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The survey identified a geophysical anomaly 1.7 kilometers long (NS) by 850 meters wide (EW) characterized by high conductance.
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to release the results of its FL-TDEM geophysical survey at its Graal nickel-copper-cobalt property in the Lac St-Jean region of Quebec.
The FL-TDEM geophysical survey was completed for the Company by TMC Geophysics. The interpretation was provided by Michel Allard, P.Geo. with Inter Geophysique. Two sites have been investigated with the ground electro-magnetic survey with success, one around the discovery hole NRC-21-02, and one in the northeast sector within the contour of the max/min conductor. The company also completed borehole EM surveys (BHEM) in several holes to assist in providing additional targets around the existing holes. An extensive presentation on each sector has been received from the specialist which shows the data processing methods and modelling of the anomalies. (See Figures 1-4 below for summary results.)
FL-TDEM survey results:
- The survey identified a geophysical anomaly 1.7km long (N-S) by 850m wide (E-W) characterized by high conductance.
- The response in the northeast indicates that the layer may be representative of a weakly connected sulphide layer, such as a disseminated to stringer-based sulphide with a massive to semi-massive Cu-Ni deposit.
- The BHEM survey results indicate that this large layer is not uniform and homogenous.
- The modelling suggests that thicker, more conductive, or even multiple zones are present, and that there may be large areas of low-grade mineralization in addition to having more localized areas of higher grade.
"The conclusion of the ground electromagnetic survey needs to be verified by drilling and the company is taking steps to move in that direction. We intend to give immediate attention to the large 1.7 kilometers by 850 meters high conductance dipping about 30 degrees west. Request for drilling permits in this new area are in preparation as well as mandating Laurentia and a drilling contractor in order to start drilling this Phase 2 with several targets of interest as soon as possible. The information we have so far shows this property has significant potential for growth and fits with our objective to become an important supplier of fresh rock battery metals material for the EV market," stated Matt Halliday, P.Geo., President, COO and VP Exploration.
Figure 1: Location of the property and Phase 1 diamond drill holes completed in 2021 & 2022
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Two loops were laid out to survey ten 250m spaced lines with stations every 50m. The objective was to detect large and deep conductors that could be related to Ni-Cu sulphide mineralization. The three components (XYZ) of the secondary magnetic field were recorded with a coil sensor at each location. Time base was set up at 150 ms with a base frequency of 1.66 Hz. This is longer than typically used for VMS exploration. The resultant component was calculated and plotted to show total response on the ground. The surface FL-TDEM survey revealed the presence of a large conductive layer approximately 1.7km long with a minimum depth of 850m in the central area of the anomaly. It appears to be dipping gently 30 degrees to the west (Figure 4).
The "early-time" total field responses are typically characterized by low conductance (figure 2). In the middle of the survey, the response is weaker which suggests a thickness and/or more conductive material. The "mid-time" total field shows the response increases (figure 3). The higher amplitudes suggest the conductor is reaching closer to surface. The "latest-time" total field responses are typically sensitive to high conductance (Figure 4). The survey shows at least a 1km long anomalous response. The center part extends significantly down dip to the west.
Figure 2: "Early-time" response showing the low response in the center, indicating a thickness to the zone
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Figure 3: "Mid-time" response showing strong response and near surface anomalies
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Figure 4: "Latest-time" response showing strong response which indicates the size and trend of the anomaly
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Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a member of the Québec Order of Engineers, and is a qualified person in accordance with the National Instrument 43-101 standards.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. The Company has completed a 60,000m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.
In May 2020, based on a small initial drill program, the Company published the region's first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
The Company also has 14 battery metals properties in Northern Quebec where it is currently drilling and the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle's high-grade Macassa Mine near Kirkland Lake, Ontario where it will be exploring in 2022.
Canada Silver Cobalt's flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com
"Frank J. Basa"
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
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.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements which include, but are not limited to, comments regarding the Offering and comments that involve other future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the Offering, resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, future financings, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. No assurance can be given that the Offering will close on the terms and conditions set out in this news release or at all. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. A detailed discussion of the risk factors encountered by Canada Silver Cobalt is available in the Company's Annual Information Form dated July 19, 2021 for the fiscal year ended December 31, 2020 available under the Company's profile on SEDAR at www.sedar.com.
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