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Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce that it has commenced a follow-up drill program at its Graal nickel-copper-cobalt property in the Lac St-Jean region of Quebec.
The minimum 5,000m drill program aims at testing the geophysical anomalies characterized by high conductance that were highlighted during a recent FL-TDEM geophysical survey (See news release April 19, 2022). The objective is to verify the continuity and the extent of the nickel-copper-cobalt mineralization and search for the zones with increased thickness. Laurentia Exploration Services is conducting the drill program.
Previous diamond drilling along with geophysical surveys at Graal identified several disseminated to massive sulphide zones with varying thickness up to 13.1m containing significant grades of nickel and copper and in addition lesser amounts of cobalt, platinum, and palladium. Drilling was paused earlier this year to allow for the reception of pending assay data and completion of the geophysical survey (See news release April 4, 2022).
"Our geological team is quite excited to resume drilling at Graal. Almost every drill hole so far has encountered disseminated to massive sulphides with strong nickel, copper, and cobalt mineralization. What we have already discovered at the property suggests that it has the potential to become an important part of the North American battery metals supply corridor. The current drill program will give particular attention to the geophysical survey's discovery of a large 1.7km by 850m anomaly characterized by high conductance which we will be testing with the drill bit," stated Matt Halliday, President, COO and VP Exploration.
In addition to the drilling, the Company is pleased to announce that it has engaged Archeo-Mamu under the direction of Jean-Simon Labbé to complete a field investigation on the property after a desktop study identified potential zones which could have the presence of artefacts. The Company will be pleased to provide the results of this independent investigation to the Pessamit Innu Council and other government entities at request.
At Graal, the geophysical survey program identified 9,475m of drilling targets in two levels of priority where an initial 5,070m were identified as a first priority, as indicated in the map and chart below. The initial drilling will focus on near-surface mineralization. The larger target indicated by the geophysical survey will be drilled at a later stage.
Figure 1: Drill program location with priority table - labelling of zone subject to change
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2093/127417_39619abc744a58a7_002full.jpg
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc. member of Québec Order of Engineers and a qualified person in accordance with 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: (1) 14 battery metals properties in Northern Quebec where it has recently completed a nearly 10,000-metre drill program on the Graal property and an airborne VTEM geophysical survey is being conducted at it Lowney-Lac Edouard property; and (2) 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 future financings, if any, pursuant to the short form base shelf prospectus referred to above, and comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address 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. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127417
