Canada Silver Cobalt Intersects Massive Sulphides with XRF Results up to 2.79% Nickel and 25.68% Copper at Graal Property in Northern Quebec
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that it has intercepted massive sulphides containing nickel and copper at its Graal property in the Lac St-Jean region of Quebec. The mineralization has been verified with a handheld XRF device with point data taken on the sulphides ranging up to 2.79% Ni and 25.68% Cu.
The XRF results confirm the existence of strong nickel-copper-sulphide mineralization that corresponds to the Bouguer anomaly identified using airborne gravity geophysical survey conducted earlier this year. Drilling to follow up this newly discovered mineralization is underway. The samples were sent to ALS labs located in Val d’Or for sample preparation and will be forwarded to a separate lab for a four-acid digest multi-element suite including nickel and copper as well as a fire assay for platinum and palladium.
The ongoing drill program has now been increased from 3000 to 5000 meters and is part of the Company’s early-stage exploration activities in northern Québec where it is evaluating 15 properties on 689 claims covering 38,129.4 hectares that are prospective for battery metals such as nickel, copper, and cobalt (See February 16, April 21, July 22, and November 15, 2021 news releases). The drill program is currently being managed by Laurentia Exploration in association with GoldMinds Geoservices Inc.
Frank J. Basa, P.Eng., President and CEO commented, “These are excellent XRF results for this early-stage drill program in Northern Quebec and complement our cobalt and nickel results from the ground held in the Cobalt/Gowganda camp in Northern Ontario. Both districts are in low-risk jurisdictions to supply battery metals into the emerging North American battery market. This will position the recently announced Coniagas Battery Metals spinout with primary feed for our proprietary Re-2Ox processing technology for the production of battery metals.”.
“I believe this is a turning point for Canada Silver Cobalt Works as an exploration company. These preliminary XRF results are extremely encouraging and while the assays are still pending, it fortifies our interest in the area. As we continue to expand our operations, it is important that we maintain a healthy pipeline of high-potential targets that pertain to our long-term strategic vision. Continuing to build successful relationships is also key to this success, much like the recently acquired Chute-des-Passes claims that are adjacent to our Graal property,” says Matt Halliday, President, COO and VP Exploration.
Click Image To View Full Size
Figure 1: Map of Property, Claims, Drill Holes, and Sulphide Intercept Locations.
Click Image To View Full Size
Figure 2: Core Photo of NRC-21-02 and Location of XRF Point Data
Click Image To View Full Size
Figure 3: Core Photo of NRC-21-03 and Location of XRF Point Data
Click Image To View Full Size
Figure 4: Core Photo of NRC-21-04 and Location of XRF Point Data
Table 1: XRF Point Data Information
XXRF Point ID | Hole ID | Corresponding Sample ID | XRF Point Depth (m) | XRF Ni (%) | XRF Cu (%) |
A | NRC-21-02 | 375874 | 156.65 | 1.48 | 0.17 |
B | NRC-21-02 | 375874 | 157.15 | 1.28 | 2.81 |
C | NRC-21-02 | 375879 | 160.20 | 1.48 | 5.62 |
D | NRC-21-02 | 375879 | 160.29 | 1.85 | 0.07 |
E | NRC-21-02 | 375879 | 160.60 | 1.28 | 3.77 |
F | NRC-21-02 | 375884 | 164.34 | 1.62 | 0.18 |
G | NRC-21-03 | 375929 | 139.19 | 1.39 | 14.74 |
H | NRC-21-03 | 375930 | 140.04 | 2.08 | 0.75 |
I | NRC-21-03 | 375931 | 140.65 | 2.79 | 0.02 |
J | NRC-21-03 | 375932 | 141.40 | 2.42 | 0.04 |
K | NRC-21-03 | 375933 | 143.28 | 2.40 | 0.32 |
L | NRC-21-03 | 375936 | 143.65 | 0.03 | 4.17 |
M | NRC-21-03 | 375936 | 143.90 | 0.11 | 25.68 |
N | NRC-21-04 | 375960 | 136.46 | 1.83 | 0.01 |
O | NRC-21-04 | 375960 | 136.77 | 1.74 | 0.02 |
Note: The XRF data is taken as point values and will not represent the true grade of the assay samples. The elemental data is highly dependant on the location of which the beam intersects the rock. The device used to take the data points is an Olympus Vanta C Series handheld X-ray fluorescence (XRF) and produces a beam spot diameter of up to 3mm. It is designed to achieve laboratory-quality results in the field and provides rapid, accurate elemental analysis and testing.
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a member of the Québec Order of Engineers, and is a qualified person in accordance with the National Instrument 43-101 standards.
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
La Esperanza II Returns 6.04 g/Au /over 8.2 Meters on Surface
Glen Eagle Resources (TSXV:GER) (OTC:GERFF) (“Glen Eagle” the “Company”, or “GER”) is pleased to announce that a new enrichment zone was discovered at La Esperanza II with drill hole LE-21-001 returning 6.04 g/t Au over 8.2 meters in a gold bearing quartz vein found on surface. The hole was stopped due to the crossing of an unknown drift while drilling.
Drill hole LE-21-002 intersected on surface 3.04 g/Au over 30.8 meters and remains open at depth.
True width of the vein will be defined after interpreting additional drilling results currently under analysis at Cobra Oro laboratory.
Drilling by the Company is aimed at scouting the surface of a large gold bearing zone encompassing approximately 30 square kilometers. The Company has been working in the area for the last two months to improve TPD feed to its mill and consolidating concession agreements with land owners. The area is located some 40 kilometers away from Cobra Oro gold processing plant.
The drilling results are presented in the table below and released as an update on the values that the Company has intercepted in the context of continuous and timely information regarding its current drilling. The data was provided by Cobra Oro laboratory and therefore non-compliant under instrument NI 43-101.
Hole # | From | To | Length | Gold |
(m) | (m) | (m) | (gpt) | |
LE-21-001 | 0 | 0.5 | 0.5 | 1.29 |
LE-21-001 | 0.5 | 2.0 | 1.5 | 3.81 |
LE-21-001 | 2.0 | 3.5 | 1.5 | 4.68 |
LE-21-001 | 3.5 | 5.0 | 1.5 | 6.57 |
LE-21-001 | 5.0 | 6.5 | 1.5 | 7.68 |
LE-21-001 | 6.5 | 8.2 | 1.7 | 8.27 |
Hole # | ||||
LE-21-002 | 0 | 5,3 | 5,3 | 3,42 |
LE-21-002 | 5,3 | 12,8 | 7,5 | 5,49 |
Including | 5,3 | 6,8 | 1,5 | 8,07 |
LE-21-002 | 12,8 | 18,8 | 6.0 | 1,43 |
LE-21-002 | 18,8 | 24,8 | 6.0 | 1,12 |
LE-21-002 | 24,8 | 30,8 | 6.0 | 3,40 |
Including | 24,8 | 26,3 | 1,5 | 5,51 |
Gilles Laverdière, P.Geo and a Qualified Person under NI 43-101 has read and approved the technical content of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Canada Silver Cobalt Increases its Land Package with Acquisition at Graal Property in Northern Quebec from Soquem Inc. & MINES COULON INC.
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that an acquisition agreement for 100% ownership of the 16 Chute-des-Passes Property claims jointly owned by SOQUEM INC. (50% ownership) and MINES COULON INC. (50% ownership) has been signed. The property is adjacent and northeast of the Graal-Nourricier-Lac Suzanne property in the Lac St-Jean region of Quebec where the ongoing drill program is located.
The company intends to quickly adjust and expand it’s drill permits as the drill program is already in progress with 2 drills on the Graal property. The 16 new claims cover an area of 888.56 hectares. The agreement is for the acquisition of 100% of the Chute des Passes property in return of payment of $10,000 in cash and each company will retain a NSR as described below:
Royalties SOQUEM & COULON:
(i) In consideration for the sale of its interest in the Chute-des-Passes Property, the Company grants SOQUEM the right to receive a royalty of 0.5% of the net smelter return (NSR) on the Chute-des-Passes Property (the Soquem Royalty), half of which is redeemable for an amount of $ 125,000.
(ii) In return for the transfer of its interest in the Chute-des-Passes Property, the Company grants Mines Coulon the right to receive a royalty of 0.5% of the net smelter income (net smelter return or NSR) on the Chute-des-Passes Property (the Coulon Royalty), half of which is redeemable for an amount of $ 125,000.
Existing Royalty means the royalty on the net income of the smelter of 1% in favor of the Fond Minier Du Saguenay-Lac-Saint-Jean, of which 0.5% is redeemable for $ 500,000. The total Royalties on the property is 2% where 1% is redeemable for the sum of $750,000 between the different parties.
The claim numbers included with the acquisition are: CDC-2377582, 2377583, 2377584, 2377585, 2377586, 2377587, 2377588, 2377589, 2377590, 2377591, 2377592, 2377593, 2377594, 2377595, 2377596, and 2377597.
Click Image To View Full Size
Figure 1: Locations of Property, Claims, Option Agreement, and New Acquisition.
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a member of the Québec Order of Engineers, and is a qualified person in accordance with the National Instrument 43- 101 standards.
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
Mosaic Minerals Intersects 70 Meters Anomalous Nickel Zone on Gaboury Project
Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Corporation”) announces that it intersected with hole GA-21-06, located 1.4 km east of the Pike Nickel showing, an anomalous nickel zone over 70 meters along the hole. This new showing, called Pike Nickel East, is associated with a large, high-intensity magnetic anomaly traced by an aerial magnetic survey during the summer of 2021.
In addition, hole GA-21-01 installed on the Pike Nickel showing also intersected the nickeliferous zone sought to a thickness of nearly 80 meters along the hole. This drilling was used to verify the continuity at depth of the nickel mineralization intersected in hole GA-11-06.
The portable XRF sampler was able to trace these anomalous nickel areas. Cobalt, zinc, and chromium anomalies were also identified in some places. The company will publish the results as soon as they are complete and available. Although XRF results are currently considered less definitive than standard analytical techniques, they are nonetheless indicative of grade and are generally considered qualitative rather than quantitative. The use of the XRF sampler helps to better target the areas to be analyzed which saves a lot of preparation time and helps to reduce the costs.
According to this initial information, the nickel-bearing corridor intersected by boreholes GA-21-01, GA-21-06, GA-21-07 and GA-21-08 would now have a potential length of approximately 3.4 km. Made up of the Pike Nickel West, Pike Nickel and Pike Nickel East showings, this mineralized corridor remains open in all directions.
Based on these initial results, which are considered encouraging, the management of the company is now studying the launch of a second drilling program to test the magnetic anomaly crossing right through the entire southern part of the property for more than 7 km.
“We are very pleased to see that the potential of the Pike Nickel Index appears to continue in its eastern and western extensions as well. Our hypothesis based on the association with a high intensity magnetic anomaly crossing the south of the property for more than 7 km thus seems to be present. Now, it will be necessary to see if this association will remain present in the extensions. This will have to be verified soon” said Jonathan Hamel, CEO of Mosaic.
Gaboury Project
The Gaboury project comprises 82 claims covering an area of approximately 4,282 hectares and is accessible year-round by a provincial road network and by a set of forest roads.
In 2010-2011, Fieldex Exploration now Fokus Mining Corp. drilled the Gaboury property to test a Max-min electromagnetic anomaly which intersected significant nickel grades. The intersected semi-massive mineralization is in a calcite matrix within a fracture and a silicified gabbro.
The Pyke copper showing, located northeast of the Pike Nickel showing, is also present on the Gaboury property. The semi-massive mineralization consists of chalcopyrite, pyrite and pyrrhotite in a calcite matrix.
There are also some gold showings including the Laverlochère and Brisebois showings which revealed gold grades of up to 445 g / t Au in quartz veins ranging from 0.3 to 5 m thick while another mineralized shear zone with a thickness of between 2 and 25 m gave gold grades of up to 8.8 g / t Au. Gold grades of 27.97 g / t Au and 9.51 g / t Au over 0.20 m were also intersected in hole G-18 located on the Brisebois showing while surface samples revealed grades of 0.71 g / t Au and 1.23 g / t Au. Copper results have also been reported in historical work near these same showings. These historical data come from GM 46167, GM 58164 and GM 04753 and are available on the SIGEOM and MERN site.
Following an agreement with Fokus Mining, Mosaic has the right to acquire a 60% interest in the Gaboury project in consideration for the issue of 3M shares in favor of Fokus Mining and to complete for $ 1M in exploration work 36 months following the anniversary date. Mosaic will also be able to obtain a further 20% in return for a $ 500,000 investment in works and delivery of a 43-101 resource assessment by June 2029. Mosaic is the operator of the project.
This press release has been read and approved by Jeannot Théberge, independent consultant geologist certified under NI 43-101.
About Mosaic Minerals Corporation
Mosaic Minerals Corp. is a Canadian mineral exploration company listed on the Canadian Securities Exchange (CSE: MOC) now focusing on the exploration for future strategic Copper, Nickel and Zinc deposits in priority on the Quebec Province territory which have a long and successful history of base metal production principally in the Rouyn-Noranda, Matagami, Val-d’Or and Chibougamau mining camps.
On Behalf of the Board
M. Jonathan Hamel
President & CEO
jhamel@mosaicminerals.ca
- Published in Mining, Mosaic Minerals, News Home
Usha Resources to Resume Exploration at Lost Basin Gold-Copper Project
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA)(OTCQB:USHAF)is pleased to announce that subsequent to its closing of the first tranche of the Company’s non-brokered private placement (the “Private Placement“), raising gross proceeds of $890,300.40, it has resumed exploration planning for its Lost Basin Gold-Copper Project located in Mohave County, Arizona.
The Company is in receipt of a Notice of Exploratory Trenching (the “Notice“) that permits the excavation of 10 trenches with an average width of 3 metres and depth of 2 metres for approximately 1,420 metres in total. Based on assessment work completed since receipt of the Notice, however, the Company has determined that the next phase of work should include a core drilling program to further develop USHA’s understanding of the nature of the gold-copper mineralization at Lost Basin as part of a larger follow-up core drilling program later in 2022.
The Company’s program will focus on key mineralized sections on the property where USHA’s spring fieldwork identified the following:
- Red Basin: Highly anomalous soil samples were identified with 10 samples assaying over 0.2 g/t Au and as high as 11.134 g/t Au.
- Copper Blowout: 4 chip samples assayed above 1% Cu and as high as 1.53% Cu over 2 m.
- Mallory’s Trench: Chip samples yielded gold values as high as 2.6 g/t Au over 2 m.
- Ideas Lode West: An exciting new prospect where the structure containing the gold-bearing quartz veining extends for hundreds of metres and grab samples assayed as high as 45.4 g/t Au.
“Advancing the gold and copper stories at Lost Basin is a primary objective of ours as we move into 2022 and we are extremely excited to continue our exploration at the property,” stated Deepak Varshney, CEO of USHA. “We look forward to continuing to build on the results of our Spring program as we continue to develop the Lost Basin asset.”
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Helgi Sigurgeirson, P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Usha Resources Ltd.
Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwest Ontario, Canada and the Lost Basin Gold Mining District in Mohave County, Arizona, U.S.A. Usha increases shareholder value through the acquisition and exploration of quality precious and base metal properties and the application of advanced state-of-the-art exploration methods. Usha’s portfolio of strategic properties provides diversification and mitigates investment risk.
We seek Safe Harbor.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please phone James Berard, Investor Relations, at 778-228-2314, email jberard@usharesources.com, or visit www.usharesources.com.
- Published in Mining, News Home, Usha Resources
Mosaic Minerals Intersects 170 Meters Anomalous Nickel Zone on Gaboury Project
Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Corporation”) announces that it has intersected by drilling an anomalous nickel zone located nearly 1.8 km in western extension of the original discovery of the Pike Nickel zone. The favorable lithology containing the Pike Nickel showing is now have a potential length of over 2.1 kilometers. Further drilling is currently underway to test the eastern lateral extension and at depth of that same showing.
According to preliminary tests made with a portable XRF sampler, hole GA-21-07 would show a significant presence of nickel over a thickness of approximately 170 meters along the hole, while hole GA-21-08, located 300 meters West of GA-21-07, would have intersected this same area over a thickness of about 130 meters. It should be recalled that drilling GA-10-01, drilling of the original discovery carried out in 2010-2011 and located approximately 1.8 km east of recent holes, had intersected a nickel zone over a width of up to 87 meters along the hole (see map attached).
The various XRF tests also detected the presence of cobalt, zinc, and chrome in these same holes. Although XRF results are currently considered less definitive than standard analytical techniques, they are nonetheless indicative of grade and are generally considered qualitative rather than quantitative. The presence of palladium was also detected by the XRF sampler, but the margin of error being higher for this type of element, the company did not see fit to take it into account.
The use of the sampler allows better targeting of the areas to be analyzed, saves a lot of time in terms of preparation, and reduces the cost. The company will therefore limit itself to sending samples from the nickel-bearing zones detected by XRF for analysis.
“We are very pleased to note that the potential of the Pike Nickel showing appears to match our hypothesis based on the lithologic association, which may contain nickel and other associated minerals, with a high intensity magnetic anomaly crossing the south of our property over more than 7 km. Now we’ll have to see if this association remains present in the eastern extension of the index. The XRF sampler is a very good tool to get a very fast response as to whether the desired metals are present. ” said Jonathan Hamel, President and CEO of Mosaic Minerals.
The Gaboury project comprises 82 claims covering an area of approximately 4,282 hectares and is accessible year-round by a provincial road system and by a set of forest roads. The drilling program was awarded to the company Magma Drilling, of Rouyn-Noranda.
Grant of Stock Options
The Company also announces that incentive stock options have been granted to consultants to purchase up to 500,000 common shares at a price of $0.14 per share for two years, pursuant to its Stock Option Plan. The Company currently has 45,678,500 shares issued and outstanding, along with 4,050,000 options (including the options described above) and 10,245,500 warrants outstanding.
This press release has been read and approved by Jeannot Théberge, independent consultant geologist certified under NI 43-101.
About Mosaic Minerals Corporation
Mosaic Minerals Corp. is a Canadian mineral exploration company listed on the Canadian Securities Exchange (CSE: MOC) now focusing on the exploration for future strategic Copper, Nickel and Zinc deposits in priority on the Quebec Province territory which have a long and successful history of base metal production principally in the Rouyn-Noranda, Matagami, Val-d’Or and Chibougamau mining camps.
On Behalf of the Board
M. Jonathan Hamel
President & CEO
jhamel@mosaicminerals.ca
- Published in Mining, Mosaic Minerals, News Home