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
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
Canada Silver Cobalt Announces $5 Million Marketed Private Placement of Units and Flow-Through Units
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the ” Company ” or ” Canada Silver Cobalt “) announces that it has entered into an agreement with Research Capital Corporation to act as sole bookrunner and together with Canaccord Genuity Corp. as co-lead agents (together, the ” Agents “), in connection with a marketed private placement offering (the ” Offering “) for aggregate gross proceeds of up to $5,000,000 in a combination of: (i) units of the Company (the ” Units “) at a price of $0.25 per Unit, (ii) flow-through units of the Company (the ” FT Units “) at a price of $0.27 per FT Unit, and (iii) Quebec flow-through units of the Company (the ” QFT Units “) at a price of $0.29 per QFT Unit.
Each Unit will consist of one common share of the Company (a ” Common Share “) and one common share purchase warrant (a ” Warrant “). Each FT Unit will consist of one flow-through Common Share (a ” FT Share “) that will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”) and one Warrant. Each QFT Unit will consist of one Quebec flow-through Common Share (a ” QFT Share “) that will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Tax Act and section 359.1 of the Taxation Act (Quebec)) and one Warrant. Each Warrant shall entitle the holder thereof to purchase one Common Share (a ” Warrant Share “) at an exercise price of $0.32 per Warrant Share at any time up to 36 months following the closing of the Offering.
The Agents will have an option (the ” Agents’ Option “) to offer for sale up to an additional 15% of the number of Units, FT Units and/or QFT Units sold in the Offering at the Offering Price, which Agents’ Option is exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the Offering.
The net proceeds from the sale of Units will be used for continued exploration activities, and for 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 subsection 127(9) of the Tax Act and under section 359.1 of the Taxation Act (Quebec) (the ” Qualifying Expenditures “) on the Company’s Castle property and Graal property, which will be incurred on or before December 31, 2022 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 raised from the Offering of FT Units and QFT Units. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each FT Unit and QFT Unit subscriber for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures as agreed.
The Offering is scheduled to close on or about the week of April 13, 2022, or such earlier or later date as agreed upon between the Company and the Agents (the ” Closing “) and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The FT Unit and QFT Unit to be issued under the Offering will have a hold period of four months and one day from Closing.
In connection with the Offering, the Agents will receive an aggregate fee equal to 7.0% of the gross proceeds from the Offering (including in respect of any exercise of the Agents’ Option), subject to a reduction for certain orders on a “president’s list”. In addition, the Company will grant the Agents, on date of Closing, non-transferable compensation warrants (the ” Compensation Warrants “) equal to 7.0% of the total number of Units, FT Units and/or QFT Units sold under the Offering (including in respect of any exercise of the Agents’ Option), subject to a reduction for certain orders on a “president’s list”. Each Compensation Warrant will entitle the holder thereof to purchase one Unit at an exercise price equal to $0.25 for a period of 36 months following the Closing.
The securities to be issued under the Offering will be offered by way of private placement in each of the provinces of Canada, and such other jurisdictions as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933 , as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
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.
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
Canada Silver Cobalt Reports Positive Battery Metals Assay Results from its Massive Sulphide Discovery at Graal in Northern Quebec
Assay results confirm the existence of strong nickel, copper and cobalt mineralization in addition to discovering low grade platinum and palladium.
Coquitlam, BC – TheNewswire – March 3, 2022 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce it has received positive assay results including intercepts up to 2.08% nickel and 3.75% copper from the first three diamond drill holes that intercepted massive sulphides at its Graal property in the Lac St-Jean region of Quebec.
Highlights:
- The assay results (see table below) verify the existence of nickel and copper that was identified using a handheld XRF device during the core logging process (See November 24, 2021 news release).
- The elemental data suggests the pyrrhotite is nickel bearing and shows the existence of PGM elements including platinum and palladium.
- There are assays pending from another 18 drill holes.
- Massive sulphides were intercepted in 20 of 21 drill holes with 7,772.3 meters drilled to date.
- Another 1,700 meters of drilling is planned at Graal along with borehole EM geophysics to quantify potential thickness around the sulphide intersections and a ground EM survey (SQUID) to identify conductive zones to create high-value targets at depth (See news release January 31, 2022).
Matt Halliday, P.Geo., President, COO and VP Exploration stated: “Graal has been an exciting property for our geological team from the time we hit massive sulphides in the first few holes. As we drilled more holes, we discovered even wider intervals of sulphides. We’re very much looking forward to the assays from the remaining 18 holes that are still not reported and continuing with exploration at this deposit. With Graal and the other prospective properties we have in Quebec and Ontario, the Company is well positioned for the continued discovery of battery metals, and when combined with our ‘green’ Re-2Ox extraction process, to be a fully integrated, environmentally compliant supplier of critical metals and value-added battery metals to the North American market.”
Table 1: Drill core assay results
DDH | From | To | Length (m) | Ni (%) | Cu (%) | Co (%) | Pt (g/t) | Pd (g/t) |
NRC-21-02 | 155.00 | 171.00 | 16.00 | 0.10 | 0.70 | 0.01 | 0.01 | 0.01 |
Including | 155.70 | 160.70 | 5.00 | 0.29 | 0.18 | 0.03 | 0.01 | 0.01 |
NRC-21-03 | 138.30 | 144.00 | 5.70 | 0.84 | 0.59 | 0.09 | 0.03 | 0.03 |
Including | 138.30 | 142.40 | 4.10 | 1.15 | 0.27 | 0.12 | 0.04 | 0.04 |
Including | 143.40 | 144.00 | 0.60 | 0.10 | 3.75 | 0.02 | 0.00 | 0.00 |
NRC-21-04 | 136.40 | 136.90 | 0.50 | 2.08 | 0.88 | 0.03 | 0.41 | 0.22 |
Please note: Intervals represent single assays and are core length with no capping applied.
The 6,113-hectare Graal property is one of 14 properties recently acquired in northern Quebec covering 31,201 hectares that are prospective for EV battery metals such as nickel, copper, and cobalt. (See February 16, April 21, July 22, November 15, 2021 and January 31, 2022 news releases). 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 of Property, Claims, Drill Holes, and Sulphide Intercept Locations.
QA/QC
The core 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. Blank and standards were included in the sample batch and their values allows the public disclosure of the assay 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. 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.
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, News Home
Canada Silver Cobalt Reports More High-Grade Silver up to 5,887.59 g/t Ag with a Gold Equivalent of 73.80 g/t Au at Castle East
Excellent assay results from both 17M and 50 West Zones provide continuous expansion to known mineralization and the upcoming resource update.
Coquitlam, BC – TheNewswire – February 22, 2022 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce the continued expansion of its high-grade silver deposit at Castle East with excellent intercepts from the 17M and 50 West Zones. These drill results will be included in the planned major resource update expected by the end of Q1 2022.
Drilling Highlights:
- 17M Zone grades include 5,887.59 g/t silver and 0.17% cobalt over 0.53m in hole CS-21-54W1, as well as 811.06 g/t silver over 0.53m in hole CS-21-73. The vein in CS-21-54W1 belongs to one of the more dominant structures in the vein network that comprises the 17M Zone. The intercept is located roughly 23m to the north of the 17M Zone intercepts in CS-21-39, CS-21-39W2, and CS-21-39W4 (See news release August 23, 2021).
- 50 West Zone grades include 975.57 g/t silver over 0.72m and 852.23 g/t silver over 0.65m, both from hole CS-21-72. These intercepts are located approximately 150m from the intercept in discovery hole CS-21-50 that graded 2,208.00 g/t silver over 0.44m (See news release August 23, 2021). Additional drilling is needed to confirm whether this is an extension to the 50 West or a new structure.
Table 1 : Sample Details
Hole ID | Zone | From (m) | To (m) | Length (m) | Ag (g/tonne) | AuEq (g/tonne) | Co (%) |
CS-21-54W1 | 17M Zone | 475.50 | 476.00 | 0.50 | 765.93 | 9.60 | <0.01 |
CS-21-54W1 | 17M Zone | 476.00 | 476.53 | 0.53 | 5,887.59 | 73.80 | 0.17 |
CS-21-72 | 50 West | 696.98 | 697.70 | 0.72 | 975.57 | 12.23 | 0.01 |
CS-21-72 | 50 West | 697.70 | 698.35 | 0.65 | 852.23 | 10.68 | 0.01 |
CS-21-73 | 17M Zone | 508.42 | 508.95 | 0.53 | 811.06 | 10.17 | 0.03 |
Note: Gold equivalent (AuEq) is based on USD $23.76 oz/ton Ag and USD $1,895.51 oz/ton Au calculated Feb. 17, 2022. Samples are core length and may not represent true width.
Matt Halliday, President, and Chief Operating Officer, commented: “Recent news releases have shown that our geological exploration team can continue to deliver at Castle East. On January 10, we reported a 2,571 g/t silver intercept at our 61 Zone, on January 24 a 6,188 g/t silver intercept at the Big Silver Zone, and now we have intercepted 5,887 g/t silver within the 17M Zone. This is very exciting especially as we inch closer to our resource update expected by the end of Q1 2022. These new zones add significant value to the property and contribute to the attractiveness of the planned ramp and PEA. Our Gowganda assets are growing, and we are getting ready to discover more deposits on our broad property package.”(See January 31, 2022 news release for what is planned at each property.)
Ongoing drilling in the Castle East area has been geared toward expanding the existing resource panels outlined in the Company’s maiden Resource Estimate reported in a news release May 28, 2020. The resource estimate was the first ever in the Greater Cobalt Camp and 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 located near the town of Gowganda and is located 80km W-NW of Temiskaming Shores, Ontario, Canada. It is also 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 Agnico Eagle Mines’ 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), President, COO and 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 expected by the end of 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.
CCW also has 35,669 hectares of electric vehicle (EV) battery metals exploration properties (containing nickel, copper and cobalt) with 15 properties in Quebec and 1 in Northern Ontario. Exploration is underway at the Graal massive sulphide formation in Northern Quebec. Drill core has been encouraging with initial XRF results up to 2.79% nickel and 25.68% copper in hole NRC 21 03; lab results are still pending.
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 bulk 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 and battery metals. 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 investor Canada Silver acquires 11.45 M shares
Canada Silver Cobalt Works Inc. owns 11,454,000 shares of Granada Gold Mine Inc., equal to 8.34 per cent of the issued and outstanding share capital. The shares were acquired through private placements and on the open market.
The common shares were acquired by Canada Silver for investment purposes.
About Granada Gold Mine Inc.
Granada Gold Mine continues to develop and explore its 100-per-cent-owned Granada gold property near Rouyn-Noranda, Que., which is adjacent to the prolific Cadillac break.
The company owns 14.73 square kilometres of land in a combination of mining leases and claims. The company is currently undergoing a large drill program with 30,000 metres (m) out of 120,000 m 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 22 mineralized structures trending east-west over 5.5 kilometres. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were eight to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open-pit grades from 3.5 to five grams per tonne gold.
Mineral resource estimate
On March 15, 2021, the company released an updated National Instrument 43-101 resource estimate for the Granada gold project 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.
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 1930s from two shafts before a fire destroyed the surface buildings. In the 1990s, Granada Resources extracted a bulk sample (pit No. 1) of 87,311 tonnes grading 5.17 grams per tonne gold. It also extracted a bulk sample (pit No. 2) of 22,095 tonnes grading 3.46 grams per tonne gold.
- Published in Canada Cobalt Works, Granada Gold Mine, Mining
Canada Silver Cobalt to Purchase Industrial-Zoned Property with Highway Access for Core Processing Facility
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 agreement for an acquisition of a 10-acre (4 hectare) property fronting Highway 11 near Cobalt, ON, that will be used as the central hub for all of the Company’s Ontario and Quebec operations for a cash consideration of $604,000.
The property houses a 4,000 square-foot, fully serviced warehouse that is currently being leased by the Company and used as its main core processing facility. The access to Highway 11 allows for easy transportation of core, samples, and distribution of Company staff to projects across Ontario and Quebec. The property is located on the power grid and does not require any generators. The location is close to Timiskaming Shores and Cobalt, ON and provides easy access to supplies and amenities for Company staff. The property also contains an extra building.
The warehouse has already been converted into a full-service facility that fits the Company’s current needs, but will also allow for further expansion as the Company grows. The facility is being used for offices, core logging, sampling, core cutting, and long-term core storage – all located on site.
The purchase of the property is subject to approval by the TSX Venture Exchange. The vendor of the property is a company controlled by a family member of one of the directors and officers of the Company. Canada Silver Cobalt expects the closing of the purchase to occur prior to year end.
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
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
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Figure 3: Core Photo of NRC-21-03 and Location of XRF Point Data
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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
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
Canada Silver Cobalt has Commenced Drilling at the Nickel-Copper 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 a 3,000-meter drill program has begun with two drills turning at its Graal-Nourricier-Lac Suzanne property in the Lac St-Jean region of Quebec.
The drill program 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 nickel, copper, and cobalt (See February 16, April 21 and July 22, 2021 news releases). The drill program is currently being managed by Laurentia Exploration in association with GoldMinds Geoservices Inc.
The Company has existing drill permits for most of the proposed drill hole set-ups, which will allow testing of the Bouguer (geophysical) anomalies contained within the Graal-Nourricier-Lac Suzanne property . This promising anomaly has not been fully explored. It is one of the five properties included in the Company’s geophysical airborne surveys conducted earlier this year and it is regarded as geologically one of the most promising in the short term. The detailed airborne gravity survey of five properties conducted earlier this year by Sander Geophysics Ltd. to enable identification of the highest Bouguer Anomaly of the anorthositic complex confirmed that the highest potential target area is on Graal property.
The Company is seeking to identify significant amounts of nickel-copper-sulphide mineralization at the base of the magmatic chamber. Historic drill results indicate mineralization on the side of the magmatic reservoir and it is theorized that the massive sulphide cumulates are potentially hidden at depth. The drill program aims to intersect deep targets and as well the rim contact at shallower depth.
Additionally, the Company has hired the professional services of Archéo-Mamu Côte-Nord to carry out a study on potential archeological sites in the area.
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