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January 19, 2024 TheNewswire - Coquitlam, BC, Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce that further to its news release dated January 4, 2024, the TSX Venture Exchange has accepted the name change to " Nord Precious Metals Mining Inc. ".
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Coquitlam, BCCanada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the "Company" or "Canada Silver Cobalt is pleased to announce that shareholders at the Annual and General Meeting held on October 31, 2023 voted in favour to change the Company's name to "Nord Precious Metals Mining Inc". The new name will better reflect the direction of the Company. The name change is subject to TSX Venture Exchange ("Exchange") approval.
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New discoveries of precious and battery metals and progress towards surfacing value for shareholders through a spinout of a potentially large nickel-copper-cobalt property in Quebec
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The property has many yet-to-be-drilled targets and prospective electromagnetic anomalies identified by an airborne geophysical survey.
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the " Company " or " Canada Silver Cobalt ") is pleased to announce that it has commenced drilling at its Lowney-Lac Edouard property as part of the first phase of an exploration program targeting prospective areas identified previously in an airborne geophysical survey
The drilling is being conducted in the center and southern part of the 7,237-hectare property in areas where five electromagnetic anomalies were identified by a Geotech VTEM airborne geophysical survey conducted for Canada Silver Cobalt (see news releases May 24, 2022 and August 29, 2022).
The Lowney-Lac Edouard property is south of the past-producing nickel-copper Lac Edouard Mine and right next to a property where Rio Tinto, in a 2023 drilling program in the Savane area of a Midland Exploration Inc. property, discovered high-grade nickel with copper. Midland reported in an April 27, 2023 news release that Hole MDLD0001, drilled by Rio Tinto, intersected an interval grading 1.07% Ni and 0.13% Cu over 0.78 metres, from 101.87 to 102.65 metres. Midland also reported that grab samples taken by prospectors in the Savane area in 1995 yielded historical values of 1.80% Ni and 0.20% Cu. Another grab sample from a sub-cropping boulder also yielded grades of 1.98% Ni and 0.46% Cu about 250 metres north of the Savane showing (Source: SIGEOM NTS sheet 31P07; GM55352). This may not be representative of the mineralisation of Lowney-Lac Edouard.
The area, which has good road access and infrastructure, is near La Tuque in Central Quebec and is located north of the port of Trois Rivieres and approximately 100 km northwest of Quebec City. (See maps below.)
"We are excited to be following up on what we found in the VTEM geophysical survey. We had to limit our exploration activity this past summer due to forest fires in Quebec but now is the time to catch up and we are looking forward to seeing this property develop further," said Frank J. Basa, Chief Executive Officer.
The first phase is expected to involve 1,500 metres of drilling and the second phase, planned for 2024, dependent on drill results from the first phase, could include the testing of additional targets. The Company has engaged Laurentia Exploration, Multi Drilling Services and GoldMinds Geoservices for this campaign. Drilling in this first phase is limited to targets near existing logging roads where permits allow and the Company is awaiting permits needed for drilling in other areas of the property.
The Lowney-Lac Edouard property is one of 14 critical metals properties in Quebec acquired in late 2020 by Canada Silver Cobalt targeting nickel, copper, and cobalt mineralization in preparation for the significantly increased demand for the metals expected for the ongoing electrification programs planned by governments. (See news releases February 16 and April 20, 2021 and August 29, 2022 for descriptions of the Lowney-Lac Edouard property).
One of the 14 Quebec properties – the Graal property, where the Company drilled extensively and successfully in 2021 and 2022 – has been shown to have potentially a large area of near-surface, high-grade nickel-copper mineralization with cobalt byproduct and showings of platinum and palladium in a 6 km strike length as well as in other areas of the property. The Graal property is characterized by a large Bouguer gravity anomaly as is the case with Lowney-Lac Edouard. The Company plans to spin out the Graal Property into a new Company called Coniagas Battery Metals Inc. (See news release September 26, 2023.)
Note that the Figure 2 map below is updated to November 20, 2023 and the Figure 3 map is from March 2022.
Figure 1: Location of the Lowney-Lac Edouard and recently acquired Lac Guay properties
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Figure 2: Lowney-Lac Edouard property mineral claims
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Figure 3: Location of the Lowney-Lac Edouard property with adjacent properties
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Figure 4: Planned drill locations at Lowney-Lac Edouard South
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Qualified person
The technical information in this news release has been provided by Laurentia technical team and the content was reviewed and approved by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a m ember of Québec Order of Engineers and an independent 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 16,000-metre drill program on the Graal property; (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle's high-grade Macassa Mine near Kirkland Lake, Ontario; and (3) the St. Denis-Sangster lithium project – 260 square kilometers of greenfield exploration ground with numerous pegmatites focussed along a significant volcanic sedimentary rock – Archean granite contact near Cochrane, Ontario contiguous to Power Metals' Case Lake Lithium properties.
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
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Caution Regarding Forward-Looking Statements
Neither the 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. This news release may contain forward-looking statements which include, but are not limited to, 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, 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. Canada Silver Cobalt Works Inc. does not undertake, and assumes no obligation, to update or revise, any such forward-looking statements or forward-looking information contained herein or in other communications to reflect new events or circumstances, except as may be required by law.
Copyright (c) 2023 TheNewswire - All rights reserved.
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Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the " Company " or " Canada Silver Cobalt ") announces that it is proposing to amend the terms of an aggregate 23,380,092 outstanding common share purchase warrants ("Warrants") by amending the exercise price to $0.06 per share
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HIGHLIGHTS
Ketele LCT Project
During the quarter, HTM announced that the Company was planning its initial exploration program at the Company’s Ketele Exploration License (MOM-EL-05096-2023) (“License”) in Ethiopia (Refer ASX Announcement - HTM to Progress Exploration Sampling at Ketele LCT Project – dated 10 January 2024). The License will be the foundation of our exciting new Ketele LCT Project (“Ketele” or the “Project”).
This initial program will comprise sampling of prospective geological units (inc. granites, pegmatites, etc) and regional structures which have previously been identified and mapped in this underexplored area of Ethiopia (Figure 1). This sampling will include rock chip sampling and channel samples, the latter yielding continuous samples across an entire outcrop. The planning process with regard to certain Project area access and exploration program approvals is ongoing.
Figure 1 – Example of previously identified outcrops for the planned rock and channel sampling at the Ketele LCT Project.
Figure 2 – Ketele LCT Project Location.
Werner Lake Project
Following on from HTM’s successful drill program at Werner Lake Project (“Werner Lake”) (Refer to ASX Announcement - Drilling Results at Werner Lake Project – 27 November 2023), the Company continues to evaluate the next steps to realise the value of the asset.
Business Development
During the quarter, HTM considered several project opportunities. HTM will continue to identify and review projects which complement the Company’s existing assets and support its strategy of building a portfolio of exploration, development, and operating mining assets.
Click here for the full ASX Release
This article includes content from High-Tech Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Sherritt International Corporation ("Sherritt" or the "Corporation") (TSX:S) today issued the following statement in response to misleading information announced by SC2 Inc. ("SC2") on April 22, 2024 in connection with its mini-tender offer to purchase up to 21,621,621 common shares or approximately 5% of the issued and outstanding shares of Sherritt at a price of $0.37 per common share (the "Offer"), announced on April 8, 2024 and amended on April 11, 2024.
SC2 was incorporated on April 8, 2024 and is affiliated with Seablinc Canada Inc. ("Seablinc"), a significant supplier to Sherritt's Moa Joint Venture in Cuba.
Sherritt cautions shareholders on information contained in announcements made by SC2, a company which has not transparently disclosed adequate information about its relationship with Seablinc or about Seablinc's commercial relationship with Sherritt, a relationship which presents a significant conflict of interest for Seablinc.
SC2's Interests are to Entrench its Affiliate Seablinc as a Key Supplier to Sherritt's Moa Joint Venture at a Significant Cost to Sherritt's Shareholders
Seablinc is a specialist in commodity procurement solutions based in Alberta, employing a small team that includes former Sherritt employees. Its interests include entrenching the significant commercial supplier agreements it has with Sherritt's Moa Joint Venture on terms that are as favourable to Seablinc as possible. These interests are not aligned with the interests of Sherritt's other shareholders, who benefit from lower costs realized in part through competitive bidding processes in supplier negotiations. Sherritt advises shareholders to exercise caution in considering communications from SC2, given the potential additional ulterior motives of SC2 which it has not disclosed.
A Director Nominee Proposed by a Large Supplier Presents a Significant Conflict of Interest
Sherritt does not support Seablinc's proposed nominee joining Sherritt's Board of Directors. Similar to Seablinc's employees, the proposed director nominee, Mark Plamondon, is a former Sherritt employee based in Alberta. Sherritt has concerns with a significant supplier, that seeks to maximize its revenue from Sherritt at the expense of Sherritt's other shareholders, nominating a director who, if elected, may advance Seablinc's interests which are in conflict with those of Sherritt's other shareholders.
Sherritt Corrects Misinformation Regarding SC2's Advance Notice Claims
On April 4, 2024 a law firm acting on behalf of Seablinc emailed a letter to Sherritt, which stated that, at Sherritt's May 9, 2024 annual meeting of shareholders, Seablinc "intended" to nominate Mark Plamondon for election as a director of Sherritt. Sherritt is not obligated to include in its management information circular disclosure regarding an "intended" nominee, who may be proposed by a single shareholder which, at the time of the April 4 th letter, owned approximately 2% of Sherritt's shares. Such disclosure would have been confusing to shareholders and premature. Seablinc, if it had wished for Sherritt shareholders to have details of its "intended" nominee was free to provide this. Sherritt has properly observed and complied with all requirements of applicable securities and corporate law.
Sherritt has a Successful Board Renewal Process
Sherritt has engaged in deliberate, careful, informed and successful Board renewal in recent years with the addition of excellent independent directors and candidates. As announced on March 21, 2024 in its press release titled "Sherritt Announces Changes to its Board of Directors," Sherritt has appointed two new independent directors this year, following the addition of a new independent director in each of the three years prior. This does not reflect an entrenched board but demonstrates a commitment to succession with a proper and staged process to bring in new talent and ideas.
Sherritt Recommends Shareholders Vote for Management's Nominees at the Annual Meeting of Shareholders
Sherritt recommends that shareholders vote for management's nominees for director at the upcoming annual meeting of shareholders. Sherritt further recommends that shareholders take no action in response to SC2's Offer and do not tender their shares and give away their voting rights for the Corporation's annual meeting of shareholders. According to SC2's Offer, shareholders who have already tendered their shares can withdraw those shares at any time prior to being paid for them, by providing a written notice and following the procedure described in section 5 under the heading " Withdrawal Rights " of SC2's amended Letter to Shareholders document filed on www.sedarplus.ca .
Sherritt's management and board of directors will continue to advise shareholders against opportunistic or coercive actions that harm shareholder interests.
About Sherritt International
Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition. Sherritt's Moa Joint Venture has a current estimated mine life of 25 years and has embarked on an expansion program focused on increasing annual mixed sulphide precipitate production by 20% of contained nickel and cobalt (100% basis). The Corporation's Power division, through its ownership in Energas S.A., is the largest independent energy producer in Cuba with installed electrical generating capacity of 506 MW, representing approximately 10% of the national electrical generating capacity in Cuba. The Energas facilities are comprised of two combined cycle plants that produce low-cost electricity from one of the lowest carbon emitting sources of power in Cuba. Sherritt's common shares are listed on the Toronto Stock Exchange under the symbol "S".
View source version on businesswire.com: https://www.businesswire.com/news/home/20240423913759/en/
Tom Halton
Director, Investor Relations and Corporate Affairs
Email: investor@sherritt.com
Telephone: (416) 935-2451
www.sherritt.com
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/NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /
SC2 Inc. (" SC2 ") is pleased to announce that 16,899,224 common shares of Sherritt International Corporation (TSX: S) (" Sherritt "), representing 4.25% of the Sherritt public float, have already been tendered to the previously announced offer by SC2 to purchase up to 21,621,621 common shares of Sherritt, at a price of $0.37 per common share (the " Offer ").
Only 4,722,397 common shares remain available for purchase under the Offer, which expires on May 3, 2024 . SC2 expects to take up and pay for all the common shares tendered to the Offer no later than May 7, 2024 .
If more than the maximum number of common shares for which the Offer is made are delivered in accordance with the Offer and not withdrawn at the time of take up of the common shares, the common shares to be purchased from each depositing shareholder will be determined in priority based on the order in which those deposits were received by the Olympia Trust Company, the Depositary and Information Agent, rather than on a pro rata basis according to the number of common shares delivered by each shareholder.
For more information on the Offer please refer to SC2's news releases dated April 8, 2024 , and April 10, 2024 , and the letter to shareholders and letter of transmittal to be used to accept the Offer, which are posted at www.sedarplus.ca , under Sherritt's SEDAR+ profile.
If you have any questions with respect to the Offer, or need assistance in depositing your common shares, please contact the Depositary and Information Agent for the Offer: North America Toll Free Number: 1-833-684-1546; Outside North America Call Collect: 1-587-774-2340; Email: cssinquiries@olympiatrust.com .
This news release contains forward-looking information within the meaning of securities laws. In general, forward-looking information refers to disclosure about possible conditions, events, or financial performance that is based on future economic conditions and courses of action, and includes disclosure that is presented as a forecast, plan, or projection. More particularly and without limitation, this news release contains forward looking information concerning SC2's plans to take up and pay for the common shares of Sherritt that are tendered to the Offer. The forward-looking information is based on certain key expectations and assumptions made by SC2. Although SC2 believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because SC2 can give no assurance that they will prove to be accurate. By its nature, forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed in this news release. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date of this news release, and to not use such forward-looking information for anything other than its intended purpose. SC2 undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by securities laws.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE SECURITIES IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES OR OTHER LAWS. THE OFFER IS BEING MADE SOLELY PURSUANT TO THE LETTERS, WHICH SET FORTH THE COMPLETE TERMS OF THE OFFER THAT SHAREHOLDERS SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.
SOURCE SC2 Inc.
View original content: http://www.newswire.ca/en/releases/archive/April2024/22/c4693.html
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