Canada Silver Cobalt Completes $6.0 million Private Placement
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the ” Company ” or ” Canada Silver Cobalt “) announces that it has closed its previously-announced upsized brokered private placement (the ” Offering “) by raising gross proceeds of approximately $6.04 million, including following partial exercise of an agents’ option to increase the size of the Offering. At the closing of the Offering, the Company issued 7,468,000 units (” Units “) at a price of $0.25 per Unit, 8,682,500 flow-through units (” FT Units “) at a price of $0.27 per FT Unit, and 6,310,000 Quebec flow-through units (” QFT Units “) at a price of $0.29 per QFT Unit.
The Offering was conducted on a “best efforts” agency basis and was led by Research Capital Corporation, as sole bookrunner, together with Canaccord Genuity Corp. as co-lead agents (collectively, the ” Agents “).
Each Unit consists of one common share (a ” Common Share “) and one common share purchase warrant (a ” Warrant “). Each FT Unit consists of one flow-through Common Share (a ” FT Share “) that will qualify as a “flow-through share” within the meaning of the Income Tax Act (Canada) (the ” Tax Act “) and one Warrant. Each QFT Unit consists of one Quebec flow-through Common Share (a ” QFT Share “) that will qualify as a “flow-through share” within the meaning of the Tax Act and the Taxation Act (Quebec) and one Warrant. Each Warrant entitles its holder to purchase one additional Common Share at an exercise price of $0.32 per share at any time up to 36 months following the closing of the Offering.
Canada Silver Cobalt will use the net proceeds from the Offering for continued exploration activities, working capital and general corporate purposes. The gross proceeds from the issue and sale of the FT Units and QFT Units will be used to incur Canadian Exploration Expenses and “flow-through mining expenditures” as defined in the Tax Act and the Taxation Act (Quebec) on the Company’s Castle property and Graal property, respectively, on or before December 31, 2023 and renounced with an effective date no later than December 31, 2022 to the initial purchasers of FT Units and QFT Units in an aggregate amount not less than the gross proceeds from the sale of the FT Units and QFT Units.
The Units, FT Units and QFT Units have a hold period of four months and one day from the closing of the Offering.
In connection with the Offering, the Company paid the Agents a cash commission of $422,882, representing 7% of the gross proceeds from the Offering, and issued compensation warrants to the Agents entitling them to purchase up to 1,572,235 Units at an exercise price of $0.25 for a period of three years from closing of the Offering.
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. The Company has completed a 60,000m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.
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.
The Company also has 14 battery metals properties in Northern Quebec where it is currently drilling and the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where it will be exploring in 2022.
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, News Home
Green Light for Battery Recycling & Nickel Ingot Production
St-Georges Eco-Mining Corp. (CSE:SX) (OTCQB:SXOOF) (FSE:85G1) is pleased to announce that on April 12, 2022, its board of directors has voted unanimously to authorize its subsidiary EVSX to move forward with its plan to recycle batteries and produce nickel ingots in Baie-Comeau, Québec in 2022.
St-Georges, via and in conjunction with its subsidiary EVSX, expects to initiate the acquisition of a building and is in talks to establish options on two additional land plots representing close to 400,000 square feet. These transactions should be initiated during this month of April. The plots of land are adjacent to rail lines and will be admissible to tax credits and other incentives from the federal and provincial governments, as well as a basket of incentives from the municipality.
This initial commercial showcase plant will constitute phase one of a series of other developments to be established, via a modular approach, in different locations. The plant in Baie-Comeau will be constituted of three circuits, each able to process 200 metric tonnes per hour. One of the circuits will be reserved for nickel-cadmium batteries. The other two are expected to process a mix of different chemical types in order to produce black mass to be processed further in a separate tech plant.
The CAPEX for the project’s first phase is currently estimated at roughly CA$15,000,000, including grants, incentives, and contingencies, and the plant should be commercially operational before the end of the year. It is expected that between 6 to 8 million dollars will be raised by St-Georges either in equity or in convertible debenture. The Company expects to finance the building and equipment via commercial loans and mortgages. These lending instruments have not yet been negotiated, and there are no current guarantees that the Company will be successful in securing lenders. The incentives are also in the discussion stage with the different levels of government. St-Georges expects to be able to provide more information on these matters within the next 60 days.
The independent consultants working on the feasibility study for the Company will deliver a phase one report to EVSX management this week. The Company expects to augment and extend their mandate to define and articulate phase two of the EVSX project. Multiple sites will operate as feeder sites for Baie-Comeau (nickel center), with other locations to be identified. Sites in Contrecoeur, QC and Hamilton, ON are currently under review but are not owned by the Company. There is no guarantee that the Company will acquire any of the sites at this stage. These modular plants will allow for the processing of all sorts of batteries, the front-end recuperation of the steel, copper, aluminium, and carbon (graphite) and the production of critical minerals-rich black mass. The Company expects to deploy these modular plants itself or in partnerships in areas where a significant availability of spent batteries exists or where the local authorities are expected to embark on large recycling profit sharing program with the Company. Iceland and certain American jurisdictions are being reviewed by the Company for this purpose.
The Company had already disclosed its metallurgical results from the recovery of metals in nickel-cadmium batteries (See Press Release from January 13, 2022, titled “EVSX Nickel-Cadmium Battery Recycling Results” https://webfiles.thecse.com/SX_Press_Release_-_January_13_2022_-_EVSX_Nickel-Cadmium_Battery_Recycling_Results.pdf?ePe2BnjG0F0iCz5fatl6jgZdBnUJt1H5 and Press Release from March 13, 2022, titled EVSX Commercial Batteries Recycling & Nickel Metal Smelting Operation Update https://www.thecse.com/en/trading/market-activity/company-filings/evsx-commercial-batteries-recycling-nickel-metal-smelting).
Additional information concerning the recuperation of the plastics as well as the access to feedstock will be released in the coming weeks. The Company will not make public forward-looking statements on the revenue projections, nor will it publish the full content of the feasibility study, which contains significant trade secrets and confidential commercial data and strategies.
“(…) Baie-Comeau is a strategic location for St-Georges with respect to our interests in nickel (…) I think it no longer is a secret that we are pretty excited by nickel in this region. This investment allows us to accelerate the work towards developing our nickel centric operations (…) its also the beginning of a global business deployment strategy that will conclude in the implementation of many of these satellite specialized centers of excellence (…) that will culminate in the development of a large tech plant in the second phase of our commercial deployment. This effort will require significant investments over many years that will allow us to secure our position in the industry (…,)” said Enrico Di Cesare, CEO of EVSX and VP of Research & Development of St-Georges Eco-Mining Corp.
__________________________________________________________________________________________________________________
ON BEHALF OF THE BOARD OF DIRECTORS
“Herb Duerr”
HERB DUERR
President & CEO
About St-Georges Eco-Mining Corp.
St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full circle EV battery recycling. The Company explores for nickel & PGEs on the Julie Nickel Project and the Manicougan Palladium Project on Quebec’s North Shore and has multiple exploration projects in Iceland, including the Thor Gold Project. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX and trades on the Frankfurt Stock Exchange under the symbol 85G1 and on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Timequotes and market information for the company on www.otcmarkets.com
The Canadian Securities Exchange(CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
SOURCE: St-Georges Eco-Mining Corp.
- Published in St-Georges Eco-Mining
Sirona Biochem CEO Quarterly Update
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (OTC: SRBCF) (“Sirona“) is pleased to provide the following update to shareholders.
Dear shareholders,
We continue to make fundamental progress on core objectives and will be able to share more in due course.
TFC-1067
A comprehensive update is due in the near future. We can report there are no adverse events and proper disclosure rules are being followed. No further information will be made public at this point
TFC-039 / Animal Health
We are pleased to inform our shareholders that Sirona and Wanbang have signed a binding Letter of Intent (LOI) to collaborate on licencing efforts for Sirona’s SGLT2 inhibitor, TFC-039, as a treatment for diabetes in animal health. We have a long-standing relationship with Wanbang and are excited to combine our two companies’ expertise to license TFC-039 to a global animal healthcare company.
Previous efforts to license TFC-039 for this indication were delayed for reasons unrelated to the merit of the opportunity and interested parties are now able and willing to move forward. Discussions are rapidly progressing with several global companies to develop TFC-039 as a treatment for diabetes in companion animals. SGLT2 inhibitors provide an opportunity to treat inflicted animals with an oral medication as opposed to the traditional method of daily insulin injections.
The combined scientific knowledge of Sirona and Wanbang will significantly increase the speed to commercialization of TFC-039. This includes extensive data, advanced manufacturing process development and the ability to commercially manufacture TFC-039. The new agreement was a desired step on the part of the interested partners to create the legal framework and to have certainty regarding production capacities and costs. Now that this has been finalized , the probability of a successful licensing agreement in the near future has been made much stronger.
This LOI is a modification of a previous agreement signed February 8th, 2021 which was mentioned in the CEO Update of 24 February 2021. The agreement will focus solely on applying TFC-039 to animal health.
Studies on a new indication for TFC-039 are also ongoing. Details of the new indication cannot be disclosed, but the opportunity as a valuable therapeutic exists and is an area of great need.
Anti-Aging
The lead compound for anti-aging will enter small scale-up and formulation for use in clinical and stability studies. We anticipate the clinical trial to take place in the second half of 2022.
Furthermore, our IP keeps growing – see latest entry for TFChem in the WIPO database.
Antiviral
As announced on 20 December 2021, we have had 20 antiviral compounds tested by Utah State University’s Institute of Antiviral Research.
The tests proved to be inconclusive. A known antiviral that was used as a positive control failed to produce results suggesting the test was not performing for this class of compounds. We’re now working on how to evaluate the compounds with a new assay. Accordingly, we are in the process of identifying other options or providers for testing our compounds and are currently coordinating how to proceed.
We remain no less confident that our antiviral compounds will deliver convincing results.
Due to these results, our discussions with potential partners in both public and private sector are on hold.
Anti-Cellulite
Due to our work on licensing agreements, we have diverted resources from this project at this time and will resume focus on this and other innovative pipeline projects when we’ve closed our deals.
Events
We will be participating in person with partnering meetings during BIO International June 13-16 in San Diego. BIO One-On-One Partnering(TM) opportunities with over 15,000 biotechnology leaders the largest of its kind. For more information, please visit https://www.bio.org/events/bio-international-convention
Financials
In February 2022, 12,258,960 warrants were exercised for proceeds of $1,961,434.
In addition, as announced on March 9, 2022, our wholly owned subsidiary TFChem, has been awarded financing to develop an advanced chemistry process that could improve the manufacturing of active ingredients.
Furthermore, and most importantly: we anticipate very significant positive corporate developments that will completely change the company’s financial situation – for the long term.
Dr. Howard Verrico, CEO
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 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.
For more information regarding this press release, please contact:
Investor Enquiries:
Jonathan Williams
Managing Director
Momentum PR
Phone: 1.450.332.6939
Email: jwilliams@momentumpr.com
- Published in News Home, Sirona Biochem
Usha Resources Retains Leading Capital Markets and Communications Advisory Firm and Announces Non-Brokered Private Placement and Closing of First Tranche
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA)(OTCQB:USHAF) is pleased to announce that, subject to the approval of the TSX Venture Exchange (the “Exchange“), it has engaged Volt Strategic Partners Ltd. (“Volt Strategic“) as its capital markets and communications advisor and has entered into an agreement (the “Agreement“) dated effective March 29, 2022.
Volt Strategic works with investment professionals and senior business leaders to help grow organizational value, build business, and accelerate market appreciation for emerging technology, sustainability, and life sciences public companies.
Pursuant to the Agreement, USHA will remunerate Volt Strategic an aggregate amount of $93,600 over a term of twelve months for various services, including but not limited to capital markets and communications advisory, and will grant a total of 250,000 incentive stock options (the “Options“) of the Company, exercisable for a period of 24 months at market price of $0.375 per Share. The Options are subject to vesting provisions wherein 25% of the Options every three months from the date of grant over a period of not less than 12 months. The Agreement may be extended with the prior written consent of the parties or terminated at any time with 30-day notice.
Volt Strategic does not currently have any interest, directly or indirectly, in USHA or its securities.
Deepak Varshney, CEO of Usha Resources, stated, “We are thrilled to partner with Volt. The acquisition of Jackpot Lake firmly puts us in the battery metals space, adding lithium to our existing portfolio of nickel, copper, and cobalt assets. Volt brings a wealth of knowledge and experience in this sector and will help the Company develop a strong capital markets and communications program as we look to increase market awareness and visibility for the investment community.”
Non-Brokered Private Placement
The Company is also pleased to announce that, subject to the approval of the Exchange, it has arranged for a non-brokered private placement (the “Private Placement“) of up to 1,000,000 units (each a “Unit“) at $0.30 per Unit to raise potential aggregate gross proceeds of up to $300,000. The Company also announces that it has closed the first tranche of the Private Placement, issuing a total of 769,333 Units for aggregate gross proceeds of $230,800 raised.
Each Unit issued consists of one common share (a “Share“) in the capital of the Company and one-half of one transferable Share purchase warrant (each whole warrant a “Warrant“) with each whole Warrant exercisable at $0.45 per Share for a period of two (2) years from the date of closing of the Private Placement.
The Company paid finders’ fees totaling $14,766 cash and 49,220 non-transferable finder warrants (the “Finder Warrants“) to PI Financial Corp. and Canaccord Genuity Corp. in accordance with applicable securities laws. The Finder’s Warrants are exercisable on the same terms as the Warrants issued in the Private Placement.
All securities issued in the first tranche of the Private Placement are subject to the Exchange hold period, plus a hold period of four months and one day following the closing dates of the Private Placement expiring on August 2, 2022.
About Usha Resources Ltd.
Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha’s project portfolio consists of Jackpot Lake, a lithium project in Nevada, Nicobat, a nickel‑copper‑cobalt project in Ontario, and Lost Basin, a gold-copper project in Arizona. Usha increases shareholder value through the acquisition and exploration of quality battery metal properties that are drill-ready with high-upside that can be achieved through the completion of relatively inexpensive work programs. Usha’s portfolio of strategic properties provides diversification and mitigates investment risk.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please call 306-690-8886, email info@usharesources.com, or visit www.usharesources.com.
- Published in Mining, News Home, Usha Resources
Canada Silver Cobalt Intersects 13.1 Meter Massive Sulphides Zone with Nickel, Copper and Cobalt close to Surface at Graal Battery Metals Property in Quebec
The most recent discovery intersected 9.30 meters of combined massive sulphides containing 1.20% NiEq, consisting of 0.72% nickel, 0.86% copper and 0.09% cobalt mineralization in NRC-22-24 at 142.5m.
Coquitlam, BC – TheNewswire – April 4, 2022 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to provide an update on exploration activity at its Graal nickel-copper-cobalt discovery in the Lac St-Jean region of Quebec, including the most recent assays results from drill hole NRC-22-24 which intersected 13.1 meters of combined massive sulphides within a 30-meter zone of disseminated and massive sulphides in a new area located 5 km from the previously reported discovery of massive sulphides.
“The results coming in from the labs for the drill program at Graal continue to be exciting for our geological team. Almost every drill hole has encountered disseminated to massive sulphides with strong nickel, copper and cobalt mineralization. We intend to continue to explore further to determine the full size of this nickel-copper cobalt deposit as it appears to have the potential to become an important supplier of battery metals for the EV market,” stated Matt Halliday, P.Geo., President, COO and VP Exploration.
The drilling campaign with 7,772m drilled so far has been paused to allow reception of pending assay data, bore-hole EM data, and the completion of the SQUID Ground Geophysical Survey. The geophysical survey aims to more accurately pinpoint and outline the geophysical conductors as well as identify areas where significant thicknesses are located.
The Company previously reported a major discovery of massive sulphides with high-grade nickel, copper and cobalt mineralization along with platinum and palladium in the northwest corner of the property where an airborne geophysical survey had indicated a sizeable gravity anomaly. The first three drill results reported in this location (NRC-21-02-03-04) showed segments up to 2.08% nickel and 3.75% copper. (See news release March 3, 2022.) More assays are pending.
In addition, about 5 km to the southeast, the Company also drilled hole NRC-22-24 in a spot that had not yet been drilled along the 6 km conductor continuity where a previous ground geological survey had indicated a gravity anomaly (see Figure 5 map below).
This drill hole (NRC-22-24) intersected 13.1 meters of combined massive sulphides within 30 meters of disseminated and massive sulphides between 121.5 – 152.1 meters downhole. Drill hole NRC-22-24 was drilled at an azimuth of 115 degrees, dip of -55 degrees, and is located at UTM 386142E, 5521057N. The other pending assay results will be released once received and validated.
See Table 1 below for assay data, Figures 2 & 3 for core photos, Figure 4 for a cross section of the drill hole and Figure 5 for a map of Graal property).
These latest assay results support the previously estimated potential target along the 6 km conductor continuity of near-surface tonnage of 30 to 60 million tonnes at a grade range of 0.60% to 0.80% nickel and 0.30% to 0.50% copper with 0.10% to 0.15% cobalt. This estimation does not take into account any potential at depth which is currently being explored.
Please note that the quantity and grade of this potential target calculation is conceptual in nature, and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource. The potential target primary evaluation is a calculation of the length multiplied by the thickness of intersection by the density of 3.3 to 4.0 t/m3 multiplied by the depth extension of 150 to 250m based on historical drill holes.
In addition to the holes drilled by Canada Silver Cobalt, there are historical intersections including hole 1279-00-10 drilled by Mines d’or Virginia Inc. in June 2000 approximately 200m south of NRC-22-24. This intersection is not part of the gravity anomaly, yet it still returned 1.15% Ni, 0.56% Cu and 0.15% Co over 4.5 meters (Source : GM 58815 ) which suggests the mineralization may be larger than the geophysical anomaly itself.
Table 1: Key sample and assay details for drill hole NRC-22-24
HOLE ID | From (m) | To (m) | Length (m) | Ni (%) | Cu (%) | Co (%) | % NiEq (1) |
NRC-22-24 | 121.50 | 152.10 | 30.60 | 0.39 | 0.40 | 0.05 | 0.63 |
NRC-22-24 | 121.50 | 129.20 | 7.70 | 0.61 | 0.34 | 0.07 | 0.89 |
Including | 121.50 | 122.50 | 1.00 | 1.30 | 0.24 | 0.13 | 1.69 |
Including | 122.50 | 123.50 | 1.00 | 1.35 | 1.16 | 0.14 | 2.05 |
NRC-22-24 | 142.80 | 152.10 | 9.30 | 0.72 | 0.86 | 0.09 | 1.20 |
Including | 142.80 | 143.70 | 0.90 | 1.26 | 0.10 | 0.11 | 1.56 |
Including | 145.60 | 146.00 | 0.40 | 0.21 | 2.32 | 0.04 | 1.01 |
Including | 146.00 | 146.90 | 0.90 | 1.17 | 0.21 | 0.12 | 1.53 |
Including | 148.20 | 148.90 | 0.70 | 1.01 | 3.31 | 0.13 | 2.33 |
Including | 149.40 | 150.00 | 0.60 | 1.02 | 3.40 | 0.12 | 2.35 |
Including | 150.00 | 151.00 | 1.00 | 1.27 | 0.92 | 0.16 | 1.94 |
Including | 151.00 | 152.10 | 1.10 | 1.16 | 0.89 | 0.16 | 1.82 |
Please note: Intervals are core length and is presumed to be close to true thickness, with no capping applied, and using quartered core split. Bolded intervals are grade composites.
Note (1) %NiEq = %Ni+(%Cu X CuPrice/ NiPrice)+ %Co X CoPrice/ NiPrice) where Nickel is 33,000USD/t, Copper is 10,000USD/t and Cobalt is 81,500USD/t; source LME March 30, 2022.
In addition, the technical team has noted other intervals with disseminated to massive sulfides that have assays pending. These intercepts include but not limited to:
- DDH NRC-21-05 intercepted 7.8 meters of mixed and disseminated sulfides mineralization, beginning at 144.3 meters depth.
- DDH NRC-21-06 intercepted 13.4 meters of mixed and massive sulfides mineralization, beginning at 1395.2 meters depth.
- DDH NRC-21-07 intercepted 1.9 meters of mixed and massive sulfides mineralization, beginning at 167.8 meters depth.
- DDH NRC-21-08 intercepted 9.1 meters of mixed and massive sulfides mineralization, beginning at 121.0 meters depth.
In addition to diamond drilling, bore-hole EM geophysics surveys was completed on several of the holes that intersected nickel and copper sulfides. The team is awaiting both the data and the geophysical report. The EM survey should assist in targeting the most prospective anomaly within a 100-meter radius from the existing holes. The mineralization remains open in all directions and at depth. The next phase of drilling in 2022 will focus on the areas identified by the SQUID survey. The drill program is currently being managed by Laurentia Exploration in association with GoldMinds Geoservices Inc.
Click Image To View Full Size
Figure 1: Map showing the location of NRC-22-24 (white) in addition to historical holes (blue) and the planned drill holes (yellow) targeting the geophysical anomaly.
Click Image To View Full Size
Figure 2: Core photo of NRC-22-24 with massive sulfides highlighted in box 28-29
Click Image To View Full Size
Figure 3: Core photo of NRC-22-24 with massive sulfides highlighted in box 33-35
Click Image To View Full Size
Figure 4: Cross Section showing Drill Hole NRC-22-24
Click Image To View Full Size
Figure 5: Map of Graal property with 6 km conductor continuity indicated by red line
QA/QC
The one-fourth core samples have been sent rush to OnSite Labs inc. located in Cobalt Ontario for sample preparation and four-acid digest multi-element suite including nickel and copper as well as a fire assay for platinum and palladium. Blank and standards were inserted in the sequence and meets expected values allowing the public disclosure. The one-half core results from ALS will be disclosed once received, verified for comparison to the one-fourth core results.
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a member of the Quebec 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. The Company has completed a 60,000m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.
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.
The Company also has 14 battery metals properties in Northern Quebec where it is currently drilling and the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where it will be exploring in 2022.
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
Granada Gold Mine Closes $723,200 Private Placement
Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (the “Company” or “Granada”) announces that the Company has closed a non-brokered private placement by way of issuing 12,053,333 units (“Units”) at a price of $0.06 per Unit raising gross proceeds of $723,200.
Each Unit is comprised of one common share of the Company and 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 $0.08 per share, for a period of three years from closing, subject to TSX Venture Exchange (“Exchange”) approval.
GloRes Securities Inc., was paid $14,000 in cash and was issued 233,333 finder’s warrants (“Finder Warrants”). An additional $15,330 cash and 255,500 Finder Warrants were also paid. The Finder Warrants are on the same terms as the purchaser warrants. The finder’s fees paid in connection with the private placement are subject to Exchange approval.
All securities issued are subject to a four-month and a day hold period expiring on August 2, 2022, in accordance with applicable securities laws. The private placement is subject to final Exchange approval.
The proceeds of the private placement will be used for surface exploration, trenching, and historical resampling of drill core on the Company’s Granada Gold Property in Quebec and for general working capital purposes.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec which is adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of land in a combination of mining leases and claims. The company is currently undergoing a large drill program with 30,000m out of 120,000m complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.
The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and a half kilometers. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 3.5 to 5 grams per tonne gold.
Mineral Resource Estimate
On March 15, 2021 the Company released an updated NI 43-101 resource estimate for the Granada Gold project (Please see January 29, 2021 news release) with a combined total of 713,000 gold ounces of measured, indicated, and inferred. This estimate contains 351,000 gold ounces of combined measured, indicated, and inferred for the open pit and 362,000 gold ounces of combined measured, indicated, and inferred for the underground. Please see Table 2 below for full details. Report reference: Granada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored by Yann Camus, P.Eng. and Maxime Dupere, B.Sc, P.Geo., SGS Canada Inc. with an effective date of December 15, 2020 and signature date of March 15, 2021.
Table 2: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
Type | Category | Tonnes | Avg Grade Au (g/t) | Gold Ounces |
Open Pit | Measured | 3,756,000 | 1.89 | 228,000 |
Indicated | 1,357,000 | 2.55 | 111,000 | |
Measured + Indicated | 5,113,000 | 2.06 | 339,000 | |
Inferred | 34,000 | 11.29 | 12,000 | |
Underground | Measured | 37,000 | 4.22 | 5,000 |
Indicated | 807,000 | 4.02 | 104,000 | |
Measured + Indicated | 844,000 | 4.03 | 109,000 | |
Inferred | 1,244,000 | 6.33 | 253,000 |
The property includes the former Granada Gold underground mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a fire destroyed the surface buildings. In the 1990s, Granada Resources extracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading 3.46 g/t Au.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
P: 416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, News Home
- 1
- 2