Canada Silver Cobalt Prepares Battery Metals Business for Monetization
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that it has established a separate subsidiary for its battery metals business to be named Coniagas Battery Metals Inc. The new subsidiary will own the nickel-copper-cobalt exploration properties that the Company is currently exploring in northern Quebec and Ontario as well as the proprietary ‘Green’ Re-2Ox processing technology that is able to produce cobalt, nickel and copper sulphates for electric vehicle battery manufacturers.
“While the Company’s main focus continues to be our world-class high-grade silver deposit at Castle East with exploration drilling, environmental permitting, and a major resource update scheduled for Q1 2022 as outlined in a recent corporate update (November 1, 2021 news release), we are also taking additional steps along the path we had outlined previously towards surfacing value for our battery metals assets. The establishment of this new subsidiary will pave the way for an eventual spin-out of our battery metals business into a separate publicly traded company for the benefit of our shareholders,” stated CEO Frank Basa. (See news releases February 16 and July 22, 2021)
Matt Halliday, President, COO and VP Exploration, states: “Right now there is a lot of interest in battery metals and we think the best way forward to give our assets a higher level of visibility, and for achieving a proper valuation in the market, would be to split the Company into two parts – one focused on the exceptional Castle East silver discovery as well as the Kirkland Lake-area gold properties we recently acquired, and the other tasked with advancing our battery metals exploration properties and the Re-2Ox technology.”
Battery Metals Assets
Coniagas Battery Metals Inc. will include the Re-2Ox processing technology and 39,200 total hectares of prospective nickel-copper-cobalt exploration properties in northern Quebec (15 properties) and Ontario (one property east of the Sudbury Basin nickel deposits). Preliminary exploration is underway at the Quebec properties. (News releases February 16, April 20 and July 22, 2021).
Re-2Ox is a proprietary, environmentally friendly, closed-loop, hydrometallurgical process for the extraction of cobalt, nickel and other base metals from primary feeds (mined material) and secondary feeds (recycled battery black mass) and the subsequent production of cobalt, nickel and other sulphates needed in the battery industry. The process meets strict environmental standards because it does not involve smelting (or burning) that many other processes use and it has no discharge.
The Re-2Ox process has demonstrated that it is the only globally known hydrometallurgical process that can process high-arsenic feeds and recover and produce battery metals that meet Asian specifications for the electrical vehicle (EV) market. In bench scale testing at SGS Lakefield, it successfully produced cobalt sulfate for the battery market, and sodium arsenate as an intermediate product, from a high-grade silver-cobalt-arsenic gravity concentrate obtained from the past-producing silver-cobalt Castle mine. Cobalt, nickel and manganese recoveries from the concentrate using Re-2Ox were 99%, 81% and 84%, respectively, while 99% of the arsenic was also removed, which is important for complying with battery industry specifications. In addition to cobalt, arsenic is also on the US Critical Minerals List as it is an important ingredient in different products including pharmaceuticals, wood preservatives and industrial applications such as semiconductors.
Additional Re-2Ox testing for the design of a pilot plant is currently underway at the SGS Lakefield laboratories in Ontario. (For more information on Re-2Ox, see news releases May 31 and August 15, 2018 and January 15 and March 1, 2021, and also the Re-2Ox flow sheet and other details in the company’s corporate presentation at www.canadasilvercobaltworks.com and at www.re-2ox.com .)
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday, P.Geo., VP Exploration of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for the first quarter of 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, 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 Prepares Battery Metals Business for Monetization
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that it has established a separate subsidiary for its battery metals business to be named Coniagas Battery Metals Inc. The new subsidiary will own the nickel-copper-cobalt exploration properties that the Company is currently exploring in northern Quebec and Ontario as well as the proprietary ‘Green’ Re-2Ox processing technology that is able to produce cobalt, nickel and copper sulphates for electric vehicle battery manufacturers.
“While the Company’s main focus continues to be our world-class high-grade silver deposit at Castle East with exploration drilling, environmental permitting, and a major resource update scheduled for Q1 2022 as outlined in a recent corporate update (November 1, 2021 news release), we are also taking additional steps along the path we had outlined previously towards surfacing value for our battery metals assets. The establishment of this new subsidiary will pave the way for an eventual spin-out of our battery metals business into a separate publicly traded company for the benefit of our shareholders,” stated CEO Frank Basa. (See news releases February 16 and July 22, 2021)
Matt Halliday, President, COO and VP Exploration, states: “Right now there is a lot of interest in battery metals and we think the best way forward to give our assets a higher level of visibility, and for achieving a proper valuation in the market, would be to split the Company into two parts – one focused on the exceptional Castle East silver discovery as well as the Kirkland Lake-area gold properties we recently acquired, and the other tasked with advancing our battery metals exploration properties and the Re-2Ox technology.”
Battery Metals Assets
Coniagas Battery Metals Inc. will include the Re-2Ox processing technology and 39,200 total hectares of prospective nickel-copper-cobalt exploration properties in northern Quebec (15 properties) and Ontario (one property east of the Sudbury Basin nickel deposits). Preliminary exploration is underway at the Quebec properties. (News releases February 16, April 20 and July 22, 2021).
Re-2Ox is a proprietary, environmentally friendly, closed-loop, hydrometallurgical process for the extraction of cobalt, nickel and other base metals from primary feeds (mined material) and secondary feeds (recycled battery black mass) and the subsequent production of cobalt, nickel and other sulphates needed in the battery industry. The process meets strict environmental standards because it does not involve smelting (or burning) that many other processes use and it has no discharge.
The Re-2Ox process has demonstrated that it is the only globally known hydrometallurgical process that can process high-arsenic feeds and recover and produce battery metals that meet Asian specifications for the electrical vehicle (EV) market. In bench scale testing at SGS Lakefield, it successfully produced cobalt sulfate for the battery market, and sodium arsenate as an intermediate product, from a high-grade silver-cobalt-arsenic gravity concentrate obtained from the past-producing silver-cobalt Castle mine. Cobalt, nickel and manganese recoveries from the concentrate using Re-2Ox were 99%, 81% and 84%, respectively, while 99% of the arsenic was also removed, which is important for complying with battery industry specifications. In addition to cobalt, arsenic is also on the US Critical Minerals List as it is an important ingredient in different products including pharmaceuticals, wood preservatives and industrial applications such as semiconductors.
Additional Re-2Ox testing for the design of a pilot plant is currently underway at the SGS Lakefield laboratories in Ontario. (For more information on Re-2Ox, see news releases May 31 and August 15, 2018 and January 15 and March 1, 2021, and also the Re-2Ox flow sheet and other details in the company’s corporate presentation at www.canadasilvercobaltworks.com and at www.re-2ox.com .)
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday, P.Geo., VP Exploration of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for the first quarter of 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, 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 Completes Fully-Subscribed $7.5 Million Marketed Public Offering
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the ” Company ” or ” Canada Silver Cobalt “) announces that it has completed a fully-subscribed marketed public offering by raising total proceeds of approximately $7.5 million, including approximately $975,000 following the exercise in full of an over-allotment option by Research Capital Corporation and Canaccord Genuity Corp., the co-lead agents for the offering. At closing, Canada Silver Cobalt issued 20,884,109 units (“ Units” ) at a price of $0.21 per Unit for proceeds of $4,385,663 and 13,431,900 flow-through units (“ FT Units ”) at a price of $0.23 per FT Unit for proceeds of $3,089,337.
Canada Silver Cobalt intends to use the proceeds from the offering of the FT Units to incur Canadian Exploration Expenses on the Company’s Castle Silver Mine property in Haultain and Nicol Townships, Ontario and to use the net proceeds from the offering of the Units for continued exploration activities, working capital and general corporate purposes.
The offering was conducted on a “best efforts” agency basis and was co-led by Research Capital Corporation, as sole bookrunner, and Canaccord Genuity Corp.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Completes Commissioning of Secondary Crushing Circuit at Temiskaming Testing Labs
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that it has successfully commissioned the secondary crushing and screening circuit at its fully owned TTL (Temiskaming Testing Labs) bulk processing facility located in Cobalt, Ontario using low-grade waste rock.
“The company is now positioned to process mine development rock to recover native silver and produce feed to a planned pilot plant gravity circuit to produce marketable concentrates for evaluation as part of a PEA (preliminary economic assessment). The Company plans to use the secondary crushing and screening circuit during the exploration stage of mine development for metallurgical accounting and grade control by means of a bulk sample to be taken from the proposed planned ramp at the Castle East Robinson Zone. The data and information gathered during the processing of the mine rock may be used to develop a mill process flowsheet,” commented Frank J. Basa, P.Eng.
Crushing and Screening Circuit Highlights:
- – The mine waste rock in this test run was initially processed with a mobile, tracked screening plant with a 125 tonne per hour capacity. This screening plant produces three different product sizes that include greater than 3” (coarse), between 3” and ½” (medium), and less than ½” (fine).- The screened mine waste rock was processed by the mobile screening plant and brought to the TTL facility for further crushing and screening. The facility can accept all three sizes produced by the mobile screening plant. Pre-screening the mine waste rock provides for the increased throughput capacity at the TTL secondary crushing and screening circuit.- The TTL facility has a complete crushing and screening bulk processing plant with a 20 tonne per hour capacity. This facility can produce three different product sizes that include greater than 1/4” (coarse), between 1/4” and 20-mesh (medium), and less than 20 mesh (fine).- The final product of the crushing circuit at TTL will allow the production of marketable gravity concentrates or will be used as pilot plant feed for the Re-20x process, which has produced EV battery and other related battery end-products.
You can find a video showing the mobile screening plant and TTL crushing circuit in action HERE or via the Company’s website at www.canadasilvercobaltworks.com
The Company continues with the planned 60,000-meter drill program at Castle East with 2 diamond drills running and over 43,000 meters completed to date. Environmental studies are ongoing for the ramp for the Castle East Robinson Zone and are slated to be completed in the first quarter 2022.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Frank J. Basa, P.Eng., Chief Executive Officer of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for the first quarter of 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 Works’ New Gold Property Now Totals 810 Hectares with 610 Hectare Acquisition
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that it has entered into an Option Agreement dated August 15, 2021, to acquire the 610 hectares, known as the “Tinney” property (the “Property”) from a group of highly renowned prospectors (“Claim Holders”).
Acquisition Highlights:
- – Property lies within the Abitibi Greenstone Belt in the prolific Kirkland Lake district and is located approximately 7 km south-west of the high-grade Macassa Gold Mine currently operated by Kirkland Lake Gold.- In addition, the 610 hectares included in this acquisition are adjacent to the 200 hectares recently optioned on August 3, 2021, from geologist Doug Robinson and partners. This increases the total area of the land package four-fold to a grand total of 810 hectares.- The acquisition provides further expansion of the Company’s precious metals portfolio into the well-established Kirkland Lake Gold camp located on the prolific Larder Lake-Cadillac Break.- Select claims have valid exploration permits that will allow a combination of mechanized drilling and/or surface geophysics (shown on Figure 1 and Figure 2). A well-organized exploration plan is currently being developed for the 2022 field season which may include geological mapping, the stripping of outcrops, and channel sampling. Results of this field season will dictate the drill program to follow on the property.
Company President, Matt Halliday, P.Geo. stated “These new gold properties have our geologists very excited about the 2022 field season. There are multiple geological features that are of extreme interest including three major fault structures: the Larder Lake Cadillac Deformation Zone (also referred to as Break or Fault Zone) 1km to the north, the Amikougami Creek Fault 5km to the east, and over 2km of the Eby-Otto Fault trending north-easterly through the property. The property is permit ready, we just need to put in the work.”
The structural zone surrounding the Eby-Otto Fault is marked by iron carbonate, silicification, chloritization, and large pyrite-mineralized zones up to 200 meters wide. According to OGS open file report OFR6184 quoting Meyer et el 2005, there are several gold deposits in the area that show similarities such as the Holloway Mine “Lightning Zone”, the Kerr Mine “Flow Ore”, and the “D Zone” at the Cheminis Mine. While these orebodies are not significant at surface, the evidence exists in the form of carbonatization, silicification, pyrite mineralization, and sporadic gold mineralization similar to what is encountered on these claims. In addition, geochemically anomalous gold and copper values have been recorded along the length of the Eby-Otto Fault as showings, pits, and small-scale shafts with values up to 5.8 g/t Au over 1.5m (0.17 oz/ton over 5’, AFRI 2.57388 2016). Further anomalous showings of gold, copper, and platinum occur within the mafic metavolcanics, mafic metasediments, and syenite intrusions scattered across the combined property.
Click Image To View Full Size
Figure 1: Location of newly acquired Tinney claims and previously acquired Eby-Otto claims in addition to showing proximity to Kirkland Lake Gold’s Macassa Mine.
Click Image To View Full Size
Figure 2: A closer look at the total property package showing the simplified regional geology, location of preliminary channel samples (news releases August 3, 2021), as well as three major faults of interest.
Details of the Property
The Eby-Otto and Tinney area was originally discovered by silver prospectors originating from the town of Cobalt prospecting for silver. But instead of silver, they found occurrences of gold near the shore of Otto Lake in 1906. This kickstarted the discovery of many gold mines in the area. Since then, there has been sporadic activity by various prospectors, geologists, and exploration companies exploring primarily for gold. Over the years there has been small scale trenching, pits, shafts, and small mining operations with low grade to anomalous values identified. This work has helped define the nature of the iron carbonate, silicification, chloritization, and large pyrite mineralized zones.
As previously mentioned, the rocks in this claim package show certain parallels at surface to the Holloway Mine, the Kerr Mine, and the Cheminis Mine. But it also shows similarities to the style of veins and host rocks encountered at the Macassa Mine, which is characterized by finely disseminated pyrite, wide alteration zones, and multiple generations of quartz veining and/or flooding. The Macassa Mine, which commenced operations in 1933, has produced more than 5.2 million ounces of gold, has benefited from new discoveries within its property over the years and still has one of the highest reserve grades in the world. The greater Kirkland Lake camp, situated along the Larder-Lake Cadillac Break, has collectively produced over 74 million ounces of gold.
The property contains three large faults that are of interest. The Larder Lake Cadillac Deformation Zone is one of the major gold-bearing deformation zones in the southern Abitibi subprovince. It hosts many gold mines such as the Cheminis and Kerr Addison and has many gold-bearing subsidiary faults (or splays) such as the “Main Break” (the dominant gold-bearing fault at the Macassa Mine) and the Eby-Otto Fault cutting through the Eby-Otto and Tinney claim package. The Amikougami Creek Fault is an important structural feature because it offsets certain gold-bearing faults including the ’04 Break at the Macassa Mine. To date, there has been no major discovery to the west of the Amikougami Creek Fault. The Eby-Otto Fault is another splay off the Larder Lake Cadillac Deformation Zone and there is strong potential for gold mineralization to exist along strike and at depth when considering the major alteration zones, sulphides, and quartz veins encountered on the property.
In addition, the adjacent Eby-Otto property was optioned to the company on August 3, 2021, from Doug Robinson and partners. Doug is a highly respected geologist with an exceptional record of precious metal discoveries over the past 50 years. He served as underground mine geologist for Agnico Eagle Mines in the Greater Silver-Cobalt Camp in the 1980s and more recently as a geological consultant for Canada Silver Cobalt Works’ Castle property. His work for us led to the major discovery of the exceptionally high-grade silver veins at Castle East which led to the company’s first resource estimate. He will continue to work with the Company as a consultant to further the exploration work on the properties.
Terms of the Acquisition
The Claim holders grant the option to Canada Silver Cobalt Works Inc. to acquire, over a period of 5 years, 100% of the Property in return for cash payments totalling $182,000, the issuance of 400,000 common shares of Canada Silver Cobalt Works and incurring a total of $1.2 million in exploration expenditures on the Property. In addition, the Claim Holders will retain a 3% royalty if Canada Silver Cobalt Works completes the entire option. Canada Silver Cobalt Works will be the operator and will manage all exploration work throughout the term of the option.
All shares issued are subject to a 4 month plus a day hold period in accordance with applicable securities laws.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO) VP Exploration of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Announces Intercepts of up to 2.22% Cobalt in Castle East Update
The excellent cobalt assays associated with high-grade silver support Canada Silver Cobalt’s goal of becoming a major producer of silver with significant cobalt by-product
Coquitlam, BC – TheNewswire – August 23, 2021 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce major high-grade cobalt assays from its Castle East discovery where the Company has completed 42,000 meters of a 60,000-meter drill program aimed at significantly increasing its 43-101 resource estimate.
With additional results returned from backlogged assay labs, the Company is now able to provide select cobalt intercepts along with previously announced silver results for the Big Silver, 17M, and 50 West zones with grades ranging up to 2.22% cobalt and 89,853 grams/tonne silver (2,621 oz/ton Ag).
Table 1: Major Cobalt Intercepts for Big Silver, 17 M, and 50 West Zones
These reported zones are separate from the Robinson Zone which was the basis of the existing May 2020 resource estimate. The Big Silver and 17M Zones are two different structures believed to be subparallel and are north to north-east trending with the Big Silver discovery hole CS-20-39 intercept located 60m south-east from the Robinson Zone discovery hole CA-11-08. The 50 West vein is another separate structure located 650m west of the Robinson Zone discovery hole CA-11-08.
“With the recent drilling, we have been seeing spectacular silver hits, notably as much as 89,853 g/t silver (almost 9% silver). However, this drill program has been very fruitful on the cobalt side as well. The cobalt grades we have been getting with Big Silver are even higher than our first resource released in May 2020. We believe that cobalt will remain a critical mineral in the future because of its role in creating high-range EV batteries, and we are in the process of ramping up our activities to capitalize on cobalt and our proprietary Re-2Ox extraction process in the coming years,” said Matt Halliday, P.Geo., President, and COO.
Cobalt Activities
Cobalt demand has increased in recent years due to its use in batteries for the expanding electric vehicle sector. Research firm Roskill in a recent report forecast cobalt demand to grow at a compound annual growth rate (CAGR) of 7% in the period to 2030 – underpinned by the uptake of EVs globally and healthy medium-term demand from portable electronics amid the roll-out of 5G technology ( Cobalt: Roskill’s keynote speech at the 2021 Cobalt Conference — Roskill ).
The Company’s Castle Mine property, which is located within the high-grade cobalt embayment area surrounding the Town of Cobalt, Ontario, puts it in a prime position to capitalize on this trend. In 2018, bench-scale testing at SGS Canada showed that the Company’s proprietary, closed-loop hydrometallurgical Re-2Ox extraction process can produce premium-grade cobalt sulphate (22.6% cobalt sulphate hexahydrate) that meets industry specifications for EV batteries. The process is environmentally compliant and does not need to use a smelting process that is commonly used by cobalt producers and battery recyclers. The Re-2Ox testing, using concentrate from the Castle Mine, demonstrated cobalt, nickel and manganese recoveries of 99%, 81%, and 84% respectively, in addition to removing 99% of the arsenic (news releases May 31 and August 15, 2018).
The Company is continuing with optimization testing of the Re-2Ox process for mined material and recycled batteries and to determine whether it can be used for rare earth extraction. In addition, work is underway at SGS Canada for the design and construction of a Re-2Ox pilot plant. The Company expects that the Re-2Ox process will be an integral part of its production of cobalt and other base metals for the expanding cobalt market.
Resource Update
Ongoing drilling in the Castle East area is geared toward identifying new veins to enable a significant expansion to the existing resource. The program has been very successful as drilling has discovered a total of seven new high-grade silver vein systems including Big Silver, which is even higher-grade than the original discovery Robinson Zone. These seven new vein systems, along with any new ones discovered during the remaining 18,000 meters of the drill program, will help expand the resource estimate that is scheduled for Q1 2022.
The Company’s maiden Resource Estimate (reported in a news release May 28, 2020) identified two panels of what we call the “Robinson Zone” that contains an average silver grade of 8,582 g/t ( 250 oz/ton ) in a combined 27,400 tonnes of material for a total of 7.56 million Inferred ounces of silver. This is using a cut-off grade of 258 g/t AgEq. Please note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada , with an effective date of May 28, 2020 and a signature date of July 13, 2020.
Location
The Castle Property is situated near the town of Gowganda, within the prolific Silver-Cobalt mining district (also known as the Cobalt Camp) in Ontario, Canada. The property is located 15 km east of Aris Gold Corp’s Juby gold deposit, 30 km due south of Alamos Gold’s Young-Davidson mine, 75 km southwest of Kirkland Lake Gold’s Macassa Complex, and 100 km southeast of new gold discoveries in the Timmins West area.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO) VP Exploration of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Works Files Preliminary Base Shelf Prospectus
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) announces that it has filed a preliminary short form base shelf prospectus with the securities commissions of each of the provinces of Canada except Québec. The base shelf prospectus, when final, will allow Canada Silver Cobalt and/or certain of its security holders to qualify the distribution by way of prospectus of up to $30 million of common shares, preference shares, subscription receipts, warrants, debt securities and units, or any combination thereof, from time to time during the 25-month period during which the shelf prospectus is effective. The specific terms of any future offering will be established in a prospectus supplement to the shelf prospectus, which supplement will be filed with the applicable Canadian securities regulatory authorities in connection with any such offering.
A copy of the preliminary short form base shelf prospectus is available under Canada Silver Cobalt’s profile on SEDAR at www.sedar.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Begins Commissioning Secondary Crushing Circuit at Its Temiskaming Testing Labs
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that it will begin commissioning the secondary crushing circuit at its TTL (Temiskaming Testing Labs) bulk processing facility located in Cobalt, Ontario.
“Since acquiring the TTL facility, we have rebuilt the secondary crushing circuit and completed other upgrades. We are now able to proceed with commissioning and optimization. This puts the Company in an excellent position to proceed with its plans to produce concentrates and silver dore bars in a fast-track development model,” commented Frank J. Basa, P.Eng.
Canada Silver Cobalt recently acquired the TTL assay laboratory and bulk sampling/processing facility, which was a government-run facility for several decades serving many of the area’s silver mining companies. The facility is a complete high-grade processing plant that can take mineralized material from the mine to produce high-grade concentrates and dore bars. The processing facility is closed loop and does not produce any waste by-products. All slags and mineral rejects are further reprocessed offsite for residual metal recovery. The facility can process and pour over 1 million ounces of silver into dore bars on an annual basis.
The Company has engaged a contract lab operator to operate the assay lab independently of the Company. At the same time, it has proceeded in the other part of the facility to upgrade the bulk processing equipment and bullion furnace. The secondary crushing and screening circuit has been rebuilt with a processing capacity rated at 18-20 tonnes per hour. In addition, the bullion furnace has been relined and has been used to pour the first silver dore bars in the Cobalt Camp from the high-grade silver waste pile rejects at the Castle Mine.
The bulk processing facility will be used initially to produce concentrates for the Re-2Ox pilot plant and to pour final silver dore bars from the mineralized material that will be recovered from the former underground Castle Mine and from the potential ramp at the Castle East Robinson Zone where a 60,000-meter drill program is currently underway. For the commissioning, the Company plans to use mineralized material it expects to receive from the nearby Granada Gold Mine.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Frank J. Basa, P.Eng., Chief Executive Officer of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Intersects 30,416 g/t Silver over 0.42m with 425 g/t Gold Equivalent in New Vein at Castle East
Three impressive new intercepts add two new high-grade vein structures separate from both the Robinson Zone and Big Silver and bring the silver even closer to surface.
Coquitlam, BC – TheNewswire – August 9, 2021 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce a continued expansion at Castle East with three new, high-grade intersections with silver grades of 30,416.91 g/t over 0.42m, 7,328.47 g/t over 0.38m, 1,883.21 g/t Ag over 0.42m, and with gold equivalent grades of 425.94 g/t, 102.62 g/t, 26.37 g/t AuEq respectively.
Drilling Highlights:
- – Hole CS-21-61 with an exceptional intercept grading 30,416.91 g/tonne silver (887.31 oz/ton Ag) over 0.42m at a downhole depth of 449.55-449.97m with a gold equivalent grade of 425.94 g/tonne Au (12.42 oz/ton Au ). This incredibly mineralized vein is located 35m south from the Robinson Zone discovery hole CA-11-08, and 60m west of Big Silver discovery hole CS-20-39. The Company currently believes this intercept belongs to a brand-new vein structure, independent from both the Robinson Zone and the Big Silver vein.
- – The first intercept in hole CS-21-65 contains 7,328.47 g/tonne silver (213.77 oz/ton Ag) over 0.38m at a downhole depth of 254.03-254.41m with a gold equivalent grade of 102.62 g/tonne Au (2.99 oz/ton Au). This intercept is located 230m below the surface, 70m to the south and 220m above the Robinson Zone. To date, this is the closest high-grade intercept to surface and is located within Archean lithologies.- The second intercept in hole CS-21-65 contains 1,883.21 g/tonne silver (54.93 oz/ton Ag) over 0.42m at a downhole depth of 421-421.42m with a gold equivalent grade of 26.37 g/tonne Au (0.77 oz/ton Au).
“These three intercepts provide us with two newly discovered, high-grade vein systems. We continue to have excellent results from the 60,000m drill program at Castle East, with 40,000m completed to date. There is now a total of eight distinct high-grade veins to be included in the Q1 2022 resource update. The initial estimate in May 2020 for Castle East (see below) was based solely on the Robinson Zone vein system but recent drilling has discovered an even higher-grade vein (Big Silver grading 89,853 g/t Ag over 0.30m) in addition to six other new vein structures, and our exploration program has expanded the overall area to be included in the resource estimate.” said Matt Halliday, P.Geo., President, and COO.
The geological implications of these veins are threefold: First, the addition of another exceptionally high-grade vein in CS-21-61 puts us that much closer to significant expansion of the resource at Castle East. Second, the high-grade silver vein in CS-21-65 (that is 230m below the surface) confirms the existence of much shallower silver mineralization at Castle East. Third, it greatly expands the potential for silver mineralization to occur across the entire property because it occurs within the Archean lithologies. Most of our high-grade or notable veins are located within the younger Nipissing Diabase sill which is intruding into the older Archean rocks. This means that it is possible for further silver mineralization to occur in the same Archean lithologies both above and below the Nipissing Diabase, similarly to the vein found in CS-21-65 that is located above the intrusion. As a further proof of concept, both the Beaver Mine and Temiskaming Mine had significant production both above and below the Nipissing diabase intrusion. This ultimately expands the potential horizon within the property and is very encouraging for future exploration.
Table 1 : Sample Details
Note: Gold equivalent (AuEq) is calculated based on USD $25.37 oz/ton Ag and USD $1811.72 oz/ton Au as of August 5 th , 2021.
Click Image To View Full Size
Figure 1: Close-up of mineralization in hole CS-21-61 (30,416.91 g/tonne Ag). One can see the intense Cobalt mineralization occurring as the dark grey minerals within the vein. The bright silver is located within the cobalt clusters as well as lining the edge of the vein and radiating outwards.
Ongoing drilling in the Castle East area is geared toward identifying new veins to enable significant expansion to the existing resource panels outlined in the Company’s maiden Resource Estimate reported in a news release May 28, 2020. The resource estimate identified zones 1A and 1B of the Robinson Zone with an average silver grade of 8,582 g/t ( 250 oz/ton ) in a combined 27,400 tonnes of material for a total of 7.56 million Inferred ounces of silver using a cut-off grade of 258 g/t AgEq (mineral resources that are not mineral reserves do not have demonstrated economic viability). Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada , with an effective date of May 28, 2020 and a signature date of July 13, 2020.
Location
The Castle Property is 15 km east of Aris Gold Corp’s Juby gold deposit, 30 km due south of Alamos Gold’s Young-Davidson mine, 75 km southwest of Kirkland Lake Gold’s Macassa Complex, and 100 km southeast of new gold discoveries in the Timmins West area.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday, P.Geo., (APGO) VP Exploration of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com .
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Works Acquires Prospective Gold Property Near Kirkland Lake Gold’s Macassa Mine
The acquisition of this highly prospective property places the company in the middle of the most prolific high-grade gold-bearing areas in Northern Ontario that have produced 24 million ounces of gold in the last 100 years.
Coquitlam, BC – TheNewswire – August 3, 2021 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that it has entered into an Option Agreement dated July 28, 2020 to acquire the Eby-Otto Township property (the “Property”) from geologist Doug Robinson, P.Eng., and prospector James Reed .
Acquisition Highlights:
- – Property lies within the prolific Kirkland Lake district and is located within 5 km of the high-grade Macassa Gold Mine currently operated by Kirkland Lake Gold.- Property contains approximately 200-hectares with a strike length of over 2 km.- Numerous strongly altered and mineralized quartz veins outcropping at surface have been discovered. The mineralization and alteration are highly favorable in addition to being typical of other gold-bearing veins in the district.- Preliminary channel sampling has been recently completed with the assays pending.- Property comes highly recommended by Doug Robinson, a long-time geologist who originally discovered Canada Silver Cobalt’s Robinson Zone, and Jim Reed, an experienced prospector highly familiar with the area.- Acquisition allows the company to expand our precious metals portfolio into the well-established Kirkland Lake Gold camp as well as the prolific Larder Lake-Cadillac Break system.
“Doug Robinson is a highly respected geologist with an exceptional record of precious metal discoveries over the past 50 years. He served as underground mine geologist for Agnico Eagle Mines in the Greater Silver-Cobalt Camp in the 1980s and more recently as a geological consultant for Canada Silver Cobalt Works’ Castle property. His work for us led to the first major discovery of the exceptionally high-grade silver veins at Castle East which produced the world’s Highest Pure Silver resource and we named it the Robinson Zone in his honour,” said Frank Basa, P.Eng., Chairman and CEO.
“ The property we are acquiring from Doug Robinson and Jim Reed is the core mining claim package they have retained over the years representing the most prospective of the over 100 claim units they held since the 1990s near the high-grade Macassa Gold Mine. They have completed a significant amount of work at the property including an airborne drone-based geophysical survey along with substantial hand stripping and have identified several drill targets. We are very pleased that Doug will continue to be involved as a consultant to Canada Silver Cobalt Works and will assist in the next steps in continuing gold exploration at the acquired property,” Mr. Basa stated.
Terms of the Acquisition
Claim holders Doug Robinson and James Reed grant the option to Canada Silver Cobalt Works Inc. to acquire, over a period of 5 years, 100% of the Property in return for cash payments totalling $364,000, the issuance of 800,000 common shares of Canada Silver Cobalt Works and incurring a total of $2.4 million in exploration expenditures on the Property. In addition, Reed and Robinson will retain a 3% royalty if Canada Silver Cobalt Works completes the entire option. Canada Silver Cobalt Works will be the operator and will manage all exploration work throughout the term of the option.
All shares issued are subject to a 4 month plus one day hold period in accordance with applicable securities laws.
Details of the Property
The property that is being acquired by Canada Silver Cobalt Works is in an area that has long held the interest of geologists because of its close proximity to the high-grade underground Macassa Gold Mine, currently operated by Kirkland Lake Gold. The South Mine Complex at Macassa is characterized by structurally controlled zones of finely disseminated pyrite, visible gold and tellurides and consisting of wide, gold-bearing alteration and mineralization haloes. The Macassa Gold Mine, which commenced operations in 1933, has produced more than 5 million oz gold, has benefited from new discoveries within its property over the years, and still has one of the highest reserve grades in the world (21.9 g/t Au, according to the Kirkland Lake Gold website). The greater Kirkland Lake area, situated along the Larder-Lake Cadillac Break has produced over 24 million ounces of gold. Geologists and major exploration companies have been searching for significant gold west of the Macassa Mine for decades. Doug Robinson and partners have based and focussed their exploration efforts on a significant displacement along the Amikougami Creek Fault located west of the Macassa Mine.
In the 1990s, Doug Robinson and James Reed controlled over 100 claim units in this area, representing 15 km parallel to the Larder Lake-Cadillac Break system that contains the gold of Kirkland Lake. After mapping over 1,214 hectares (3,000 acres) and running over 200 km of ground-based geophysics, the best claims were retained, and they form the core of the current property representing over 2 km strike length of potential extension of mineralized host rock. The claims are located just east of Highway 11 and just touching Highway 66 to the North. Other major infrastructure potentials include the railway just north of the claims, plus access to an electrical grid and natural gas.
The property hosts several quartz veins up to 0.45 metre wide at surface with significant albite and carbonate alteration that are typical of gold veins hosted in the Larder Lake-Kirkland Lake main break system. Some of the veins also contain pyrite mineralization and albite alternation which are considered a favourable host for gold mineralization and may be a vector into high-grade gold mineralization below the surface. In addition, two of the prime mineralized veins occur within fault zones which are also a favourable ore environment in the Kirkland Lake gold camp.
While the core of this claim group has been continuously controlled since the 1980s, the property has experienced significant work recently including an extensive hand stripping program where substantial channel sampling was completed and assays are pending as well as the completion of a 58-km drone-based airborne magnetometer survey. Initial work in the months ahead will focus on stripping and channel sampling while permits for drilling are obtained.
Further details of the property can be viewed at www.kirklandgold.com or at the following link Eby-Otto Gold Property .
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Frank Basa, P.Eng., Chief Executive Officer of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system in the Castle East area 1.5 km from the past-producing Castle Mine near Gowganda, Ontario in the prolific high-grade Silver District of Northern Ontario, with drilling intercepts at Castle East ranging up to 89,853 g/t Ag (2,621 oz). The Company released the first-ever resource in the Gowganda Camp and greater Cobalt Camp in May 2020. 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, was identified. The discovery remains open in all directions (1A and 1B are approximately 800 meters from the Capitol Mine workings) (mineral resources that are not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt Works Press Release May 28, 2020. 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 Castle, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations, Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
- Published in Canada Cobalt Works, Mining, News Home