Canada Cobalt Receives $1,371,437 from Exercise of Warrants
Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that all 50-cent warrants from the Company’s January 2018 financing have been exercised, including 2,742,875 of them over the last two weeks (200,000 were exercised in early 2019).
The exercise of these warrants has added $1,371,437 to the Company’s treasury this month following the completion of a total of $2,134,500 in two hard dollar private placements with strategic investors in September and November 2019, and $800,000 in a flow-through financing in early December 2019.
Drilling continues at Canada Cobalt’s Castle East high-grade silver discovery, with another update from Castle East expected soon, while a work program has just commenced at the Company’s past producing Beaver high-grade Silver Property. The patented Beaver claims, which formed part of the historic Beaver-Timiskaming mine, are approximately five kilometers from the Company’s newly-acquired PolyMet facility in the town of Cobalt.
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: http://www.newswire.ca/en/releases/archive/January2020/14/c7744.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
Crystal Lake sets record date for Sassy distribution
Crystal Lake Mining Corp. has determined the share distribution record date with respect to the plan of arrangement among the company, Sassy Resources Corp. and the shareholders of the company.
Under the terms of the arrangement, Crystal Lake shareholders of record at the close of business on Feb. 10, 2020, will receive one common share of Sassy Resources with respect to every one common share of Crystal Lake multiplied by the conversion factor. Pursuant to the arrangement, the conversion factor means the number arrived at by dividing 10 million by the number of issued Crystal Lake shares as of the close of business on the share distribution record date so that the total number of Sassy Resources shares to be issued to the Crystal Lake shareholders pursuant to the arrangement is equal to 10 million Sassy Resources shares subject to rounding of fractional shares.
Sassy Resources shares will be issued to the Crystal Lake shareholders on or around Feb. 18, 2020.
The TSX Venture Exchange has advised that the Crystal Lake shares will trade on a due-bill basis in relation to the issuance of Sassy Resources shares pursuant the arrangement. The details of the due bills trading will be announced by a news release closer to the share distribution record date.
By way of this news release, Crystal Lake is also providing notice to its warrant holders and option holders with respect to the share distribution record date. In order to receive Sassy shares pursuant to the arrangement, a person must be a holder of Crystal Lake shares as of the share distribution record date. If an option holder or a warrant holder does not exercise his or her warrants or options on or before the share distribution record date, he or she will not receive Sassy Resources shares and there will be no changes with respect to the number, terms and conditions of the issued warrants and options of Crystal Lake. Additional information regarding the terms of the arrangement are set out in Crystal Lake’s management information circular dated Aug. 23, 2019, and the news releases dated June 25, 2019, July 26, 2019, Oct. 1, 2019, and Oct. 4, 2019, all of which are available for viewing on Crystal Lake’s SEDAR profile.
About Crystal Lake Mining Corp.
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The company has an option to earn a 100-per-cent interest in the Newmont Lake project, one of the largest land packages among juniors in the broader Eskay region in the heart of northwest B.C.’s Golden Triangle.
- Published in Crystal Lake Mining, Mining, News Home
FRESH ASSAYS SHOW MASSIVE NATIVE SILVER GRADES IN SECOND WEDGE HOLE AT CASTLE EAST DISCOVERY
Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that assays from the second wedge hole at the Robinson Zone at Castle East, a new grassroots high-grade discovery adjacent to three past producers, have returned 70,380 g/t silver (2,053 oz/ton) over 0.30 meters within a broader zone of 1.4 meters grading 20,136 g/t (587 oz/ton) and 4 meters (core length) of 7,259 g/t (212 oz/ton).
The very high-grade intersection in CA-19-08-02 is approximately 8 meters west of the mineralized zone intersected by the first wedge hole (430 meters vertical depth) and 17 meters west of the original discovery intercept in hole CA-11-08.
Assays for cobalt, nickel and copper from CA-19-08-WO2 are still pending in addition to assays from 28 other samples from this hole. Assays for the full 4.65-meter strongly mineralized interval (core length) from hole CA-19-08-W01 are also still pending (50,583.29 g/t Ag over 0.60 meters within 1.5 meters of 20,741 g/t) in addition to results from 58 samples from the third and fourth wedge holes.
Drilling continues as Canada Cobalt builds out this discovery.
Matt Halliday, Canada Cobalt VP-Exploration, commented, “These are truly exceptional grades from the first two holes and ‘hits’ that typically do not occur in isolation in this kind of geological setting. We look forward to providing another update for shareholders in the near future.”
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.
Vertical Section
Included in this news release (see below) is an updated vertical section map for the Castle East high-grade silver discovery with the assay table for CA-19-08-W02. Refer to the Canada Cobalt web site at CanadaCobaltWorks.com for additional maps, images and video that will be posted during this drill program.
Photos below are of selected intervals and are not necessarily representative of mineralization hosted on property.
Quality Control/Assurance
The drill program and sampling protocol are being managed by geologists from GoldMinds Geoservices. Holes CS-19-08-W01 to W04 were wedges drilled off the historic CA-11-08 hole. The original hole was re-opened, a modern gyro survey was completed to confirm the location of the hole at depth and then the wedges were drilled from different depths using NQ diameter drill core. Samples were collected using a 0.3-meter minimum length, one-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 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 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. 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
For further information, 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 and Polymet Enter Into Definitive Purchase Agreement
Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt“) is pleased to announce that it has closed its deal to acquire the only facility (“PolyMet Labs”) in the Northern Ontario Silver-Cobalt district that combines bullion pouring, bulk sampling, commercial assaying and e-waste processing.
The Transaction, completed at an opportune time in the precious metals cycle, provides Canada Cobalt with multiple immediate and long-term advantages as a fully integrated leader in Canada’s Silver-Cobalt heartland. The lab and mineral processing facility in the town of Cobalt, within just 50 meters of a rail line and just a short distance from Canada Cobalt’s Castle and Beaver properties, will also become the new home of the Company’s environmentally friendly Re-2OX Process.
Terms of Transaction
Canada Cobalt’s newly-formed wholly-owned subsidiary, Temiskaming Testing Laboratories Inc. (“TTL”), and PolyMet Resources Inc. (“PolyMet”) have entered into a definitive asset purchase agreement dated January 8, 2020 (the “Purchase Agreement”) pursuant to which TTL has agreed to purchase substantially all of the assets of PolyMet (the “Transaction”).
Under the terms of the Purchase Agreement, Canada Cobalt will issue an aggregate of 690,409 units to PolyMet at a deemed price of $0.45 per unit for total consideration of approximately $310,684. Each unit comprises one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of Canada Cobalt at an exercise price of $0.50 for a period of two years from closing of the Transaction. TTL will also assume certain outstanding obligations of PolyMet in an amount of approximately $339,316.
The Transaction is subject to standard closing conditions, including approval by the TSX Venture Exchange. The shares and warrants to be issued to PolyMet will be subject to restrictions on resale for a period of four months from the closing date of the Transaction.
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. 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: http://www.newswire.ca/en/releases/archive/January2020/10/c8506.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
Rio Silver Inc. Acquires the Palta Dorada Gold-Silver-Copper Project in Northern Peru and Signs Memorandum of Understanding for Joint Development
Rio Silver Inc. (“Rio Silver” or the “Company”) (TSX.V: RYO) announces the acquisition of the Palta Dorada Au-Ag-Cu property (“Palta Dorada” or the “Property”). The property contains several high-grade gold-silver veins both oxide and sulphide that has been mined by artisanal methods. The Company has also signed a Memorandum of Understanding (“MOU”) with Peruvian Metals Corp (“Peruvian Metals”) to jointly explore the Palta Dorada Au-Ag-Cu Property (“Palta Dorada” or the “Property”) by initially conducting a detailed sampling and mapping program along with a bulk sampling campaign and processing the mineral at Peruvian Metals’ 80% owned Aguila Norte Processing Plant (“Aguila Norte or Plant”).
The Palta Dorada Au-Ag-Cu Property is located in the Ancash Mining Department in Northern Peru and covers an area of approximately 1200 hectares. The Property is accessible from the Plant by approximately 180 kms of mainly paved roadway. The MOU establishes a joint effort to explore and develop the property. Any sales from metal concentrates produced from the bulk sampling activity and all operational expenses will be shared between companies. Peruvian Metals’ 80% owned Plant will charge the joint effort commercial mineral processing rates on a similar basis to its other clients for processing the bulk samples.
Peruvian Metals will also have the option to earn a 50% ownership in the property. Equal ownership will occur once Peruvian Metals has matched Rio Silver’s acquisition price of the project of $250,000 US by assuming all capital and exploration expenditures. Any shortfall of capital expense by Peruvian Metals will require a cash payment to the joint effort by December 31, 2021. Both companies will enter into a definitive shareholder agreement in Peru shortly.
Limited surface mapping and sampling has identified several oxide Au-Ag veins hosted in granodioritic rocks. The previous owner completed extensive production ready access to several levels for exploration and bulk sampling, as well as limited small-scale bulk sampling in several adits and shafts. The main working is a 53 metre shaft where miners hoisted mineral to the surface. Eight chip samples have been taken from quartz veins containing sulphides in the shaft at various depths. Results from these samples range from 3.06 g/t Au to 24.1 g/t Au, 36 g/t Ag to 865 g/t Ag and 0.22% Cu to 4.94% Cu over an average width of 60 centimeters. The weighted average of the quartz-sulphide vein is 9.61 g/t Au, 256 g/t Ag and 1.42% Cu over the 60 centimeters. The mineralized NEE-SWW mesothermal vein exposed in this main working has been observed over an 800 metre strike length on surface. The oxide-sulphide transition occurs at approximately 25 metres below surface.
At the initial property visit by the QP, approximately 45 tonnes of mineral had been selectively exploited; hand sorted and sacked outside of the main working ready for shipment to tolls mills in Southern Peru. Two composite samples were taken from various sacks and returned an average grade of 26.7 g/t Au, 23.76 oz/t Ag and 3.16% Cu. The samples taken were selected random grabs from hand sorted sacks and are not representative of the mineralization hosted on the property.
A third random composite sample of approximately 50 kilograms was taken from these sacks and used for metallurgical work. The work performed on this sample by Procesmin Ingenieros Laboratories head a head grade of 23.21 grams/MT Au, 29.04 oz/MT Ag and 4.95% Cu. Metallurgical work showed that two concentrates can be produced. The first and more valuable concentrate graded 125.59 grams Au/MT, 4,808 grams Ag/MT and 24.41% Cu. A second Au-pyrite concentrate was also produced graded 11.46 grams/MT Au, 565 grams Ag/MT and 2.90% Cu.
Artisanal workings on a second SEE-NWW structure north of the main working exposed strongly oxidized quartz veins ranging between 30 to 70 centimeters in width. Four composite samples taken from mineral sacks containing heavily oxidized material ready for shipment ranged from 8.65 g/t to 17.3 g/t averaging 12.4 g/t Au. The samples taken from the sacks were random grabs and are not representative of the mineralization hosted on the property. A bottle-roll metallurgical sample with a head grade of 13.0 g/t Au and 102 g/t Ag returned a 92.15% gold and 65% silver recoveries over 36 hours.
Peruvian Metals will act as the operator of the joint effort and will be responsible to obtain all the permits necessary to explore and extract a bulk sample and expects no permitting issues. An experienced underground contractor has agreed to start the mobilization of the compressors and equipment to the site to extract the bulk sample. The bulk sampling and exploration is expected to commence in the first quarter of 2020.
Chris Verrico, CEO of Rio Silver states: “We are very pleased to have accomplished these milestones, leveraging our joint resources and working together. The Palta Dorada property has several high-grade Au-Ag-Cu veins ready to be bulk sampled and processed at the Aguila Norte Plant. Oxide gold material can also be bulk sampled and treated at a number toll mills. Initial development and exploration will consist of drifting along the sulphide veins in this prominent structure, potentially identifying a minable resource which would only enhance our ability to explore our flagship Niñobamba project in a timely manner.”
Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation or approved the scientific and technical disclosure contained in this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws
SOURCE Rio Silver
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2020/09/c6910.html
Contact:
Christopher Verrico, President, CEO, Tel: (604) 762-4448, Email: chris.verrico@riosilverinc.com, Website: www.riosilverinc.com
- Published in Mining, News Home, Rio Silver
Pilar Gold Project – Colibri Option Partner Tocvan Ventures Announces High Grade Mineralization at Two New Showings
Colibri Resource Corporation (“Colibri” or the “Company”) is pleased to announce that it has received the rock chip sample results from Tocvan Ventures Inc. (“Tocvan”) which were taken by Tocvan’s geologists during a due diligence visit the Pilar gold project in November 2019. Colibri has subsequently entered into an option agreement with Tocvan regarding Pilar since that time (See news release dated: November 26, 2019). A total of 35 samples were sent for assay, four of which were QA-QC samples. Significant results were found in 22 samples.
Sample # | Au g/t | Ag g/t | Cu % | Pb % |
PILAR-MTS-02 | 0.9 | 14.3 | 0.261 | 0.003 |
PILAR-MTS-03 | 1.3 | 5.4 | 0.338 | 0.002 |
PILAR-MTS-05 | 0.8 | 12.7 | 0.129 | 0.002 |
PILAR-MTS-06 | 3.2 | 8.3 | 0.350 | 0.001 |
PILAR-MTS-09 | 0.2 | 2.2 | 1.255 | 0.005 |
PILAR-MTS-10 | 0.9 | 17.2 | 0.734 | 0.010 |
PILAR-MTS-11 | 3.8 | 57.4 | 0.846 | 0.005 |
PILAR-MTS-12 | 0.0 | 5.6 | 1.910 | 0.001 |
PILAR-MTS-13 | 0.0 | 12.9 | 0.946 | 0.001 |
PILAR-MTS-14 | 0.1 | 3.3 | 1.400 | 0.001 |
PILAR-MTS-19 | 0.8 | 1.7 | 0.013 | 0.008 |
PILAR-MTS-20 | 5.6 | 84.2 | 0.088 | 1.710 |
PILAR-MTS-21 | 0.7 | 20.3 | 0.027 | 0.185 |
PILAR-MTS-22 | 9.3 | 76.4 | 0.120 | 2.150 |
PILAR-MTS-25 | 0.5 | 323.0 | 0.016 | 0.242 |
PILAR-MTS-26 | 1.4 | 2.4 | 0.002 | 0.013 |
PILAR-MTS-27 | 2.2 | 14.7 | 0.012 | 0.259 |
PILAR-MTS-29 | 4.3 | 172.0 | 0.086 | 1.125 |
PILAR-MTS-30 | 23.7 | 116.0 | 0.089 | 0.040 |
PILAR-MTS-33 | 4.4 | 44.5 | 0.109 | 0.036 |
PILAR-MTS-34 | 7.5 | 41.9 | 0.044 | 0.022 |
PILAR-MTS-35 | 2.2 | 3.5 | 0.179 | 0.008 |
The samples taken illustrate high grade gold (Au) and silver (Ag) assay results at two new areas that could significantly extend the known mineralization on the Pilar property. Among the assay results are values up to 9.3 g/t Au and 76.4 g/t Ag at the south-east part of the property, and up to 323 g/t Ag and 0.5 g/t Au midway along the eastern portion of the property. Samples taken in these areas follow up a prominent gold and silver anomaly identified in a soil sample survey in 2018.
In addition, Tocvan conducted a check of the location of the S-10 drill intercept from the mid 1990’s which returned 53.47 g/t Au and 53.4 g/t Ag over 16.5m. The drill intercept location was estimated and then projected to surface where a dark red hematite sheared outcrop was located, uncovered and sampled. Among the assays returned was a sample of 3.8 g/t Au and 57.4 g/t Ag showing mineralizing fluid flow in the structures.
A full map illustrating the samples taken in November 2018 at Pilar can be viewed in Tocvan’s news release dated January 7th, 2020.
The technical information in this news release has been prepared by Mark T. Smethurst, P.Geo., COO and Director of Tocvan Ventures Inc, and a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Colibri Resource Corporation:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico. The Company currently has five active exploration properties at various stages of exploration.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
SOURCE Colibri Resource Corporation
View original content: http://www.newswire.ca/en/releases/archive/January2020/07/c2397.html
Contact:
Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Canada Cobalt Works Announces Assays Show Massive Silver Grades Topping CA-11-08 as Discovery Builds at Castle East
Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that partial assays from a visually strongly mineralized 4.65-meter core interval in the first wedge hole at the Robinson Zone Discovery at Castle East (refer to Dec. 12, 2019 news release) include 50,583.29 g/t silver (1,476oz/ton) from a 0.60-meter sample in addition to cobalt, nickel and copper, and 20,741 g/t silver (605 oz/ton) over 1.5 meters.
Assays are still pending for 19 out of 22 samples from the first wedge hole as well as 89 samples from the other three wedge holes. The drill program, applying technology that was never previously used at the Castle Property, is now being carried out with deep holes from surface designed to extend this vein shoot and intersect multiple shoots in what increasingly appears to be a geologically very fertile area 600 meters to 1,900 meters east of three robust past producers.
Highlights:
- Significantly, CS-19-08-W01 not only confirmed the grassroots discovery of a classic Northern Ontario Silver-Cobalt District-style vein shoot in this heavily under-explored part of the Nipissing diabase, but this first wedge hole has cut into an even richer and much wider part of the vein 10 meters above and west of the original discovery intercept (CA-11-08);
- CS-19-08-WO1 returned 50,583.29 g/t silver (1,476 oz/ton), 0.30% cobalt, 0.71% nickel and 0.21% copper over 0.60 meters, higher in silver grade (by 9,639 grams or 282 oz/ton) than the best intercept in CA-11-08 (refer to Dec. 4, 2019 news release). In addition, the vein within the 0.60-meter interval in CS-19-08-W01 has a true width (20 cm) three to four times greater than the apparent same vein in CA-11-08. This is highly encouraging in terms of the potential strength, richness and extent of this NW-SE-striking and SW dipping vein initially intersected in CA-11-08 at a vertical depth of approximately 430 meters;
- The second and third samples, outside the vein in CS-19-08-W01, returned 1,375 g/t Ag and 422 g/t over 0.40 meters and 0.50 meters, respectively, in silver-filled fractures, providing an average of 20,741g/t (605 oz/ton) over the first 1.5 meters of core length assayed. Numbers are pending for the remaining 3.1 meters of the 4.65-meter interval in addition to other parts of the hole;
- Grades and vein widths reflect what was mined historically in the Gowganda Camp.
Matt Halliday, Canada Cobalt’s newly-appointed VP-Exploration, stated: “The four wedge holes plus the first deep hole that recently started from surface confirm intense veining at this exciting new grassroots discovery in an historically productive camp just 75 kilometers from Kirkland Lake.
“Exploration is targeting one or more deposits at Castle East in the Nipissing diabase, with excellent gold potential in the Archean rocks above and below the diabase. We have assembled a powerful team equipped with state-of-the-art technology including GoldMinds Geoservices’ custom-built downhole camera to unlock the full value of this prolific past producing camp for Canada Cobalt,” Halliday concluded.
Following a short Christmas-New Year’s break for drill crews, drilling at the Robinson Zone Discovery will resume during the first week of January.
Initial assay results from underground drilling at the Castle mine are expected to be released during the week of December 30 followed by another important update from Castle East.
Canada Cobalt management extends best wishes to shareholders for a Merry Christmas and happy holidays.
Maps/Images
Included in this news release (see below) is an updated vertical section for the Castle East high-grade silver discovery. Refer to the Canada Cobalt web site at CanadaCobaltWorks.com for additional maps, images and video that will be posted during this drill program.
Quality Control/Assurance
The drill program and sampling protocol are being managed by geologists from GoldMinds Geoservices. Holes CS-19-08-W01 to W04 were wedges drilled off the historic CA-11-08 hole. The original hole was re-opened, a modern gyro survey was completed to confirm the location of the hole at depth and then the wedges were drilled from different depths using NQ diameter drill core. Samples were collected using a 0.3-meter minimum length, one-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 will be 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 -200 mesh fraction (fines) will be run using geochemical analysis with AA finish for Ag, Au, Cu, Ni, and Co. The entire +200 mesh (coarse) fraction will be 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 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 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. 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/December2019/23/c6994.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 Spruce Announces Non-Brokered Private Placements
Silver Spruce Resources Inc. (TSXV:SSE)(Frankfurt:S6Q1) (“Silver Spruce” or the “Company”) announces a non-brokered flow-through unit and a non-flow-through unit financing.
The Company is offering to sell up to 8,000,000 flow-through units at $0.05 cents per Unit for total proceeds of up to CDN $400,000. Each flow-through unit will consist of one (1) common share in the capital of Silver Spruce and one share purchase warrant. Each flow-through warrant will entitle the holder to purchase one additional common share of Silver Spruce (a “Warrant Share”) for $0.075 cents at any time prior to the date which is twelve months (1 year) from a particular Closing Date, at which time the Warrants will expire.
The Company is also offering to sell up to 8,000,000 units (the “Units”) in the capital of the Company at a price of $0.05 cents per Unit for total proceeds of up to CDN $400,000. Each unit will consist of one (1) common share in the capital of Silver Spruce and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of Silver Spruce (a “Warrant Share”) for $0.075 cents at any time prior to the date which is twenty-four months (2 years) from a particular Closing Date, at which time the Warrants will expire.
All units acquired pursuant to the private placements, and shares which may be acquired upon the exercise of the warrants, are subject to a four (4) month hold period in accordance with applicable securities legislation.
The net proceeds of the flow-through financing shall be used for exploration programs at Melchett Lake VMS project in Ontario, and the net proceeds of the non-flow-through financing shall be used for general working capital. The Company will pay all reasonable expenses and fees incurred in connection with the Offerings, and Agents will be paid a negotiated cash fee as a percentage of the gross proceeds raised in the Offerings. These financings, respective terms and finder’s fees are subject to TSX Venture Exchange approval.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a well-positioned, Canadian junior exploration company pursuing the exploration and development of the Melchett Lake VMS project in Ontario, Canada, and the Pino de Plata epithermal silver/base metal/gold project located in the prolific Sierra Madre Occidental region of western Chihuahua State, Mexico.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The company seeks Safe Harbour.
Contact:
Silver Spruce Resources Inc.
Karl Boltz, President/CEO/Director
Toll Free: (866) 641-3397
info@silverspruceresources.com
www.silverspruceresources.com
- Published in Mining, News Home, Silver Spruce Resources
Canada Cobalt Intersects Massive Silver as Castle East Discovery Builds Out
Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that initial and ongoing follow-up drilling at the Castle East Robinson Zone high-grade silver discovery has intersected massive native silver mineralization over a wider vein width up-dip from drill hole CA-11-08, further supporting the potential for a rich new silver-cobalt system in the heart of a basin area immediately adjacent to three past producers in the prolific Gowganda Camp.
Following four successful short wedge holes that provided important initial pierce points into this northwest-southeast striking and southwest dipping vein structure, Canada Cobalt has just commenced a program of new drill holes from surface aimed in part at determining the full extent of this highly mineralized “shoot”. The deposit model and history of the Camp, and the broader Northern Ontario Silver-Cobalt district, shows that these narrow but unusually rich vein shoots (generally one to six inches in true width and in rare cases up to ~12 inches in true width) can extend for tens or even hundreds of feet (pinching and swelling). They are typically surrounded by strongly mineralized wall rock and often within a network of closely spaced parallel veins and veinlets in addition to silver-filled fractures.
The Robinson Zone discovery is unique in the district as it’s a grassroots find of a potential “blind” deposit aided by geophysics (induced polarization surveys) and a custom built high technology downhole camera successfully deployed by GoldMines Geoservices who are managing the current drill program.
Drilling Highlights:
- Wedge hole CS-19-08-W01 intersected a visually highly mineralized core interval of 4.65 meters (15.25 feet) approximately 10 meters above and west of CA-11-08. Significantly, this interval includes a large vein of 20 cm (8 inches) estimated true width of intense native silver, pervasive carbonate alteration and a visually higher silver-to-calcite ratio than CA-11-08 which returned 40,944 g/tonne (1,194 oz/ton) silver over an estimated true width of 5 to 7 cm (2 to 2.5 inches) at a vertical depth of approximately 430 meters;
- The shoot of high-grade mineralization within the Robinson Zone discovery vein is now believed to extend for at least 15 meters (49.2 feet) and was not delimited in any way through the four wedge holes that each intersected multiple veins and silver-filled fractures;
- Core from the first four wedge holes has been split and some samples have already been sent for assaying (assays from the first wedge hole are possible prior to Christmas).
Doug Robinson, P.Eng., a Canada Cobalt consultant and a leading authority on silver-cobalt deposits in the Northern Ontario Silver-Cobalt District, commented: “I’ve always believed there were more Castles at Castle. History shows that these richly mineralized shoots are never found in isolation. In this case, modern technology has opened a whole new domain of exploration for Canada Cobalt. What was understandably missed by historic miners and explorers even 20 or 40 years ago is today’s big opportunity in a region proven to have very strong metal endowment as the birthplace of Canadian hard rock mining.”
Additional Highlights:
- The Robinson Discovery Zone vein shoot has been found just below the middle of the Nipissing diabase at under-explored Castle East. The upper and lower portions of the Nipissing diabase in this part of the 78 sq. km property have never been systematically tested, reinforcing the potential for additional deposits beyond the three main mines in the Gowganda Camp that were very active high-grade silver producers last century;
- The Robinson Zone discovery is 1.9 kilometers east of Castle Shaft #3 and less than one kilometer east of the historic workings at the Capitol and Siscoe (Miller Lake O’Brien) mines;
- The deposits in the Gowganda Camp are associated with low angle faults, and those low angle faults are believed to extend to the Robinson Zone and beyond;
- Drilling continues until a few days prior to Christmas when crews will take a short break and then resume drilling during the first week of January. All-in costs for winter drilling are below industry average at approximately $175 (CDN) per meter.
Maps and Photos
Included in this news release (see below) is a plan view map and three core photos representative of massive mineralization at this new discovery. Refer to the Canada Cobalt website at CanadaCobaltWorks.com for updated maps and additional core photos throughout this drill program.
Castle Property/Gowganda Camp
Disclaimer: Core photos below are of selected intervals and are not necessarily representative of the mineralization hosted on the property.
Core Photo 1 – CS-19-08-W01
Core Photo 2 – CS-19-08-W02
Core Photo 3 – CS-19-08-W03
Corporate Update
Mr. Matt Halliday commences his duties as VP-Exploration for Canada Cobalt beginning Monday, December 16 (refer to Nov. 18, 2019 news release). He officially joins Canada Cobalt from Kirkland Lake Gold where he has been serving as resource geologist.
Mr. Halliday will guide Canada Cobalt’s expanded underground and regional exploration programs in addition to playing an important role at “CCW PolyMet” in an acquisition that’s expected to close prior to year-end.
Quality Control/Assurance
The drill program and sampling protocol are being managed by geologists from GoldMinds Geoservices. Holes CS-19-08-W01 to W04 were wedges drilled off the historic CA-11-08 hole. The original hole was re-opened, a modern gyro survey was completed to confirm the location of the hole at depth and then the wedges were drilled from different depths using NQ diameter drill core. Samples were collected using a 0.3-meter minimum length, one-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 assays where the entire sample will be 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 -200 mesh fraction (fines) will be run using geochemical analysis with AA finish for Ag, Au, Cu, Ni, and Co. The entire +200 mesh (coarse) fraction will be analyzed using gravimetric processes (fire assay) for both Ag and Au to provide a weighted average assay for the entire sample.
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. 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/December2019/12/c1858.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
IAMGOLD Pays $2.35 Million to Vanstar and Gets an Additional 24% Interest in the Nelligan Project
Vanstar Mining Resources Inc. ( Vanstar ) announced that IAMGOLD Corporation (IAMGOLD), their strategic partner in the development of the Nelligan project, exercised in advance its option to increase its undivided interest in the Nelligan project by 24% to now hold a 75% interest in the property. Vanstar retains a 25% interest and 1% NSR in the original claims.
Under the terms of the amended agreement of February 2018, IAMGOLD has fulfilled all the required conditions by delivering a first NI43-101 estimate of mineral resources and by doing the remaining cash payment of C$ 2.35 million.
IAMGOLD can earn an additional 5% interest by delivering a feasibility study.
“It is reassuring to see that our partner completes all the requirements more than 2 years before the deadline set in the agreement. This confirms well the great potential of the Nelligan project. Nearly 3.2 million ounces of gold inferred have already been delineated with just under 56,000 meters of drilling. If we compare this yield per meter drilled with other current projects, we find that Nelligan offers an unusual homogeneity which can allow to quickly increase additional resources. Everything remains open both laterally and at depth, in a gold corridor of potentially more than 4 kilometers.” mentioned Mr. Guy Morissette, CEO and President of the company.
In another press release, Mr. Craig MacDougall, Senior Vice President, Exploration of IAMGOLD, mentioned: “The exercise of the option to increase IAMGOLD’s ownership to 75% consolidates our participation in this new discovery and further supports our view of this favorable exploration potential for the discovery of additional resources. We look forward to continuing to work with Vanstar as we are advance our exploration efforts on the Project.”
The Nelligan project is located in the Chapais-Chibougameau region and consists of 158 claims within an area of 8,216 hectares. It is accessible all year long by different forest roads. The project hosts mineral resources consisting of inferred resources limited by a pit, totaling 96,990,000 MT at an average grade of 1.02 grams of gold per ton for 3,193,000 ounces of gold (see press release of October 22, 2019).
Next Step.
In the coming months, additional metallurgical testing will be conducted to provide additional information on metallurgical recoveries of different mineralization zones, including the Nelligan mineral resources, and to help optimizing the process scheme parameters.
Planning for future drilling programs is underway and will include a number of objectives, including: additional infill drilling to improve resources classification and convert inferred resources into an indicated resources category; evaluate the potential resources extensions in the deepest parts of the deposit; and evaluate the expansion of resources along the strike.
Regional exploration will also continue to define and test other priority exploration targets on the property.
The company is also granting to their board members and directors a total of two million stock options that can be exercised on or before December 10, 2024, at a price of $0.35 per share.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this release.
Sources: | Sébastien Plouffe, VP – Investor Relations |
514-947-2272 sebas.plouffe@gmail.com | |
Gary Claytens, VP – Western Corporate Development | |
604-761-3233 | |
info@rvanstar.com | |
www.vanstarmining.com |
- Published in Mining, News Home, Vanstar Mining