Canada Silver Cobalt Appoints Halliday President and Chief Operating Officer
Canada Silver Cobalt Works Inc. has promoted Matt Halliday, PGeo, to the position of president and chief operating officer of the company, in addition to his duties as vice-president of exploration, as Canada Silver Cobalt prepares to aggressively ramp up drilling at Castle East to fully leverage a growing high-grade silver discovery adjacent to three past producers in Gowganda, 75 kilometres southwest of Kirkland Lake.
As a second drill rig is quickly added to this discovery as part of a new planned program encompassing 50,000 meters of drilling in 2020, Halliday will direct and supervise all project operations for Canada Silver Cobalt in his new role as President and COO. He will also immediately further build out the geological, engineering and environmental team with the goal of completing permitting and construction of a ramp to the rich Robinson Zone in 2021.
Based on reliable historical reports and internal data, management believes Castle East may represent the most significant new grassroots high-grade silver discovery in the Gowganda mining camp, and the broader Northern Ontario Silver-Cobalt district, in at least 40 years.
Halliday Appointment
Mr. Halliday first joined Canada Silver Cobalt late last year from Kirkland Lake Gold where he served as resource geologist. A graduate of Dalhousie University in 2007, Mr. Halliday honed his skills for almost eight years with SGS Geostat, known as global leaders in orebody modelling and reserve evaluation. In 2016 he was part of the SGS team that pushed machine learning into the geological realm and claimed top prize in the $1 million Integra Gold Challenge.
For more than a dozen years Mr. Halliday has focused on resource reporting and modelling while also gaining abundant experience with advanced field exploration including major drill programs in Ontario, Quebec, Newfoundland-Labrador, Nunavut and Alaska. With SGS he also enjoyed success in a business development capacity.
Halliday On Expanded Role
Mr. Halliday commented: “I’m excited to take on new and expanded responsibilities to help guide Canada Silver Cobalt to the next level as the leading vertically integrated silver-cobalt company in a prolific district that stretches for 130 km.
“We not only have the grade at Castle East but the opportunity for tremendous scale given the extent of untested ground in a camp where it appears the oldtimers, despite mining around 70 million ounces of silver, took only the low-hanging ‘fruit’. We’ll have a second drill rig turning by about July 15 as we begin to greatly accelerate this program based on multiple positive indicators.
“We already have exceptional talent within CCW, which we’ll be harnessing to an even greater extent, but it’s my mission to quickly build a ‘Dream Team’ that will execute flawlessly for shareholders,” Mr. Halliday continued. “This may also include a new VP-Exploration as I focus on making sure we deliver on a dynamic vision for this company in Canada’s silver-cobalt heartland. We will use the Castle East discovery in unlocking the value of the adjacent Castle mine and all other company assets including Temiskaming Testing Laboratories, following a path that helped build Agnico Eagle – former operator of the Castle mine – into the mining giant it is today.”
Maiden Inferred Resource
The Robinson Zone discovery features a very high-grade Inferred resource of 8,582 g/t Ag (250 oz/ton) in areas 1A and 1B for 7.56 million ounces of silver in a total of 27,400 tonnes of material, using a cut-off grade of 258 g/t AgEq. The discovery is wide open for expansion and the Inferred resource does not include a second high-grade silver vein intersected 95 meters below the Robinson Zone. Cobalt is also an important component of this discovery.
The Mineral Resource estimate is dated May 28, 2020, and was independently prepared by GoldMinds Geoservices Inc. in accordance with National Instrument 43-101. A Technical Report with respect to the Mineral Resource estimate will be filed within 45 days from May 28, 2020, in accordance with NI 43-101. The Company reminds investors, as per NI 43-101, that mineral resources that are not mineral reserves do not have demonstrated economic viability.
Mr. Halliday is replacing Mr. Frank Basa as President while also assuming the new position of Chief Operating Officer. With his many years of successful experience in the Northern Ontario Silver-Cobalt district, including his time with Agnico Eagle, Mr. Basa will continue as CEO of Canada Silver Cobalt while responsibilities for day-to-day operations are assumed by Mr. Halliday. “Matt is supremely qualified and has the energy, the expertise and the leadership skills to take CCW to a whole new level,” stated Mr. Basa. “We are entering a major growth period and it’s time to build out the team to take full advantage of this discovery and an exciting new bull market in silver.”
Castle East In Perspective
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (APGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with NI 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver-Cobalt District of Northern Ontario. With an important new discovery at Castle East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and Violet properties, CCW is strategically positioned to become a Canadian leader in the silver-cobalt space.
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Ramps Up Drilling at Castle East Discovery, Closes $1.2 Million Private Placement
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce the Company has closed a flow-through private placement with strategic investors, raising gross proceeds of $1.2 million by issuing 2,000,000 units at $0.60 per flow-through unit (see details below).
Proceeds of the flow-through private placement will be used to further ramp up drilling and exploration over the coming weeks at the Company’s 100%-owned Castle East high-grade silver discovery in Northern Ontario’s Gowganda Camp.
Wedge Holes Take Aim At Rich Second “Trunk” Potential
After extending the original Robinson Zone high-grade discovery vein 47 meters up-dip through drill hole CS-20-24 from surface, geologists are now resuming a wedge hole strategy that proved to be very effective last winter when the extremely rich Robinson Zone was first delineated, leading to a maiden Inferred resource estimate (refer to May 28, 2020 news release).
Starting today, an initial two wedge holes, drilled up-dip from different directions based on the orientation of the vein, are targeting the extension of the high-grade vein discovered 95 meters below the Robinson Zone in drill hole CS-20-22 that was not included in the resource estimate (8,339 g/t Ag or 243 oz/ton over 0.35m within 0.60m of 4,971 g/t Ag or 145 oz/ton, estimated at 50% to 70% true width). This vein, featuring native dendritic silver (large “rosettes”), has a different texture to it than the vein in the original discovery, suggesting the Castle East mineralizing event was driven by multiple phases.
Matt Halliday, VP Exploration, commented: “It appears we have found the first two ‘trunks’ of this system. Based on district geology we expect to find branches off these trunks and a possible connection between these trunks through a network of veins.
“We have a very large area that has never been systematically drill tested, so the scale potential is very significant. We know we have the grade with 7.6 million Inferred ounces at 250 oz/ton in a very concentrated area, ideal for accessing through a ramp,” Halliday concluded.
Flow-Through Private Placement Details
Each FT Unit comprises one flow-through common share of the Company and one half of one share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.70 per share, for a period of two years from closing, subject to TSX Venture Exchange (“Exchange”) approval.
Canada Silver Cobalt has paid finder fees in the amount of $94,000 and issued 156,665 finder warrants in connection with the FT private placement. The finder’s warrants are on the same terms as the financing warrants. The finder fees are subject to Exchange approval.
All securities issued in connection with the private placement will be subject to a four–month and a day hold period expiring on October 16, 2020, in accordance with applicable Canadian securities laws.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (APGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with NI 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver-Cobalt District of Northern Ontario. With an important new discovery at Castle East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and Violet properties, CCW is strategically positioned to become a Canadian leader in the silver-cobalt space.
“Frank J. Basa”
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Silver Cobalt Works Inc.
For further information: Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, mb@buffaloassociates.com, +44-7725-960939
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- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Extends Robinson Zone High-Grade Silver Discovery
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that Phase 2 drilling at Castle East has quickly expanded the potential scale of the Robinson Zone high-grade silver discovery, open in all directions.
The latest drill hole, CS-20-24, further demonstrates continuity of vein structures over an increasingly broad area consistent with a robust mineralizing event immediately east of three past producers in Northern Ontario’s Gowganda Camp.
Highlights:
- CS-20-24, the just-completed first hole of Phase 2, was collared 200 meters northwest of CS-20-22 and intersected three separate visually well-mineralized vein structures at shallower levels including native silver and cobalt arsenides within a 5-meter zone (core interval) approximately 47 meters above the Robinson Zone;
- CS-20-24 is interpreted to be an extension of the original vein confirmed through historical drill hole CA-11-08 in addition to Canada Silver Cobalt’s recent follow-up wedge holes;
- A network of high-grade native silver veins has now been traced over a vertical distance of approximately 144 meters from the middle intersection in CS-20-24, at a vertical depth of 371 meters, to the second deeper intercept in CS-20-22 (representing a new vein) near the lower contact of the diabase with the Archean rocks.
Matt Halliday, Canada Silver Cobalt VP-Exploration, commented: “With the first hole of Phase 2 we’ve already opened up much more room for expansion of the very high-grade Robinson Zone, and many more high priority targets remain to be drilled. This appears to be a ‘pregnant’ system with strong potential for significant additional lateral and vertical extent given the increasing success we are having at hitting these narrow but exceptionally high-grade vein structures from surface. We eagerly anticipate the first batch of assays from CS-20-24.
“Our research shows that the Northern Ontario Silver-Cobalt Camp hasn’t seen anything like this in at least several decades – a grassroots discovery of very unusual silver grades, comparable with those that helped make this region the birthplace of Canadian hard rock mining in the early 1900’s,” Halliday continued. “In addition, core from CS-20-24 shows promise for gold mineralization in the 326-meter Archean package drilled into above the Nipissing diabase, nearly half a kilometer northeast of the high-grade gold intercept in CS-19-19 (refer to March 2, 2020, news release).”
Next Drill Holes
Geologists are now preparing to drill a series of wedge holes, commencing early next week, from CS-20-22 and CS-20-24 in an attempt to follow the trail of native silver veins, similar to the strategy last December that also involved the successful use of downhole camera technology. GoldMinds Geoservices’ custom-built downhole camera has been deployed once again and has provided valuable information with regard to CS-20-22 and the orientation of vein structures. It will also be used in the coming days to evaluate the vein structures intersected in CS-20-24.
Robinson Zone Inferred Resource
Notably, as disclosed in a maiden resource estimate May 28, 2020, zones 1A and 1B of the Robinson Zone entering Phase 2 had 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). This resource estimate did not include the second vein discovered in CS-20-22.
Gold Target Above the Diabase
Starting 40 meters downhole and continuing to 368 meters, CS-20-24 intersected multiple potential gold-bearing quartz-carbonate multi-generational veins with sulphide mineralization and intense alteration in the Archean package above the Nipissing diabase. Arsenopyrite was also noted in feldspar porphyry.
As reported by Canada Silver Cobalt March 2, 2020, the last drill hole that targeted gold mineralization at Castle East (CS-19-19) intersected 4.3 g/t Au over 4 meters and 1.5 g/t over 12.5 meters within a 30-meter mineralized zone (core length, true width unknown at this time) grading 0.70 g/t Au (vertical depth approximately 240 meters). This broad interval included 1 meter that returned 15.2 g/t Au. This early stage gold discovery is approximately 460 meters southwest of the visually encouraging zones encountered in CS-20-24. The potential relationship between the two areas is being investigated as geologists await assays for this latest hole.
Castle Property Location
The Castle Property is 15 km east of Pan American Silver’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, 80 km northwest of CCW’s Temiskaming Testing Lab/processing facility in the town of Cobalt, and 100 km southeast of new gold discoveries in the Timmins West area.
Quality Assurance/Quality Control
Castle East core samples were collected using a 0.3-meter minimum length and a 1-meter maximum length. Drill core recovery averaged 95%. Two quality control samples (blank and standards) were inserted into each batch of 20 samples. The drill core was sawn with one half of the split core placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. Where silver was visually and significantly present, a pulp-metallic analysis on full sample was requested for the silver and gold assays where the entire sample is dried, weighed and crushed over 95% then fully pulverized and passed through 200-mesh screen to create a plus 200-mesh fraction (metallics) and a minus 200-mesh fraction (pulp). The minus 200-mesh fraction (fines) was run using geochemical analysis with AA finish for Ag, Au, Cu, Ni, and Co. The entire +200 mesh (coarse) fraction was analyzed using gravimetric processes (fire assay) for both Ag and Au to provide a weighted average assay for the entire sample.
Swastika Laboratories is an ISO 17025 certified lab independent of Canada Silver Cobalt.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (APGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver District of Northern Ontario. With underground access at Castle, 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.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Silver Cobalt Works Inc.
For further information: Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, mb@buffaloassociates.com, +44-7725-960939
Related Links
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Resumes Drilling at Castle East High-Grade Silver Discovery
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce a major reinterpretation of the Gowganda Silver Camp as a new round of diamond drilling begins (Phase 2) at the Castle East high-grade silver discovery, open in all directions.
Highlights:
- Diamond drilling aims to build and upgrade the maiden Inferred mineral resource (see May 28, 2020 news release) that includes 7.56 million ounces of silver in zones 1A and 1B of the Robinson Zone (27,400 tonnes @ 8,582g/t Ag or 250oz/ton at an average cut-off grade of 258 g/t AgEq);
- Only a fraction of Castle East has been drill-tested. Historically, the area received little exploration attention due to extremely limited diabase outcrop (unlike the western side of the Camp);
- The past producing Castle, Capitol and O’Brien mines, all within a 2-km radius of the Robinson Zone, are interpreted to comprise a large silver-rich system of abundant vein networks that follow the dip of the diabase toward Castle East in the heart of the Miller Lake Basin;
- Very high-grade silver extends more to depth in the Gowganda Camp (toward/near the lower contact) than previously recognized;
- Sub-horizontal and sub-vertical fault structures are key controls on mineralization and they extend throughout the Gowganda Camp;
- The Nipissing diabase, the primary host of very high-grade silver mineralization in the Gowganda Camp, is now known to thicken in a higher temperature system at Castle East;
- Total volume of the diabase at Castle East is estimated to range from 970 million to 1.45 billion cubic meters, vs. an estimated 69 million cubic meters for the Castle mine. The extent of actual mineralized diabase at Castle East is still unknown, and it is too early in the exploration stage to determine potential quantity and grade of the broader Castle East exploration target.
Matt Halliday, VP-Exploration, commented: “We’re excited to continue drilling numerous remaining exploration targets. We’re seeing some phenomenal grades at Castle East, consistent with historical discoveries in the broader district going back to the early 1900’s. We see strong potential to expand and upgrade the known Inferred resource estimate, including higher up in the diabase, given the multiple targets we have.
“Importantly, such a high concentration of metal in zones 1A and 1B of the Robinson Zone provides a bull’s eye target for a ramp strategy aimed at accessing these pods of extremely high-grade material while also creating underground exploration platforms that can efficiently follow the vein structures,” Halliday added. “That’s how Agnico Eagle (Castle mine) and others succeeded in this district – they went straight to the accumulations of native silver. We will incorporate that strategy while also taking advantage of new technology to ensure that Canada Silver Cobalt’s exploration toolbox is the most modern and effective in the Camp.”
Vision For Castle East
Canada Silver Cobalt has launched the permitting process, under Ontario’s “Advanced Exploration Permit” structure, to construct a ramp to the rich Robinson Zone which will also provide underground exploration platforms to greatly enhance new discovery opportunities targeting both high-grade silver and the new gold zone (refer to March 2, 2020, news release) located within Archean rocks overlying the diabase several hundred meters southwest of the Robinson Zone. This streamlined process, which doesn’t require any federal approvals, includes environmental baseline studies for air and water permits in addition to a closure plan for Castle East. CCW has already met with Ministry officials and has engaged a leading engineering firm to help spearhead the process.
District Model
The deposit model and history of the Gowganda Camp, and the broader Northern Ontario Silver-Cobalt District which officially produced nearly half a billion ounces of silver last century, show that unusually rich, narrow vein shoots (generally half an inch to six inches in true width and, in rare cases, up to approximately 12 inches in true width) can extend for tens or even hundreds of meters (pinching and swelling, moving in and out of very high-grade mineralization). These veins may be surrounded by strongly mineralized wall rock and they’re often within a network of closely spaced parallel veins and veinlets in addition to silver-filled fractures.
Phase 2 Drilling
The current program is designed to test the vertical extension of the mineralized zones to surface and to increase quantity and confidence of the mineral resources. Phase 2 will also include follow-up on a new high-grade vein discovery (CS-20-22) approximately 95 meters below the Robinson Zone in the lower half of the Nipissing diabase near the contact with the Archean volcanics. CS-20-22 is interpreted to have intersected a second potential major vein structure with an assay of 8,338.41 g/t Ag or 243 oz/ton over 0.35 meters (true width estimated at 50% to 70%). This native silver vein, discovered at a vertical depth of approximately 500 meters, does not form part of the maiden Inferred resource for Castle East released May 28, 2020.
Significantly, vein intersections at Castle East exist in both the upper and lower parts of the Nipissing diabase contact with the Archean volcanics, greatly enhancing the deposit potential of the area with implications for the broader Camp where historic production was predominantly on the upper half of the diabase. Geologists are also exploring the possibility that rich silver veins at Castle East could potentially extend into rock packages outside of the diabase.
Investors are cautioned that mineral resources which are not mineral Reserves do not have demonstrated economic viability.
Property Map
Visit the Canada Silver Cobalt website at www.CanadaSilverCobaltWorks.com for an updated Castle Property Map, or click on the following link:
Location
The Castle Property is 15 km east of Pan American Silver’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, 80 km west of CCW’s Temiskaming Testing Lab/processing facility in the town of Cobalt, and 100 km southeast of new gold discoveries in the Timmins West area.
Quality Assurance/Quality Control
Castle East core samples were collected using a 0.3-meter minimum length and a 1-meter maximum length. Drill core recovery averaged 95%. Two quality control samples (blank and standards) were inserted into each batch of 20 samples. The drill core was sawn with one half of the sawn core placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. For the high-grade intercepts, only one-quarter of the core has been sent for assaying to Swastika Laboratories in Swastika, Ontario. Where silver was visually and significantly present, a pulp-metallic analysis was requested for the silver and gold assays where the entire sample is dried, weighed and crushed over 95% then fully pulverized and passed through 200-mesh screen to create a plus 200-mesh fraction (metallics) and a minus 200-mesh fraction (pulp). The minus 200-mesh fraction (fines) was run using geochemical analysis with AA finish for Ag, Au, Cu, Ni, and Co. The entire +200 mesh (coarse) fraction was analyzed using gravimetric processes (fire assay) for both Ag and Au to provide a weighted average assay for the entire sample.
Swastika Laboratories is an ISO 17025 certified lab independent of Canada Cobalt.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (APGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver District of Northern Ontario. With underground access at Castle, 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.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Silver Cobalt Works Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2020/29/c5142.html
Contact:
Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, mb@buffaloassociates.com, +44-7725-960939
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Releases Maiden NI 43-101 Mineral Resource Estimate for Castle East Robinson Zone
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce the results of its first NI 43-101 Mineral Resource estimate for the early stage Castle East Robinson Zone discovery in the heart of the past producing Gowganda Silver Camp, 75 kilometers southwest of Kirkland Lake.
Castle East is part of Canada Silver Cobalt’s 100%-owned, 78 sq. km Castle Property also featuring the Castle mine. Late last year the company initiated a follow-up program to a 2011 discovery hole approximately two km southeast of the mine, and within two km of two other past producers, that returned a high-grade intercept of 40,944 g/t silver (1,194 oz/ton) over a core length of 0.45 meters (refer to August 25, 2011, Gold Bullion Development news release). Four holes (CS-19-08W1, CS-19-08W2, CS-19-08W3 and CS-19-W4) were wedged off the 2011 hole followed by four holes (CS-19-20, CS-19-21, CS-20-22 and 23) drilled to intersect the vein zone from a different angle. The latest hole was drilled parallel to and collared 45 meters from the historic hole. CCW’s program aimed to delineate the extent of the high-grade mineralization within the Robinson Zone that shows very high grades in the form of native silver.
The mineral resource estimate used the four wedge holes and the four holes drilled from surface (CS-19-08W1 to W4; CS-19-20, CS-19-21; CS-20-22 and CS-20-23) and one historical drill hole (CA1108).
This resource estimate was independently prepared by GoldMinds Geoservices Inc. in accordance with National Instrument 43-101 (“NI 43-101”) and is dated May 28, 2020.
Notably, Zones 1A and 1B have an average silver grade of 8,582 g/t (250.2 oz/ton) in a combined 27,400 tonnes of material for a total of 7,560,200 Inferred ounces using a cut-off grade of 258 g/t AgEq (mineral resources which are not mineral Reserves do not have demonstrated economic viability).
Table 1: Mineral Resource Estimate at Castle East Using a Cut-Off Grade of 258 AgEq g/t
Inferred Mineral Resources | Ag | Co | Cu | Ni | Pb | Zn | AgEq | Tonnes | Ag | AgEq |
g/t | g/t | g/t | g/t | g/t | g/t | g/t | Oz. | Oz. | ||
Zone 1A | 7,960 | 946 | 349 | 790 | 16 | 12 | 8,042 | 8,100 | 2,073,000 | 2,094,200 |
Zone 1B | 8,843 | 2,308 | 325 | 336 | 30 | 52 | 8,998 | 19,300 | 5,487,200 | 5,583,200 |
Zone 2A | 38 | 5,673 | 2,101 | 453 | 118 | 108 | 426 | 5,500 | 6,800 | 75,300 |
Total Inferred Mineral Resources | 7,149 | 2,537 | 628 | 467 | 41 | 52 | 7,325 | 32,900 | 7,567,000 | 7,752,700 |
Notes:
- Mineral resources which are not mineral Reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market or other relevant issues. The quantity and grade of reported Inferred resources are uncertain in nature and there has not been sufficient work to define these Inferred resources as Indicated or Measured resources;
- The database used for this mineral estimate includes drill results obtained from historical (2011 one hole) to the recent 2019 drill program and wedges from the 2011 diamond drill hole;
- Mineral resources are reported with mineable shape cut-off grade equivalent to $125 USD (258 g/t AgEq) including mining, shipping and smelting cost with recovery of 95%. The high-grade value of the mineral resources may potentially allow for direct shipping. The assay results are not capped as they are not considered as outliers at this stage and results are reproducible;
- The geological interpretation of the mineralized zones is based on lithology and the mineralized intervals intersected by drill holes. The use of the borehole inspection camera provided a valuable geometric characterization of the mineralized intervals;
- The mineral resource presented here was estimated with a block size of 1mE x 1mN x 1mZ;
- The blocks were interpolated from equal length composites of 0.5m calculated from the mineralized intervals;
- The minimum horizontal width of the mineralized envelopes includes dilution and is 1.3m;
- The mineral estimation was completed using the inverse distance to the square methodology utilizing two passes. For each pass, search ellipsoids followed the geological interpretation trends were used;
- The mineral resources have been classified under the guidelines of the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions in 2019 and adopted by CIM Council (2020), and procedures for classifying the reported mineral resources were undertaken within the context of the Canadian Securities Administrators NI 43-101;
- To convert volume to tonnage a specific gravity of 3.4 tonnes per cubic metre was used. Results are presented in‑situ without mining dilution;
- This mineral resource estimate is dated May 28, 2020. Tonnages and AgEq oz in the table above are rounded to nearest hundred. Numbers may not total due to rounding;
- The table below shows the commodity prices and the formula for AgEq calculation:
- Additional details will be provided in the Technical Report.
As part of the resource estimation process, the company and GoldMinds compiled, verified and modelled all technical information available from the Castle East Project. The 3D geological models were built for sub-vertical structures. The mineralized envelopes were created using the last diamond drill holes (CS-19-08W1 to W4; CS-19-20, CS-19-21; CS-20-22 and CS-20-23) and the historical hole CA1108. A total of four mineralized envelopes were created by connecting the defined mineralized prisms on the sections with a minimum horizontal width of 1.3m. A fixed density of 3.4 t/m3 was used. This density reflects the typical mineralized interval composed mainly of diabase. The geological and mineralization wireframes were constructed using Genesis©, a modelling and mineral estimation software.
The maximum depth of the mineralized envelopes is around Z = -73 m (around 490 metres from the surface). The envelopes are extended from around 350m to 490m from the surface. A total of four block models were created. The block size (1mE × 1mN × 1mZ) has been defined to respect the geometry of the envelopes.
Search ellipsoids were used for the grade estimation and follow the geological interpretation trends. Block grades were interpolated from the composites (0.5m length) within the envelopes in two passes using the inverse distance to the square methodology and the assays results are not capped.
For the first pass, the number of composites was limited to twelve (12) with a minimum of three (3) with a maximum of two (2) composites from the same hole. For the second pass, the number of composites was limited to twelve (12) with a minimum of two (2).
A cut-off grade of $125 USD (258 g/t AgEq) was applied for these underground mineral resources.
Table 2: The price used for the calculation of AgEq
Element | Ag | Co | Cu | Ni | Pb | Zn |
[oz] | [ton] | [ton] | [ton] | [ton] | [ton] | |
USD | $15 | $30,000 | $5,150 | $12,327 | $1,650 | $1,925 |
A Technical Report with respect to the present mineral resource estimate disclosed today will be filed within 45 days in accordance with NI 43-101. The report will also present more details on the project and findings. The company will continue to advance, explore and de-risk the project with further engineering (metallurgical, mining) and environmental study & social community relations with locals and First Nations.
Table 3: Significant Robinson Zone Drill Results – Silver/Cobalt Values
CCW Castle East Robinson Zone Significant Drill Intercepts (Core Intervals) | ||||||
Hole # | From [m] | To [m] | Length [m] | Ag [g/t] | Ag[oz/ton] | Co [%] |
CA1108 | 563.54 | 566.63 | 3.09 | 6,476.29 | 188.92 | 0.13 |
Including | 564.34 | 564.79 | 0.45 | 40,944.00 | 1,194.40 | 0.91 |
CS-19-08W1 | 558.00 | 560.50 | 2.50 | 12,738.55 | 371.60 | 0.09 |
Including | 559.40 | 560.00 | 0.60 | 50,583.39 | 1,475.59 | 0.30 |
CS-19-08W2 | 545.00 | 549.00 | 4.00 | 7,259.50 | 211.77 | 0.20 |
Including | 547.20 | 547.50 | 0.30 | 70,380.15 | 2,053.10 | 2.61 |
CS-19-08W3 | 568.00 | 569.00 | 1.00 | 56.40 | 1.65 | 1.35 |
CS-20-22 | 563.90 | 564.50 | 0.60 | 4,971.39 | 145.02 | 0.39 |
Including | 564.15 | 564.50 | 0.35 | 8,338.41 | 243.24 | 0.66 |
CS-20-22 | 407.00 | 419.00 | 12.00 | 29.05 | 0.85 | 0.00 |
Including | 409.45 | 409.85 | 0.40 | 368.70 | 10.76 | 0.01 |
Notes: | 1. True widths are estimated to be 50% to 70% of the reported downhole intercepts; |
2. CS-20-22 interval at 563.90 m to 564.50 m was not used in the Inferred resource calculation. |
Table 4: Drill Hole Coordinates Table
Hole Name | Easting | Northing | Elevation | Azimuth | Dip | Start Depth | End Depth | Length |
CS-19-08W1 | 520914 | 5279950 | 415 | 134 | -50 | 495.03 | 611.00 | 115.97 |
CS-19-08W2 | 520914 | 5279950 | 415 | 134 | -50 | 444.30 | 602.00 | 157.70 |
CS-19-08W3 | 520914 | 5279950 | 415 | 134 | -50 | 425.00 | 620.00 | 195.00 |
CS-19-08W4 | 520914 | 5279950 | 415 | 134 | -50 | 371.40 | 629.00 | 257.60 |
CS-19-20 | 521004 | 5279544 | 415 | 43 | -70 | 0.00 | 701.00 | 701.00 |
CS-19-21 | 521004 | 5279544 | 415 | 30 | -70 | 0.00 | 755.00 | 755.00 |
CS-20-22 | 521004 | 5279544 | 415 | 36.8 | -67 | 0.00 | 695.00 | 695.00 |
CS-20-23 | 520902 | 5279983.93 | 415 | 133.1 | -51.3 | 0.00 | 884.00 | 884.00 |
Quality Control/Assurance
During the 2019 and early 2020 drilling program, assay samples were taken from the NQ core. Samples were collected using a 0.3-metre minimum length, one-meter maximum length. Drill core recovery averaged 95%. A strict QA/QC program was applied to all samples, which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The drill core was split with one half of the core placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. Core samples were sent for assaying to Swastika Laboratories Ltd. in Swastika, Ontario, and ALS laboratory at Rouyn-Noranda, QC. For the high-grade intercepts, only ¼ of the core has been sent to laboratory for assaying.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (PGO, OGQ, APEGNB and AIPG) of GoldMinds Geoservices, independent qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt has 100% ownership of the Castle mine and the 78 sq. km Castle Property with strong exploration upside in the prolific past producing Gowganda high-grade Silver Camp of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, 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 vertically integrated North American leader in cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.
“Frank J. Basa”
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Silver Cobalt Works Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2020/28/c4532.html
Contact:
Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, mb@buffaloassociates.com, +44-7725-960939
- Published in Canada Cobalt Works, Mining, News Home
Canada Cobalt name change to Canada Silver Cobalt
Pursuant to a resolution passed by shareholders on May 7, 2020, Canada Cobalt Works Inc. has changed its name as follows. There is no consolidation of capital.
Effective at the opening on May 19, 2020, the common shares of Canada Silver Cobalt Works Inc. will commence trading on the TSX Venture Exchange, and the common shares of Canada Cobalt Works will be delisted. The company is classified as a mineral exploration/development company.
Capitalization: unlimited shares with no par value of which 92,604,360 shares are issued and outstanding
Transfer agent: Computershare Investor Services Inc.
Symbol: CCW (unchanged)
Cusip No.: 134852102 (unchanged)
- Published in Canada Cobalt Works, Mining, News Home
CASTLE EAST SILVER DISCOVERY PROMPTS PROPOSED NAME CHANGE FOR CANADA COBALT
A special meeting of Canada Cobalt Works Inc.’s shareholders will be held on May 7, 2020, in order to change the company’s name to Canada Silver Cobalt Works Inc. The CCW trading symbol will remain the same.
The name change is subject to a Special Resolution which requires the approval of at least 66% (two-thirds) of the votes cast by shareholders present in person or represented by proxy at the May 7 Meeting.
Marc T. Bamber, Canada Cobalt director, commented: “Given the growing significance of the high-grade silver discovery at Castle East, in the heart of a robust past producing primary silver camp with cobalt as an important by-product, making ‘silver’ part of the full company name is a necessary step. It will help put CCW on a lot more radar screens among silver-focused investors at a time when the outlook for silver couldn’t be better in management’s view given current levels and global developments.
“Concurrently, ‘Canada Silver Cobalt Works’ also reflects our competitive advantage in the cobalt space and the fact we are now vertically integrated with a processing facility in the town of Cobalt. The CCW stock symbol, integral to the brand, will not change. There will be a minor adjustment to the logo and a significant revamping of the web site. In addition, we’re exploring the possibility of a listing on the London Stock Exchange.”
About Canada Cobalt Works Inc.
Canada Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver District of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, 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 Cobalt is strategically positioned to become a vertically integrated North American leader in cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.
We seek Safe Harbor.
- Published in Canada Cobalt Works, Mining, News Home
Castle East Gold Zone Southwest of High-Grade Silver Discovery Broadens After Big Step-Out
Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that as a new high-grade silver discovery continues to build out at Castle East, with a major update expected in the coming days, geologists are learning more about the sulphide-rich Archean rocks with strong gold potential above and below the Nipissing diabase that were never systematically explored in the prolific past producing Gowganda Silver Camp.
The Castle Archean package, featuring favorable structural and geological characteristics in the southwest Abitibi greenstone belt, is now increasingly viewed as prospective for quartz-carbonate vein-type gold deposits as well as base metal and PGE mineralization following initial phase exploration by Canada Cobalt.
Matt Halliday, VP-Exploration for Canada Cobalt, commented: “It’s not unusual to find different types of deposits in a mining camp, even a century or more after the birth of a camp such as Gowganda. The growing gold potential of the 78 sq. km Castle Property, through first-pass drilling and a very limited amount of exploration to date, is a fascinating development and points to geological processes that were more complex and dynamic than previously recognized. This has our team very excited, though our highest priority for obvious reasons is the emerging new high-grade silver deposit at Castle East.
“Gold and other potential deposit types at the Castle Property are being partly explored through our ongoing program targeting additional high-grade silver zones within broad areas of untested diabase immediately adjacent to three robust past silver producers (Castle, Capitol and O’Brien),” Halliday continued. “We look forward to important updates regarding this compelling high-grade grassroots silver discovery during this first half of March.”
Castle Property Gold Highlights:
- The only gold-focused drill hole at Castle East completed in 2019 (CS19-19) has cut 4.3 g/t Au over 4 meters and 1.5 g/t Au over 12.5 meters within a 30-meter mineralized zone (core length, true width unknown at this time) grading 0.70 g/t (vertical depth approximately 240 meters). This broad interval included 1 meter that returned 15.2g/t Au;
- CS19-19 was a 240-meter step-out southwest of the only hole drilled toward the north (out of several holes completed in 2018) which cut 2.07 g/t Au over 1.50 meters starting 109 meters downhole (CS18-15) and also featured long intervals of highly anomalous nickel-copper mineralization;
- CS19-19 was also a 100-meter step-out west of 2018 drill hole CS-18-16W which cut three separate intervals of gold mineralization including 5.5 g/t over 0.37 meters, 1.59 g/t over 1.32 meters within 6.15 meters grading 0.56 g/t, and 1.35 g/t over 1.27 meters within 2.12 meters grading 0.92 g/t (core lengths);
- CS18-15, CS18-16 and CS18-16W all intersected wide intervals of highly anomalous nickel-copper mineralization;
- Through initial drilling and prospecting, gold-bearing quartz-carbonate veins at Castle East are now known to extend for several hundred meters west to east and 200 meters north to south, from surface to vertical depths up to nearly 300 meters. This broad overall zone remains open in all directions (CS19-19 was collared approximately 1.3 km southeast of the Castle mine and 500 meters southwest of the Robinson zone high-grade silver discovery);
- As an enhanced geological understanding develops around east-west and north-south trending structures, follow-up drilling will vector toward potentially richer mineralization;
- First-pass drilling, surface sampling, trenching, boulder tracing, geophysics and MMI soil surveys show structurally aligned anomalies indicative of a broad and robust hydrothermal system;
- High-grade gold discovered for the first time in underground drilling within the diabase at the Castle mine, including 22.7 g/t Au over 0.30 m within a 2.4-m core interval grading 5.8 g/t Au (refer to Jan. 3, 2020 news release), is being investigated by SGS Labs for a possible association with the Archean rocks.
Refer to the Canada Cobalt website for assay tables, drill hole coordinates and an updated map for the Castle East Gold zone.
Strong Exploration Potential Extends 17 Km To Northeast
A 2007 assessment report refers to anomalous platinum and palladium mineralization and the discovery of high-grade gold in the early 1900’s on what’s now the northern portion of the Castle Property in the Shillington area near the Round Lake batholith, approximately 17 km northeast of the Castle East Gold zone, which led to some small pits and a shaft to the 175-foot level. A series of drill holes by Golden Chalice Resources in 2005 failed to intercept high-grade gold but did outline an intriguing near-surface quartz breccia copper zone with a minimum strike length of 200 meters (source: Jan. 26, 2007 Assessment Report for Golden Chalice Resources’ Shillington Property, Peter Caldbick, P.Geo.).
Drill intercepts (core lengths) noted in the above Assessment Report included 1.27% copper over 12.30 meters (23m to 35.30m) and 5.67% Cu over 0.50 meters (44.5m to 45m) in drill hole GCSH10; 1.74% Cu over 3.5 meters in GCSH8; and 1.12% Cu over 4 meters in GCSH9, also at shallow depths. This discovery, which could indicate the potential for an IOCG-type deposit, was never followed up on, also leaving multiple airborne and geophysical conductors unexplained or untested. Canada Cobalt acquired these highly prospective claims in the spring of last year when it expanded the Castle Property to 78 sq. km.
Visit the Canada Cobalt website at www.CanadaCobalt.com for an updated Castle Property Map, or click on the following link:
Location
The Castle Property is 15 km east of Pan American Silver’s Juby gold deposit, 20 miles due south of Alamos Gold’s Young-Davidson mine, and 45 km southwest of Kirkland Lake Gold’s Macassa Complex.
Quality Assurance/Quality Control
Core sampling, sample preparation, sample handling and transport all followed a protocol established by GoldMinds Geoservices that included a strict chain of custody from sampling to the laboratory. The geologists at GoldMinds inserted blanks and standards at random intervals in each batch of approximately 40 samples. The standards were prepared by ASL Analytical Solutions.
Samples were sent to ALS Laboratory (independent laboratory in Rouyn-Noranda). The ½ core samples were crushed to 80% passing 2mm, riffle splitting 250g and pulverizing the split to have a pulp 80% passing 75 microns. Samples were assayed using multi-acid digestion and atomic absorption. Fire assay was used for gold grade determination.
The results from the combination of blanks, standards and the internal QA/QC met the quality criteria, indicating that Canada Cobalt can rely on the reported values.
The authors believe that the sample preparation, security, and analytical procedures were adequate and well suited for the purpose of the 2019-2018 drilling program.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (APGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver District of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, 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 Cobalt is strategically positioned to become a vertically integrated North American leader in cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.
“Frank J. Basa”
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Cobalt Works Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2020/02/c0073.html
Contact:
Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, mb@buffaloassociates.com, +44-7725-960939
- Published in Canada Cobalt Works, Mining, News Home
Silver Price Could Explode Following On Gold Trajectory
Gold has outperformed the commodity segment, if a 10% plus price rally, since the start of the year, is anything to go by. The yellow metal is currently trading near seven-year highs after a meteoric rise in response to interest rate cuts as well as growing concerns about the impact of the Coronavirus scare. Amidst Gold’s explosive run, Silver another precious metal has remained range-bound having struggled to take out the $20 level.
Silver Price Consolidation
As Gold continues to register higher highs in the market, the biggest question among investor is how Silver will perform in 2020. The Silver Institute believes the white metal has what it takes to register substantial gains in 2020. Increased use of white metal in the industrial sector is one of the factors the Institute expects to drive Silver prices.
After breaking out in December after a steep pullback from one-year highs of $19.69, the white metal has struggled to rise past the $19 mark. Price rejection has been the order of the day, with the precious metal price action activity remaining subdued at the $18 handle. The consolidation at the $18 mark has come even on investors shifting their attention to safe havens. Gold has been the biggest beneficiary rallying in the process to six-year highs.
Silver poor performance compared to Gold could be attributed to, among other things, the Coronavirus. Unlike Gold, Silver plays an important role in the industrial sector. Demand for the precious metal is usually high in China, the industrial heavyweight of the world.
However, with the Coronavirus bringing almost every sector of the Chinese economy to a standstill, Silver’s industrial demand has edged lower in recent months, consequently having a negative impact on price. Amidst the low demand, the Silver Institute believes silver industrial uptake will pick in the second half of the year, on coronavirus risks subsiding.
Silver 2020 Outlook
According to the Silver Institute, macroeconomic and geopolitical conditions should remain supportive of industrial metals such as Silver in the second half of the year. The Institute expects growth in physical silver investment with most demand expected to come from the industrial sector. The Institute expects a 3% increase in silver industrial demand which should help shore price before the end of the year.
Demand for Silver for use in the electrical and electronic sector should be the key driver of Silver prices, taking into consideration the forces of demand and supply. For instance, the white metal is becoming important in the automotive industry as the race for electric driver-less cars heats up.
In response to the growing demand, Silver output is expected to climb 2% in 2020. A number of companies have commissioned new mines even as others continue to ramp up existing projects in a bid to address the growing demand, especially in the industrial sector. Given the increased rate of production, the Silver Institute expects there to be a 15 million ounce surplus before the end of the year
Conversely, Silver prices could rise by 13%, especially on finding support above the $19 mark. In addition to increased demand for the white metal, prices should also receive a boost due to spill-over from Gold price gains. The yellow metal looks set to continue powering high in response to macroeconomic and geopolitical uncertainties on the global scene.
With Gold appearing to be expensive, given the meteoric rise in recent weeks, institutional investors could shift to Silver as it also possesses the safe-haven credentials. At current levels, the white metal appears to be trading at a discount backed by solid fundamentals.
Silver Stocks To Watch
Canada Cobalt Works Inc. (CVE: CCW) is one of the company’s well-positioned to benefit on Silver price edging higher from current levels. The Canadian company is engaged in the evaluation exploration and development of mineral deposits in Canada. The stock is already up by more than 40% in line with a spike in Silver Prices.
Hecla Mining (NYSE:HL) is another silver stock that has rediscovered itself in line with a growing demand for Silver. The stock has more than doubled in value over the past few months affirming the fact that the stock is back to strong growth after threatening penny stock status early last year.
Wheaton Precious Metals (NYSE:WPM) is another Silvers stock that continues to follow gold trajectory when it comes to price action. The stock is already up by more than 10% for the year as it continues to trade in a steep uptrend in line with bullish sentiment around Silver stocks.
- Published in Canada Cobalt Works, Mining, News Home
CCW Outlines Large Target Horizon at Castle East Discovery with New Native Silver Hits
Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that ongoing drilling from surface has greatly expanded the potential scale of the Castle East Robinson Zone high-grade silver discovery immediately adjacent to three robust past producers in Northern Ontario’s Gowganda Camp, 75 km southwest of Kirkland Lake.
Significantly, native silver has been observed in drill core at shallower levels near the contact of the Nipissing diabase with the Archean volcanics, as much as 100 meters above and northwest of wedge holes/first vein shoot CA-11-08-W01 through CA-11-08-W04, while drilling has also just intersected another native silver vein 95 meters below and northeast of the first vein shoot. This gives the discovery, at this early stage, a minimum potential 200-meter vein zone vertical extent. It remains open in all directions as drilling continues.
Halliday on “Textbook Signatures”
Matt Halliday, Canada Cobalt VP-Exploration, stated: “It is now apparent from surface drilling that the initial discovery falls within a much broader and productive horizon associated with a 300-meter thick sill. This drill core is displaying textbook signatures of a Gowganda-style high-grade silver system with extensive veining and alteration, native silver-filled fractures as well as multiple structures interpreted to be spatially related to high-grade mineralization. The native silver vein shoot clipped near the lower diabase-Archean contact may lead to new interpretations and geological models for the broader camp.
“The Robinson zone is on strike from the old Capitol mine workings 650 meters to the west, so there is plenty of room to grow this discovery both laterally and vertically which we are in the process of doing,” Halliday continued. “It’s important to note that mostly only the shallow western margin of the diabase was mined historically in the rich Gowganda Camp from networks of veins that extended for hundreds of meters. At modestly deeper levels Canada Cobalt’s Castle Property features kilometers of unexplored or under-explored diabase from the upper contact to the lower contact as we are discovering at Castle East.”
More Assays Pending
The first vein shoot at Castle East included very high silver grades, in addition to cobalt, nickel and copper, from the first two wedge holes with many more assays pending (refer to Dec. 23, 2019 and Jan. 10, 2020 news releases) from all four wedge holes as well as new holes from surface. Fresh images related to the discovery will be added to the Company’s web site over the coming days.
Castle East Discovery in Historical Context
Based on reliable historical reports and internal data, management believes Castle East may represent the most significant new grassroots high-grade silver discovery in the Gowganda Camp, and the broader Northern Ontario Silver-Cobalt District, in at least 40 years since Agnico Eagle put the Castle mine back into production in 1979 for a decade through a new vein discovery at what is currently Shaft #3 owned 100% by Canada Cobalt.
Regional Property Map
Please visit the Canada Cobalt web site at CanadaCobaltWorks.com for an updated location/geological map for the Castle Property, also included in this news release.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (PGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada Cobalt has 100% ownership of the Castle mine and the 78 sq. km Castle Property with strong exploration upside in the prolific past producing Gowganda high-grade Silver Camp of Northern Ontario. The Company’s recent acquisition of the only facility in the Northern Ontario Silver-Cobalt District that combines bullion pouring, bulk sampling, commercial assaying and e-waste processing makes Canada Cobalt a vertically integrated leader in Canada’s Silver-Cobalt heartland as the precious metals bull market intensifies. This facility will also become the new home of Canada Cobalt’s 100%-owned Re-2OX Process, an environmentally friendly solution for producing technical grade cobalt sulphate (achieved in 2018) as well as nickel-manganese-cobalt (NMC) formulations.
“Frank J. Basa”
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Cobalt Works Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2020/27/c0823.html
Contact:
Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, mb@buffaloassociates.com, +44-7725-960939
- Published in Canada Cobalt Works, Mining, News Home