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Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to provide an outlook for 2022 and a comprehensive review of company operations in 2021
"What an energetic year for Canada Silver Cobalt Works. We are so proud of our team for accomplishing so much this year! Not only have we been opening up new structures and finding high-grade silver in Gowganda, but we've also been successful at Graal with multiple massive sulphide intersections. We've had quite a year for Re-2Ox and are taking the emerging battery markets very seriously; the ability to produce EV quality materials from the Cobalt camp is the heart of the process. The fact that we can now extract Rubidium for the sodium-ion battery market illustrates how industrious we are and that we are planning for a broad EV future. It was an incredibly ambitious year at Canada Silver Cobalt Works, and we plan to keep the momentum going in 2022. We can't wait to show you the exciting developments at Castle East, Graal and more." stated Matthew Halliday, P.Geo., President, COO, and Vice-President Exploration.
Drilling Summary
The goal of the current drill program has been to expand our current resources of 7.56 million ounces of silver inferred (8,582 grams per tonne un-cut in 27,400 tonnes). Since the last Resource update in May 2020 and the beginning of the 60,000m drill program at Castle East, CCW has discovered 7 new mineralized structures. The drill program has been highly successful thus far, with incredible intercepts in late 2020 including silver results of up to 89,853.00 g/t Silver over 0.30m in hole CS-20-39, cobalt results of up to 2.22% Cobalt over 0.42m in hole CS-20-39W4, and impressive gold results of up to 24.95 g/t Gold over 0.30m in hole CS-20-31 with visible gold present at a shallow depth of 49.7m downhole.
In 2021, the Company drilled a combined total of 42,603.4m at its Castle East and Graal Projects. At Castle East, the silver and cobalt grades are equally impressive compared to 2020 and include up to 30,416.91 g/t Silver and 2.24% Cobalt over 0.42m in hole CS-21-61, multiple gold results including 2.35 g/t Gold over 1.30m in hole CS-21-47, and 1.94 g/t Gold over 1.00m in hole CS-21-48. At Graal, CCW is continuing to hit multiple intersections of massive sulphides with promising hand-held XRF results up to 2.79% Ni and 25.68% Cu with assays pending.
2022 Outlook
Property Overviews
Castle East, - Gowganda, Ontario (Figure 1):
Finish the remainder of the 60,000m drill program.
Complete and publish the updated resource estimate scheduled for Q1 2022.
Sample stamp mill tailings at the Castle Mine and send to TTL for testing using gravity pilot plant.
Review GoldSpot AI targets with technical staff.
Plan exploration between the Castle Mine and Castle East areas, as well as greenfield exploration around surrounding areas that have limited data.
Eby-Otto - Kirkland Lake, Ontario (Figure 2):
Preliminary field mapping, further channel sampling, and prospecting.
Build exploration program for the 2022 field season including an MMI sampling program.
Drill high-value targets based on existing field mapping and 2022 field season results.
Graal - Lac St-Jean, Quebec (Figure 3):
Complete 1,700m of drilling in the MHY zone extension and geophysical gravity anomaly to the southeast of the MHY sector.
Borehole EM geophysics survey to quantify potential thickness around the sulphide intersections encountered in drilling.
Ground EM survey (SQUID) to identify conductive zones to create high-value targets at depth.
Henry Lake - Sudbury, Ontario (Figure 4):
Undergo further geophysical interpretation and database compilation to provide high-quality recommendations for fieldwork and/or preliminary diamond drilling.
TTL Re2OX:
Install gravity pilot plant at TTL in Cobalt, Ontario.
Test high-grade stamp mill tailings from the Beaver Mine and the Castle Mine once the commissioning of the gravity pilot plant is complete.
Core Processing Facility:
A planned expansion of the core yard and chain link fencing surrounding the property to allow for increased capacity, security, and core/equipment storage. To make room for company growth, one of the buildings will be renovated to allow for office spaces and increased personnel capacity.
2021 Year in Review
Property Overviews
Castle East - Gowganda, Ontario (Figure 1):
Completed 34,832.1m of surface exploration diamond drilling.
Continued drill program that started in 2020 which identified 7 new structures in addition to the existing Robinson Zone, with the grades from 2021 reaching up to 30,416.91 g/t silver and 2.24% cobalt over 0.42m in hole CS-21-61.
Initiated environmental baseline study data collection in February 2021.
Started the permitting process in the fall of 2021 for the planned ramp.
Engaged GoldSpot to aid our technical staff and produce AI based drill targets.
Completed downhole geophysics to assist with geologic interpretation.
Eby-Otto - Kirkland Lake, Ontario (Figure 2):
Acquired 810 hectares of prospective land near Kirkland Lake Gold's Macassa Mine that is adjacent to the Larder Lake-Cadillac Break, with select claims being already permitted for diamond drilling, geophysics, and line-cutting.
Completed preliminary channel sampling and prospecting which will guide the 2022 field season and future drill planning.
Graal - Lac St-Jean, Quebec (Figure 3):
Expanded the claim package by acquiring 888.56 hectares of land for a grand total of 6,113 hectares creating a 6km mineralized strike length with near-surface copper, nickel, and cobalt.
Completed a strategic airborne gravimetric and magnetic survey on select areas within the claim package.
Completed 7,771.3 meters of diamond drilling targeting geophysical anomalies.
Intercepted massive sulphide in 20 out of 21 diamond drill holes with XRF results up to 2.79% Ni and 25.68% Cu with assays pending.
CCW also owns an additional 25,088 hectares for a total of 31,201 hectares of EV properties across Quebec.
Henry Lake - Sudbury, Ontario (Figure 4):
Completed an airborne gravimetric and magnetic survey on a 4,468-hectare claim package that is located east of the Sudbury Basin.
TTL Re2OX:
Using the Re-2Ox process, the Company successfully leached rubidium from the EV battery metal discovery at Granada Gold Mines.
CCW launched a website dedicated to the Re-2Ox process: https://re-2ox.com/
Core Processing Facility
An industrial-zoned property near the town of Cobalt, Ontario was leased for core processing. This property will act as the Company's central hub for all the Company's Ontario and Quebec operations. The location allows for easy transportation of core, samples, and distribution of staff to projects across Ontario and Quebec.
Table 1 : Castle East Sample Details
Hole ID | From (m) | To (m) | Length (m) | Ag (g/tonne) | Au (g/tonne) | Co (%) |
CS-20-31 | 49.70 | 50.00 | 0.30 | 0.50 | 24.95 | |
CS-20-39 | 557.46 | 557.76 | 0.30 | 89,853.00 | 1.55 | |
CS-20-39W4 | 551.08 | 551.50 | 0.42 | 53,739.00 | 2.22 | |
CS-21-47 | 163.00 | 164.30 | 1.30 | 1.40 | 2.35 | |
CS-21-48 | 558.00 | 559.00 | 1.00 | 11.45 | 1.94 | |
CS-21-61 | 449.55 | 449.97 | 0.42 | 30,416.90 | 2.24 |
Please note: Intervals represent single assays and are core length with no capping applied.
Company Core Values and Initiatives
1) Sustainable Development
Canada Silver Cobalt has several different projects across Ontario and Quebec. We are a small, dynamic team that achieves progress and strives for success without compromising economic, social, or environmental integrity. We aim to meet the demands of today without compromising the needs of tomorrow.
2) Health & Safety
Safety is our top priority at Canada Silver Cobalt. With the COVID-19 pandemic still ongoing, we continue to enforce strict safety protocols to keep our staff safe during these trying times. Health and Safety is not solely a workplace topic, we believe that it is a mindset that defines a culture and allows our staff to return home at the end of the day.
3) Environment
We, at Canada Silver Cobalt, hold environmental responsibility in the highest regard. The Company aims to reduce our environmental impact and footprint as much as possible for the benefit of future generations. With our green Re-2Ox process and environmental baseline studies started at Castle East, we are actively following through on our environmental obligations.
4) Community
The Company has continually worked with local stakeholders and First Nations communities. The Company engages in meaningful involvement and participation in local activities and uses locally sourced goods and services wherever possible.
5) Work Culture
At Canada Silver Cobalt, we set out to achieve a work culture that makes our staff feel safe, valued, and engaged. We believe that our employees are critical to company success and will act as the foundation for our future growth. We encourage respect between peers, trust in leadership, and opportunities for professional development. We strive for success in all things through collaboration and hard work.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO), President, COO and VP Exploration of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region's first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
CCW also has 39,017.96 hectares of electric vehicle (EV) battery metals exploration properties (containing nickel, copper, and cobalt) with 15 properties in Quebec and 1 in Northern Ontario. Exploration is underway at the Graal massive sulphide formation in Northern Quebec. Drill core has been encouraging with initial XRF results up to 2.79% nickel and 25.68% copper in hole NRC 21 03; lab results are still pending.
Canada Silver Cobalt's flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a bulk 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 and battery metals. 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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Figure 1: Castle East - Gowganda, Ontario.
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Figure 2: Eby-Otto - Kirkland Lake, Ontario.
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Figure 3: Graal - Lac St-Jean, Quebec.
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Figure 4: Henry Lake - Sudbury, Ontario.
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