square foot greenhouse in Abbotsford BC, growing strawberries for local markets.
The Company plans to aggressively continue to build its patent portfolio of mechanical and process designs that address sustainability and climate change issues affecting the global agriculture sector. Affinor is also pursuing opportunities in other sectors, such as decorative flowers, reforestation, biotech, pharmaceutical and nutraceuticals.
Nick Brusatore CEO: “The United States Patent and Trademark Office issued the first patent for our towers in November 2020. I expect Affinor to be issued additional patents in the coming year from several other countries. Affinor’s simplistic, yet intricate ecological approach will define the future of vertical farming. I look forward to unveiling the next automated lines for herbs and high-demand leafy greens like kale, spinach and romaine lettuce. Our technology not only combats climate change and sustainability issues, but also assists countries to become more self sufficient in high-quality food production.”
About Affinor
Affinor is a publicly traded company listed on the CSE under the symbol “AFI” and on the OTCQB under the symbol “RSSFF”. Affinor is focused on developing vertical farming technologies and using those technologies to grow fruits, vegetables, and cannabis in a sustainable manner.
To learn more about Affinor, visit: www.affinorgrowers.com
- Published in Affinor Growers
Canada Silver Cobalt Announces Intercepts of up to 2.22% Cobalt in Castle East Update
The excellent cobalt assays associated with high-grade silver support Canada Silver Cobalt’s goal of becoming a major producer of silver with significant cobalt by-product
Coquitlam, BC – TheNewswire – August 23, 2021 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce major high-grade cobalt assays from its Castle East discovery where the Company has completed 42,000 meters of a 60,000-meter drill program aimed at significantly increasing its 43-101 resource estimate.
With additional results returned from backlogged assay labs, the Company is now able to provide select cobalt intercepts along with previously announced silver results for the Big Silver, 17M, and 50 West zones with grades ranging up to 2.22% cobalt and 89,853 grams/tonne silver (2,621 oz/ton Ag).
Table 1: Major Cobalt Intercepts for Big Silver, 17 M, and 50 West Zones
These reported zones are separate from the Robinson Zone which was the basis of the existing May 2020 resource estimate. The Big Silver and 17M Zones are two different structures believed to be subparallel and are north to north-east trending with the Big Silver discovery hole CS-20-39 intercept located 60m south-east from the Robinson Zone discovery hole CA-11-08. The 50 West vein is another separate structure located 650m west of the Robinson Zone discovery hole CA-11-08.
“With the recent drilling, we have been seeing spectacular silver hits, notably as much as 89,853 g/t silver (almost 9% silver). However, this drill program has been very fruitful on the cobalt side as well. The cobalt grades we have been getting with Big Silver are even higher than our first resource released in May 2020. We believe that cobalt will remain a critical mineral in the future because of its role in creating high-range EV batteries, and we are in the process of ramping up our activities to capitalize on cobalt and our proprietary Re-2Ox extraction process in the coming years,” said Matt Halliday, P.Geo., President, and COO.
Cobalt Activities
Cobalt demand has increased in recent years due to its use in batteries for the expanding electric vehicle sector. Research firm Roskill in a recent report forecast cobalt demand to grow at a compound annual growth rate (CAGR) of 7% in the period to 2030 – underpinned by the uptake of EVs globally and healthy medium-term demand from portable electronics amid the roll-out of 5G technology ( Cobalt: Roskill’s keynote speech at the 2021 Cobalt Conference — Roskill ).
The Company’s Castle Mine property, which is located within the high-grade cobalt embayment area surrounding the Town of Cobalt, Ontario, puts it in a prime position to capitalize on this trend. In 2018, bench-scale testing at SGS Canada showed that the Company’s proprietary, closed-loop hydrometallurgical Re-2Ox extraction process can produce premium-grade cobalt sulphate (22.6% cobalt sulphate hexahydrate) that meets industry specifications for EV batteries. The process is environmentally compliant and does not need to use a smelting process that is commonly used by cobalt producers and battery recyclers. The Re-2Ox testing, using concentrate from the Castle Mine, demonstrated cobalt, nickel and manganese recoveries of 99%, 81%, and 84% respectively, in addition to removing 99% of the arsenic (news releases May 31 and August 15, 2018).
The Company is continuing with optimization testing of the Re-2Ox process for mined material and recycled batteries and to determine whether it can be used for rare earth extraction. In addition, work is underway at SGS Canada for the design and construction of a Re-2Ox pilot plant. The Company expects that the Re-2Ox process will be an integral part of its production of cobalt and other base metals for the expanding cobalt market.
Resource Update
Ongoing drilling in the Castle East area is geared toward identifying new veins to enable a significant expansion to the existing resource. The program has been very successful as drilling has discovered a total of seven new high-grade silver vein systems including Big Silver, which is even higher-grade than the original discovery Robinson Zone. These seven new vein systems, along with any new ones discovered during the remaining 18,000 meters of the drill program, will help expand the resource estimate that is scheduled for Q1 2022.
The Company’s maiden Resource Estimate (reported in a news release May 28, 2020) identified two panels of what we call the “Robinson Zone” that contains 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. This is using a cut-off grade of 258 g/t AgEq. Please note that 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.
Location
The Castle Property is situated near the town of Gowganda, within the prolific Silver-Cobalt mining district (also known as the Cobalt Camp) in Ontario, Canada. The property is located 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., (PGO) 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 Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained 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 Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are 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, 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 silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, 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 Works Files Preliminary Base Shelf Prospectus
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) announces that it has filed a preliminary short form base shelf prospectus with the securities commissions of each of the provinces of Canada except Québec. The base shelf prospectus, when final, will allow Canada Silver Cobalt and/or certain of its security holders to qualify the distribution by way of prospectus of up to $30 million of common shares, preference shares, subscription receipts, warrants, debt securities and units, or any combination thereof, from time to time during the 25-month period during which the shelf prospectus is effective. The specific terms of any future offering will be established in a prospectus supplement to the shelf prospectus, which supplement will be filed with the applicable Canadian securities regulatory authorities in connection with any such offering.
A copy of the preliminary short form base shelf prospectus is available under Canada Silver Cobalt’s profile on SEDAR at www.sedar.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained 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 Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are 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, 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 silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, 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. 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
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Begins Commissioning Secondary Crushing Circuit at Its Temiskaming Testing Labs
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that it will begin commissioning the secondary crushing circuit at its TTL (Temiskaming Testing Labs) bulk processing facility located in Cobalt, Ontario.
“Since acquiring the TTL facility, we have rebuilt the secondary crushing circuit and completed other upgrades. We are now able to proceed with commissioning and optimization. This puts the Company in an excellent position to proceed with its plans to produce concentrates and silver dore bars in a fast-track development model,” commented Frank J. Basa, P.Eng.
Canada Silver Cobalt recently acquired the TTL assay laboratory and bulk sampling/processing facility, which was a government-run facility for several decades serving many of the area’s silver mining companies. The facility is a complete high-grade processing plant that can take mineralized material from the mine to produce high-grade concentrates and dore bars. The processing facility is closed loop and does not produce any waste by-products. All slags and mineral rejects are further reprocessed offsite for residual metal recovery. The facility can process and pour over 1 million ounces of silver into dore bars on an annual basis.
The Company has engaged a contract lab operator to operate the assay lab independently of the Company. At the same time, it has proceeded in the other part of the facility to upgrade the bulk processing equipment and bullion furnace. The secondary crushing and screening circuit has been rebuilt with a processing capacity rated at 18-20 tonnes per hour. In addition, the bullion furnace has been relined and has been used to pour the first silver dore bars in the Cobalt Camp from the high-grade silver waste pile rejects at the Castle Mine.
The bulk processing facility will be used initially to produce concentrates for the Re-2Ox pilot plant and to pour final silver dore bars from the mineralized material that will be recovered from the former underground Castle Mine and from the potential ramp at the Castle East Robinson Zone where a 60,000-meter drill program is currently underway. For the commissioning, the Company plans to use mineralized material it expects to receive from the nearby Granada Gold Mine.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Frank J. Basa, P.Eng., Chief Executive Officer 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 Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained 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 Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are 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, 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 silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, 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. 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
- Published in Canada Cobalt Works, Mining, News Home
Granada Gold Hits 7.63 g/t Gold Over 5 Meters Including 53.5 g/t Over 0.65 Meters During Infill Drill Program
Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF)) (Frankfurt:B6D) (the “Company” or “Granada”) is pleased to announce additional drill results from its on-going drill program at its Granada Gold Mine Project near Rouyn-Noranda along the prolific Cadillac Break in northwestern Quebec’s Abitibi region.
Drilling Highlights:
GR-16-14W1 intersected 2.82 g/t over 1.0 m at 852.65m
GR-16-14W2 intersected 4.26 g/t over 1.0m at 907.85m
GR-16-14W3 intersected 7.63 g/t over 5.0 m at 886.0 m
GR-21-01 intersected 7.55 g/t over 1.0 m at 314.75 m
GR-21-02 intersected 7.91 g/t over 1.0 m at 363.85 m
GR-21-12 intersected 4.68 g/t over 1.25 m at 457.45 m
“The objective was to drill under the pit-constrained resource and at depth – in order to increase the quantity and quality of the mineral resources. These latest drill results – from new holes and wedges off existing holes – show intersections of gold of economic grade near the surface, under the pit-constrained resource and at depth. This supports the view that a significant increase in our next resource update is possible,” said Frank J. Basa, P.Eng., President and CEO.
This news release presents available partial results of diamond drill wedge holes off GR-16-14 as well as infill holes between GR-11-362 and GR-11-393. The mineralized structures were intersected at various depth in each wedge showing the continuity of the structures with gold grade variability, confirming the continuation of mineralized veins.
Holes GR-21-01 and GR-21-02 were drilled to bridge a 100m gap between GR-11-362 and GR-11-393 under the pit-constrained resource. Partial results are disclosed. GR-21-12 was drilled to identify continuity of gold zones on the eastern edge of the orphan tailings.
Table 1: Structures intersected assay results
Lengths are core length, no capping applied. Au is Gold by Fire assay, or by gravimetric finish or screen metallic method.
Table 2: DRILL HOLE LOCATION DATA – Wedges inserted at 424m depth and above
The 2021 Exploration program
The 2021 drill program is aiming to fill the gaps allowing additional mineral resources to be developed while simultaneously testing the continuity of the structures with the 200-series holes.
In addition, holes are being drilled to verify the extension of structure and gold mineralization under the orphan tailings area.
The drill program has completed 30,000 meters to date and will be paused to give the technical team the time to evaluate and assimilate all existing data as well as to incorporate the laboratory results which are lagging due to ongoing delays in turnaround times across the industry.
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.
Quality Control and Reporting Protocols
All NQ core assays reported for Wedges of 2020 holes were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA (Atomic Absorption) finish or gravimetric finish at SGS Laboratory in Vancouver where sample preparation is done in Val d’Or, Québec. The 2021 assay results are from ALS laboratory in Val d’Or. The screen assay method is selected by the geologist or geological engineer when samples contain visible gold. The drill program, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes for this program in addition to the lab QA/QC.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold Property near Rouyn-Noranda, Quebec. Approximately 150,000 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.
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 for both 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
“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
Canbud To Enter U.S. Analytical Testing Services Market – Signs LOI To Acquire Steep Hill Inc.
Canbud Distribution Corp. (CSE: CBDX) (FSE: CD0) (the “Corporation” or “Canbud“) is pleased to announce that, on August 7, 2021, it entered into a non-binding Letter of Intent (the “Letter of Intent“) with Steep Hill Inc.(“SH“) in respect of a proposed transaction (the “Proposed Transaction“), whereby the Corporation would acquire all of the issued and outstanding common shares of SH.
SH, the first commercial cannabis laboratory founded in 2008, is one of the premier privately-held analytical testing services companies in United States. SH’s primary business is the licensing of its brand, trademark, licensed lab testing procedures and software to its licensees conducting analytical testing of cannabis and hemp products under the name “Steep Hill”. The company’s flagship laboratory is based in Berkeley, California. SH has license agreements in 12 territories the United States. and Mexico, whereby the company provides its analytical testing expertise.
The Proposed Transaction is expected to allow Canbud to build on its recently concluded acquisition of Canadian lab testing company Molecular Science Corp. (“MSC“), as Canbud expands its presence to the United States in a critical area within the cannabis sector and the emerging psychedelics sector.
The Proposed Transaction
The Proposed Transaction is expected to be structured as by way of a statutory merger, share purchase or other similar form of transaction and the holders of common shares of SH immediately prior to the acquisition would receive an aggregate of 82,000,000 common shares of the Corporation in exchange for their common shares of SH. Upon closing of the Proposed Transaction, the Corporation may also issue up to 2,870,000 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 238,061,493 common shares and, options and warrants to purchase 14,526,000 and 49,630,491 common shares of the Corporation, respectively, excluding any Finder’s Fee Shares issued. Current SH shareholders are expected to own approximately 34% of the Corporation’s common shares on a non-diluted basis, and 27.1% on a fully-diluted basis, before giving effect to the issuance of any Finder’s Fee Shares. Prior to closing, all outstanding debt of SH will be converted into equity.
The Corporation and SH agreed to negotiate in good faith the terms of a definitive agreement, to be finalized and approved by September 15, 2021, with respect to the Proposed Transaction following the date of the Letter of Intent. As per agreed terms, following execution of the Letter of Intent, the Corporation has made available to SH a loan (the “Loan“) of US$250,000, to be used by SH for working capital purposes. In the event that 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 Loan would become due and payable within 90 days.
The common shares of the Corporation issued in exchange for SH common shares would be subject to resale restrictions, such that the holders would be permitted to trade 25% of such shares only after three months from closing and a further 25% of such shares after each successive three-month period thereafter until the date that is 15 months from the closing date.
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 SH by September 15, 2021;
- receipt of all regulatory approvals (including applicable CSE approvals for the listing of the common shares of the Corporation issuable to the security holders of SH);
- confirmation that 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 material adverse change affecting SH or the Corporation; and
- such other conditions as the parties decide are reasonable in the context of the Proposed Transaction.
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.
Steve Singh, CEO, Canbud, notes: “We are extremely pleased to announce the Letter of Intent to acquire Steep Hill, a leading U.S. analytical services company. This builds upon the July 2021 acquisition of Molecular Science Corp. (“MSC“) and, combined with the recently received Dealer’s License from Health Canada by MSC, provides the Canbud platform with a strong footing to become a key cross-border service provider in the cannabis and emerging psychedelics sectors. Entry into the United States was one of the key growth strategies identified by management, and the proposed SH acquisition would represent the execution on this goal. The Proposed Transaction expands the Corporation’s geographic footprint into the United States ahead of expected federal deregulation, and creates a premier, mission-critical ancillary services provider to Canadian licensed producers and U.S. Multi -State Operators (“MSOs”).”
Nigel Stobart, CEO, Steep Hill Inc. stated: “We are excited to be partnering with Canbud to help accelerate Steep Hill’s geographic expansion into new markets, serve its existing and future licensees with stronger resources, and continue its pursuit to be the global leader in plant-based science. As part of Canbud, we believe that the growth trajectory of Steep Hill will only be accelerated. We currently serve 12 territories in the U.S. and Mexico, and we look forward to expanding that footprint dramatically upon completion of the Proposed Transaction. In addition, our ability to serve our current licensees will be significantly enhanced with addition of the scientific expertise of MSC. Canbud recognizes the value of the Steep Hill brand name in the U.S. marketplace, and we are pleased that it will continue on after the Proposed Transaction.”
Canbud approves issuance of stock options
The Company announces the grant of stock options (each an “Option”) pursuant to the Company’s stock option plan. The Company has granted an aggregate of 7,000,000 Options to certain directors, officers, employees and consultants of the Company, including to executives and employees at its wholly owned subsidiary, Molecular Science Corp. The Options are exercisable at a price of $0.10 per Option. The Options granted vest in four months and expire on August 05, 2026. Each Option is exercisable to purchase one common share in the capital of the Company.
About Steep Hill Inc.
Steep Hill Inc. (SH) is a leading cannabis science company with significant footprints in lab testing and research and development. Steep Hill’s foundation was built on testing and analyzing medical and recreational cannabis to ensure compliance with current safety standards. In 2008, Steep Hill opened the first commercial cannabis lab in the United States. Steep Hill is currently expanding throughout the United States, and globally. With the goal of helping the rest of the world adopt “best practices” in cannabis testing, the company also provides expert consulting services to many regions around the world. Steep Hill: “Globally Driven. Locally Focused.”
About Canbud Distribution Corp.
Canbud is a science and technology health and wellness company carrying on business in the plant based, psychedelic pharmaceutical and non-psychedelic nutraceutical, and hemp cannabinoid (CBD) vertical markets.
www.steephill.com
www.canbudcorp.com
- Published in Canbud Distribution, News Home
Canada Silver Cobalt Intersects 30,416 g/t Silver over 0.42m with 425 g/t Gold Equivalent in New Vein at Castle East
Three impressive new intercepts add two new high-grade vein structures separate from both the Robinson Zone and Big Silver and bring the silver even closer to surface.
Coquitlam, BC – TheNewswire – August 9, 2021 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce a continued expansion at Castle East with three new, high-grade intersections with silver grades of 30,416.91 g/t over 0.42m, 7,328.47 g/t over 0.38m, 1,883.21 g/t Ag over 0.42m, and with gold equivalent grades of 425.94 g/t, 102.62 g/t, 26.37 g/t AuEq respectively.
Drilling Highlights:
- – Hole CS-21-61 with an exceptional intercept grading 30,416.91 g/tonne silver (887.31 oz/ton Ag) over 0.42m at a downhole depth of 449.55-449.97m with a gold equivalent grade of 425.94 g/tonne Au (12.42 oz/ton Au ). This incredibly mineralized vein is located 35m south from the Robinson Zone discovery hole CA-11-08, and 60m west of Big Silver discovery hole CS-20-39. The Company currently believes this intercept belongs to a brand-new vein structure, independent from both the Robinson Zone and the Big Silver vein.
- – The first intercept in hole CS-21-65 contains 7,328.47 g/tonne silver (213.77 oz/ton Ag) over 0.38m at a downhole depth of 254.03-254.41m with a gold equivalent grade of 102.62 g/tonne Au (2.99 oz/ton Au). This intercept is located 230m below the surface, 70m to the south and 220m above the Robinson Zone. To date, this is the closest high-grade intercept to surface and is located within Archean lithologies.- The second intercept in hole CS-21-65 contains 1,883.21 g/tonne silver (54.93 oz/ton Ag) over 0.42m at a downhole depth of 421-421.42m with a gold equivalent grade of 26.37 g/tonne Au (0.77 oz/ton Au).
“These three intercepts provide us with two newly discovered, high-grade vein systems. We continue to have excellent results from the 60,000m drill program at Castle East, with 40,000m completed to date. There is now a total of eight distinct high-grade veins to be included in the Q1 2022 resource update. The initial estimate in May 2020 for Castle East (see below) was based solely on the Robinson Zone vein system but recent drilling has discovered an even higher-grade vein (Big Silver grading 89,853 g/t Ag over 0.30m) in addition to six other new vein structures, and our exploration program has expanded the overall area to be included in the resource estimate.” said Matt Halliday, P.Geo., President, and COO.
The geological implications of these veins are threefold: First, the addition of another exceptionally high-grade vein in CS-21-61 puts us that much closer to significant expansion of the resource at Castle East. Second, the high-grade silver vein in CS-21-65 (that is 230m below the surface) confirms the existence of much shallower silver mineralization at Castle East. Third, it greatly expands the potential for silver mineralization to occur across the entire property because it occurs within the Archean lithologies. Most of our high-grade or notable veins are located within the younger Nipissing Diabase sill which is intruding into the older Archean rocks. This means that it is possible for further silver mineralization to occur in the same Archean lithologies both above and below the Nipissing Diabase, similarly to the vein found in CS-21-65 that is located above the intrusion. As a further proof of concept, both the Beaver Mine and Temiskaming Mine had significant production both above and below the Nipissing diabase intrusion. This ultimately expands the potential horizon within the property and is very encouraging for future exploration.
Table 1 : Sample Details
Note: Gold equivalent (AuEq) is calculated based on USD $25.37 oz/ton Ag and USD $1811.72 oz/ton Au as of August 5 th , 2021.
Click Image To View Full Size
Figure 1: Close-up of mineralization in hole CS-21-61 (30,416.91 g/tonne Ag). One can see the intense Cobalt mineralization occurring as the dark grey minerals within the vein. The bright silver is located within the cobalt clusters as well as lining the edge of the vein and radiating outwards.
Ongoing drilling in the Castle East area 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 news release May 28, 2020. The resource estimate identified zones 1A and 1B of the Robinson Zone with 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). 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.
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 Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained 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 Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are 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, 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 silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, 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. 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
- Published in Canada Cobalt Works, Mining, News Home
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