Sirona Biochem: Letter to the Shareholders
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (US-OTC: SRBCF)(“Sirona”) is pleased to provide the following update:
To our valued Shareholders,
Over the last several weeks, Sirona Biochem’s management has been monitoring the recent increase in cases of Coronavirus (COVID-19), as we are sure many of you have. As an international organization, operating on three continents, Sirona has been one of the many companies affected by recent events. I want to assure you that we’re taking all necessary steps to advance our projects while minimizing delays and remaining a responsible corporate citizen. While all projects are moving forward, there have been some unavoidable delays and necessary rescheduling.
The health and safety of our employees and consultants is our paramount concern. During these uncertain times, this simple fact has been at the heart of all our discussions. To that end, we have taken numerous proactive measures to address the situation at hand, including:
- We have implemented a work from home policy for our employees and consultants (outside of our lab) to ensure we minimize the opportunity for spreading the virus. Historically we have operated virtually for much of our work and this transition has required minimal effort and has resulted in no loss of productivity.
- We have delayed travel. Fortunately, our strong established relationships with our current partners has allowed this step to limit the impact on moving our projects forward. We will restore travel as soon as it is deemed appropriate, including travel to China.
- We have not been required to suspend operations at the lab as part of a 15-day country wide lockdown in France. We will continue to cooperate with all government measures in the country’s in which we operate.
We will not achieve all our goals for this quarter as originally planned, but we still anticipate meeting all goals near term. Sirona has completed preparation for the increased dose (0.4%) clinical study for its skin lightening compound TFC-1067. Starting this clinical trial is the objective most delayed since obtaining formulation supplies from China were delayed pushing the potential trial into summer months. We are currently communicating with a global company (that plans to participate in this trial) to determine an ideal start date. Their participation in the trial is a tremendous added value to Sirona.
Other exciting news is anticipated regarding TFC-039 as stated in our last update. Extensive progress has been made and an announcement is anticipated. We are fortunate to have ample working capital to achieve our goals and are in no need to contemplate any dilutive capital raise. In fact, we are considering an expansion in the lab team to bring added resources to accelerate an exciting new project. Further details of this project and other projects will be forthcoming as we integrate our partners into a unified plan.
At Sirona Biochem, we pride ourselves on delivering exciting new therapeutics and cosmetic ingredients to partners using our proprietary platform technology. We will continue to monitor the COVID-19 situation and follow the directives and advice of the World Health Organization (WHO) and the governmental authorities for as long as necessary. As a shareholder I share your frustrations with current overall market conditions. By demonstrating our ability to navigate these challenging times and grow the company we hope to give shareholders the confidence needed to regain the value of their investment.
Dr. Howard Verrico, CEO
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona’s subsidiary lab, TFChem, specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments.
For more information, please visit www.sironabiochem.com.
- Published in Life Sciences, News Home, Sirona Biochem
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
SAN MARCO BEGINS DRILLING AT BUCK PROPERTY, CENTRAL BC
Vancouver, B.C. – March 17, 2020: San Marco Resources Inc. (TSX-V: SMN) (“San Marco” or the “Company”) is pleased to announce that it has commenced drilling at its 100% optioned gold/silver/zinc Buck property in north central B.C.
Highlights of the fully-funded Phase I drill program include:
- Up to 2,000 metres of HQ diamond drilling
- Investigate potential depth extensions of known mineralized zones
- Step-out drilling in areas of potential new discoveries
- Step-out drilling in areas of potential new discoveries
- Confirm bulk tonnage potential as well as zones of high grade mineralization
Since very little drill core from historical drilling is available for review, this initial drill program will provide fresh drill core for detailed logging and support of what appears to be a large, highly altered gold/silver/zinc breccia system. San Marco’s Vice President of Technical Services, Sharyn Alexander, commented “We are very excited to begin drilling at our Buck property. We have a strong technical team with years of combined experience, and we are eager to test some very interesting targets outlined during our data compilation and review. Data to date indicates the Buck property hosts large areas of surface and near surface mineralization and it is anticipated that the current drilling will confirm this and give indications of depth potential.
The Buck property is thought to be structurally complex, such that the Company has retained Chris Gallagher of Rogue Geoscience, who specializes in 3D geologic and structural modeling, oriented core procedures and integration of field portable analyzers. The drill program is being conducted under the supervision of Coast Mountain Geological Ltd, mineral exploration consultants, of Vancouver B.C. Local operator J.T. Thomas of Smithers, B.C., is carrying out the drilling.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico. The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico. San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
For further information, contact:
Robert Willis, P. Eng. | Executive Director
Sharyn Alexander, M.Sc. | VP Technical Services
info@sanmarcocorp.com
National Instrument 43-101 Disclosure
This news release has been approved by San Marco’s Executive Director, Robert D. Willis, P. Eng. a “Qualified Person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has verified the data disclosed, including sampling, analytical and test data, underlying such technical information by reviewing the data and reports from previous exploration of the property which he believes to be accurate and were provided to San Marco by the optionors.
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management’s current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco’s actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
- Published in Gold, Mining, News Home, San Marco Resources
RIO SILVER ANNOUNCES CLOSE OF PRIVATE PLACEMENT
Rio Silver Inc. has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $264,400.
Upon the completion of the first tranche of the financing, the company issued 5,288,000 units at a price of five cents per unit. Each unit consists of one common share and one transferable share purchase warrant. Each whole warrant is exercisable into one additional common share of the company at a price of 10 cents per share until March 11, 2022.
The company paid finders’ fees of $4,000 in cash and issued 80,000 broker warrants, with each such broker warrant entitling the holder thereof to acquire one common share of the company at a price of 10 cents per share until March 11, 2022.
Proceeds from the financing will be used to advance the company’s Ninobamba silver and gold project in Peru by regaining social licence within the local district, for working capital, and to explore potential precious metal projects in Peru that offer near-term revenue potential and other working capital purposes.
The securities issued under the financing will be subject to a statutory hold until July 11, 2020.
About Rio Silver Inc.
Rio Silver is a Canadian-based resource company with a mandate to acquire, explore and develop precious metal deposits in the Americas. Rio Silver’s experienced Peruvian exploration team is instrumental in planning and conducting the work program at its 100-per-cent-owned flagship property, Ninobamba in Peru. Management continues to add shareholder value through effective and efficient exploration, strategic property acquisitions, and sound financial management.
- Published in Gold, Mining, News Home, Rio Silver
British Columbia Golden Triangle Gold/Silver Rush: Stocks To Watch
British Columbia Golden Triangle is home to one of the world’s largest gold/silver mines in the world. Located in Western Canada along the British Columbia and Alberta border, the Golden Triangle first gained prominence in 1988 with the discovery of the Eskay Creek, which has turned out to be one of the most mineralized areas in the world.
After being deserted for decades, the Golden Triangle is yet again buzzing with exploration and mining activities thanks to geological and economic changes that have come to play in recent years. The Golden Triangle is once again a hotbed for exploration activities having emerged as the new Canadian gold rush epicenter. Researchers believe that gold endowment at the golden triangle could equal that of Nevada’s Golden Trend believed to be the host of the largest accumulation of gold in the Western Hemisphere.
The current rush is attributed to the fact that the Golden Triangle has the potential to host some of the world’s most profitable deposits made up of high-grade gold as well as silver veins. Mining companies have also discovered large scale porphyries as well as volcanogenic sulfide also known for possible large-scale gold deposits.
In light of the price of gold surging to a six-year high alongside signs of an edging silver hike, the Golden Triangle is looking highly attractive to gold investors. With more than 130 million ounces of gold and 800 million ounces of silver, as well as 40 million pounds of copper discovered, now may be the best time for mining companies to pump money into the highly mineralized area.
Exploration in the Golden Triangle is also cost effective thanks to new infrastructure made up of roads as well as shipping facilities and electricity generation. Likewise, the golden triangle has a connection to a high voltage line that continues to provide a reliable source of energy for mining operations. The new geological model, as well as first nation relationships, has also opened the door for mining companies to explore the area.
Stocks To Watch
Crystal Lake Mining Corp (TSX.V: CLM) is one of the companies that are conducting meaningful exploration and mining activities at the British Columbia Golden Triangle. The company owns significant prospective land in the triangle totaling 436 square kilometers as part of its Newmont Lake Project, mostly in and around the Eskay region.
The Newmont Lake project has already exhibited solid potential affirming Crystal Lake’s position as one of the elite players in the Golden Triangle. The company’s geologist has already discovered a copper-rich porphyry system that has the potential to generate significant returns when fully mined. Backed by a solid balance sheet, the company remains well-positioned to bring the Newmont project to fruition and generate significant returns for shareholders.
Auramex Resource Corp. (TSX.V: AUX) is another Canadian exploration and mining company sending shockwaves in the Golden Triangle. The company owns a 6,400-hectare property located on Highway 37A at the Stewart camp. Modern explorers have overlooked this region choosing to focus further north uncovering mines such as Brucejack, producing nearly 400,000 oz of gold per year. Also, Premier Mine, approximately 29km north/west of Stewart, is also known to be one of the most important mines in BC.
Consequently, the company has consolidated a significant land position on which it plans to deploy its geological expertise in the quest for large mineral discoveries.
Some of the properties that the company has acquired have a well-documented historic production with solid evidence of gold/silver mineralization.
- Published in Auramex, Crystal Lake Mining, Gold, Mining, News Home
San Marco Initiates Site Preparation for Buck Drilling and Confirms Receipt of 5-Year Exploration Permit
San Marco Resources Inc. (TSXV: SMN) confirms receipt of a 5-year, area-based exploration permit for its 100% optioned Buck gold/silver/zinc project. The permit allows for substantial drilling on the property, which will help test the known mineralized footprint, as well as outline additional targets for potential new discoveries.
The fully funded Phase I drilling program will consist of approximately 2,000 metres of HQ drill core, most of which is in areas where known gold/silver/zinc mineralization is open in all directions. For more information, see our Corporate Presentation. Access to Phase I drill sites consists of clearing out previously constructed trails from historical exploration works. This work is expected to take a few days.
The company’s geoscience team has spent many months re-evaluating the 50-plus years of previous exploration data. As a result of this work, the Buck property is believed to host large, altered breccia system, with gold and silver mineralization widespread throughout and open in all directions. Historical drill data indicates mineralization is contained in high-grade sub-sections that are either at surface or near surface, supporting a potential bulk tonnage deposit model. The team intends to continue to analyze historic data, including surface samples, trenching, and geophysical data, to better outline and expand the mineralized footprint and generate additional regional targets.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
For further information, contact:
Robert Willis, P. Eng.
Executive Director
Sharyn Alexander, M.Sc.
VP Technical Services
- Published in Mining, News Home, San Marco Resources
Strategic Collaboration Planned to Bring Sirona’s Product Pipeline to Commercial-Ready Stage
VANCOUVER, March 4, 2020 /CNW/ – Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (US-OTC: SRBCF) (“Sirona“) is pleased to announce that it has signed a Letter of Intent (“LOI”) with the Chinese pharmaceutical company, Beijing Huaxi Pharma Co, Ltd. (“Huaxipharm“), ranked number five in the field of pharmaceutical development in China, to engage in a collaborative effort to bring Sirona’s product pipeline to commercial-ready stage for the global market.
Huaxipharm will co-develop on all steps to complete full commercialization of the products created by Sirona. This includes preclinical, clinical development, regulatory, commercial scale up and manufacturing for commercial applications of Sirona’s compounds for indications mutually agreed upon in the definitive agreement. Huaxipharm will receive a determined percentage ownership of the commercialized product for global sales as results of its inputs in the process of product commercialization.
The LOI is representative of the commitment of both organizations to work together. Sirona and Huaxipharm can now move to complete negotiations of a definitive agreement which should be completed in Q2/2020. Once Huaxipharm is publicly listed, Sirona management anticipates the relationship going well beyond the service and development agreement.
“Huaxipharm is a partner that can provide a new level of product development both in China and globally. Their expertise in active ingredients as well as a solid understanding of the CDFA navigation will benefit Sirona greatly with expansion into this marketplace. Huaxipharm has added expertise that will allow Sirona’s scientists to better develop new opportunities beyond drug discovery to fully commercially ready products,” said Dr. Howard Verrico, CEO of Sirona Biochem. “We are also monitoring the situation in China as it combats the Coronavirus. We have an established team in China which is continuing to move our projects forward. To date all projects are progressing. We have modified travel plans of our team but continue to conduct business virtually and will move meeting locations as necessary. We are also advancing on other fronts outside of China where we are optimistic to provide an update in the near term”, he added.
“After screening the worldwide market for promising collaboration partners for quite some time, we were pleased to get introduced to Sirona Biochem and quickly realized the enormous potential of their platform technology. We are looking forward to finalizing our due diligence and definitive agreement as soon as possible so that we can get to work in bringing new and innovative Sirona compounds to the market,” said Dr. Hua Bi, CEO of Beijing Huaxi Pharma.
About Beijing Huaxi Pharma
Beijing Huaxi Pharma (“Huaxipharm”) is a leading company in the field of pharmaceutical development, founded in 2003. For the 16 years since establishment, Huaxipharm has had many achievements, including creating a high-quality proficient team in pharmaceutical technology development and management, building up a core capability in pharmaceutical chemistry manufacturing and controls (CMC) and establishing new drug development that is compliant with international market standards with respect to: R&D environment, lab equipment, human resource allocation, quality system and management system.
Huaxipharm has recently realized its successful transformation from a technology enterprise to a pharmaceutical development and manufacturing company through M&A and reorganization. Its current business covers independent development and manufacturing of API, oral solid formulation for global markets with the international GMP certification. It also undertakes contract manufacturing or OEM business such as for nasal spray, eye drops and other liquid preparations by international technology transfer that are compliant to international GMP certification.
In 2015, Huaxipharm was listed as one of the top-five companies in China for the number of pharmaceuticals receiving IND approvals from China’s CFDA (after Hengrui, Bayer, Yangzi River and Pfizer). The Company has made significant achievements in promoting the Chinese pharmaceutical industry, completing tens of tech transfers to the top pharmaceutical companies in China in API synthesis optimization and pharmaceutical formulation for large-scale production.
Huaxipharm is seeking cooperation or partnership with outstanding enterprises for providing global market with high-quality pharmaceuticals of social benefits, aspiring to become a respected international pharmaceutical company.
Huaxipharm has intention to pursue an IPO at the Hong Kong Stock Exchange.
For more information, visit: www.huaxipharm.com
(Note: the web site is currently being updated as a priority task in response to the planned collaboration)
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona’s subsidiary lab, TFChem, specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments.
For more information, please visit www.sironabiochem.com
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.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem’s forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem’s business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.
SOURCE Sirona Biochem Corp.
View original content: http://www.newswire.ca/en/releases/archive/March2020/04/c2022.html
Contact:
regarding this press release, please contact: Investor Enquiries: Jonathan Williams, Managing Director, Momentum PR, Phone: 1.450.332.6939, Email: jwilliams@momentumpr.com; Corporate Enquiries: Dr. Howard Verrico, CEO, Chairman of the Board, Sirona Biochem Corp., Phone: 1.604.641.4466, Email: info@sironabiochem.com
© 2020 Canjex Publishing Ltd. All rights reserved.
- Published in News Home, Sirona Biochem
Vanstar Mining Resources: Update on Work in Progress the Nelligan Project
Vanstar Mining Resources (TSX-V: VSR) management would like to update the work currently in progress. As mentioned in a previous press release, drilling has resumed on the Nelligan project, located in the Chapais-Chibougamau area.
The 2020 drilling campaign has been designed and implemented by the operator, IAMGOLD Corporation, and more than 2,500 meters have been completed to date. The holes completed have reached their respective targets and the results will become available in the coming weeks when compiled and validated.
The drilling program comprises for this year a minimum of 8,000 meters and aims to verify the western and deep extension of the Renard zone as well as to improve resource classification (currently total of 97.0 million tonnes grading 1.02 g/t Au for 3.2 million contained ounces of inferred resources – see news releases dated October 22, 2019).
“We are very happy with the progress of the current works. The homogeneity of the Nelligan deposit demonstrated in the NI43-101 report allows us to be optimistic about the future results to be received. Even if the market seems a little nervous regarding some elements beyond our control, that does not change anything in the quality of the deposit and in its economic potential » to mention Mr. Guy Morissette, CEO of the company.
Now 100% owned by the company, the Amanda project acquired based on its similarity to the Nelligan deposit and the significant presence of gold traced by drilling during the 1990s, is currently the subject of a mandate granted to an independent geological firm in order to compile all the historical data and submit a series of recommendations to the company for a first phase of exploration work to be done shortly this year. The company also acquired by map staking an additional block of 45 claims with an area of approximately 2,380 hectares, which block will be added to the Amanda project. This project, now made up of 85 claims with an area of approximately 4,644 hectares, is located a few hundred kilometers east of the municipality of Eastmain, in the James Bay territory.
“We are very interested in this project. The presence of significant gold in certain drill holes as well as a very anomalous gold back ground speak a lot to us. Other interesting indications such as faults, folds and iron formations lead us to be more curious and to invest time and money in it” to underline Mr. Morissette.
The 100% Felix project owned by the company is located in the Chicobi sedimentary strike. It is very similar to the sedimentary environment of the Nelligan project. Acquired by staking on a map, the Félix project has hardly ever been the subject of work except for a few holes to iron formation testing in the northern part of the project. One of these drill holes, made in a southern direction in contact with the iron formation with a zone of low magnetic intensity, intersected several significant gold values in few places along the hole (Source: GM 33270). The company expects to do exploration work on this project this year.
Other mining properties are also being explored. Vanstar’s management plans to significantly improve its properties portfolio in order to be able to offer various scenarios to potential partners.
This press release was reviewed and approved by Mr. Gilles Laverdière, qualified consultant geologist under the NI43-101 standards.
- Published in Mining, News Home, Vanstar Mining
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