Battery Metals

Canada Silver Cobalt Works Inc. is pleased to provide an update on its activities in the Province of Québec. The Company has now secured 689 claims covering 38,129.4 hectares of prosperous ground with F igure 1 showing the location of the main properties. The Company has budgeted 2.2 million dollars of exploration for these properties this year. Geophysical airborne surveys completed, and drill program has been ...

Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) ( Frankfurt : 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to provide an update on its activities in the Province of Québec. The Company has now secured 689 claims covering 38,129.4 hectares of prosperous ground with F igure 1 showing the location of the main properties. The Company has budgeted 2.2 million dollars of exploration for these properties this year. Geophysical airborne surveys completed, and drill program has been scheduled on the B2 property for the second quarter this year.

Highlights:

1)     The Geophysical Airborne Survey

2)     The CCW approach for nickel and copper properties

3)     Historical highlights on the key properties for 2021

Canada Silver Cobalt contracted Sander Geophysics Limited to carry out geophysical airborne surveys on 5 properties in Quebec . The airborne surveys were aimed at measuring the Gravity and Magnetic field.  The Company is seeking to identify the magmatic reservoir potentially hosting significant amounts of Nickel- and Copper-Sulphide masses at the base of the magmatic chamber. The priority target areas of these first airborne surveys are the following properties:

  • Graal – Nourricier Lac Suzanne
  • Lowney, Lac Edouard South-East
  • Forgues East Manic Crater
  • Fuchsia-Massif du Nord
  • B15 Bouguer anomaly

The final reports are pending, and details will be disclosed once received and evaluated. This information will be used to prepare subsequent drill programs. Technical datasheets are being prepared for each of the properties and will be posted on the website once completed.

The Company has started preliminary geological sampling on the B2 & Grand Portage properties.  The B2 property option has shown high-grade Copper in the discovery showing and a maiden drill program is expected to start by the second quarter to test the mineralized structure identified. Mineralization appears to be associated with a structural shear ( Figure 2 shows sulphide mineralization from channel sample). The observations from the channel sampling indicated the property deserved additional work and a ground magnetic orientation survey was completed ( Figure 3 shows the first vertical derivative ground magnetic survey with channel sample and high-grade sample (starred) locations identified).  A total of 41 channel samples with 3 blanks and standards were sent to SGS Laboratory in Québec. The highest grade came from the gossan sample with 17.53% Copper, 0.245 % Nickel and 0.026 % Cobalt, while channel sample results range from 25 to 2887 ppm Copper, 11 to 3452 ppm Nickel, and 11 to 385ppm Cobalt.

At Grand Portage, geological sampling with a portable drill with 30-centimetre depth capability using (AQ) drill core has confirmed the presence of mineralization of interest at surface. Figure 4 shows sulphide mineralization in the 3.2-cm diameter core. The mineralization associated with mafic-ultramafic blobs deserves additional work.  Five core samples with 1 standard were sent to AGAT laboratory in Ontario . The highest grade came from sample #10404 with 1.63% Nickel, 0.61% Copper and 0.068% Cobalt.  Samples range from 0.02 to 0.61% Copper, from 0.05 to 1.63 % Nickel, from 0.011 to 0.06% Cobalt, from 1 to 7 g/t Silver, from 0.001 to 0.04 g/t Gold and from trace Palladium 0.002 to 0.007 g/t.

CEO Frank J. Basa , P.Eng. notes, "It is Canada Silver Cobalt's intention to transfer its non-silver assets, in exchange for shares, to another public company to be identified by the Company, and to do a proportional distribution of shares by way of dividends to Canada Silver Cobalt's shareholders." Frank J. Basa , P.Eng., further comments, "This transaction will enhance shareholder value by offering exposure to two strong developing market forces with increased investor focus to the potential that the company sees with a pure precious metal play with the Robinson Zone from the former high-grade Castle Silver Mine area in Gowganda, Ontario and with the EV properties that have been recently acquired in Quebec and Ontario ."

The CCW approach in Québec for Nickel & Copper deposits

In 2020 the Company staked known showings and made option agreements to secure, as of today, a total of 689 claims covering 38,129.4 hectares of prospective Nickel and Copper mineralization. Of these, 27,738.6 hectares in 501 claims is 100%-owned by Canada Silver Cobalt and 36 Claims over 1981 hectares are under option with Globex Mining Enterprises (Lac Suzanne & Massif du Nord ) and another 152 Claims covering 8409.8 hectares with Frederic Bergeron (B2 property) .

The main drivers for determining primary targets in Québec, largely in the Grenville geological province, are the Bouguer Gravity anomalies combined with the presence of mineral showings, positive drilling results and positive geology. The secondary targets show associations with structural shear zones.

The mineralization model is the classic Martini Glass – Saint Graal shape ( Figure 5 ). In the Magmatic Mineral Deposits image where disseminated and net-textured sulphides are on the sides of the magmatic reservoir and massive sulphides at the bottom of the glass as in the figure below (source: Earth Science Australia, earthsci.org).

Figure 5. (CNW Group/Canada Silver Cobalt Works Inc.)

GoldMinds was mandated to identify properties for CCW with the potential of having such a reservoir with a significant amount of hidden massive sulphides. The selected magmatic intrusions differ in size, however the largest and most extensive have a much higher chance to hide a significant massive sulphide deposit. In some places, an interesting relationship between the identified reservoir and high potential Nickel-Copper magmatic deposit and the presence of Biodiversity preserves was identified. As the selection of biodiversity preserves by Natural Resources Fauna & Parks, and the Ministry of Environment are independent of the Natural Resources development, Goldminds surmises the gravity, as well as mineral-rich basement, has enabled plant, insect, and mammal species biodiversity to develop better in these specific areas independently. As such, the Company's Forgues East Manic Crater property in Mont-Groulx is outside of the ecologic preserves where the sweet spot with the most significant showing and Bouguer Gravity anomaly occurs. Our conceptual model suggests that the meteorite impact was north-northeast and has created the Mont-Groulx platform, substantiated by the presence of the Gravity anomaly combined with the Nickel-Copper showing. This is also observed in the Fushia/Massif du Nord where the center of the reservoir is covered by a restricted area. It is also important to consider the Bouguer anomaly geophysical survey. The Bouguer anomaly is a precise drill target method as the anomaly locates directly above the body of higher density.

The case study of the massive Kidd Creek mine deposit is a clear indication of this. Figure 6 (source: Abitibi Geophysics) shows the Vertical Bouguer VMS signature versus other techniques which offset the location of the body. The bigger the Bouger anomaly is, the bigger the deposit can be.

Figure 6. (CNW Group/Canada Silver Cobalt Works Inc.)

Highlight of the key properties

The Graal - Nourricier Lac Suzanne, Lowney ( Lac Edouard ), Fushia Massif du Nord and Forgues East Manic Crater properties are the most promising magmatic reservoirs identified as it stands today. The Company's intention is to drill right on the maximum Bouguer Anomaly identified. Below are some highlights (mostly historical data retrieved from public reports and information on SIGEOM) on the main properties of interest where we are of the opinion that the results to date are only mineralization on the side of the magmatic reservoir and the Massive Sulphides are still hidden at depth.

GRAAL – Nourricier Lac Suzanne

This property, comprising 71 CCW claims over 3,947 Hectares and 23 optioned claims from Globex comprised of 3 distinct blocks totaling 1,276 hectares for a combined total of 5,223 hectares,  is the most promising target. It is southeast of Lac à Paul Arianne Phosphate deposit. The property is located approximately 160 kilometers NNE of the city of Saguenay and 272 kilometers east of Chibougamau in NTS 22E15. The central and southern claim blocks are underlain by anorthosites, gabbros and troctolites pertaining to the anorthositic suite of Lac-St-Jean, whereas the northern block is underlain by tonalitic and trondhjemitic gneisses pertaining to the Rouvray gneissic Complex.

Previous work on the Lac Suzanne property was performed by Mines d'Or Virginia Inc. between 1997 and 2001. This work consisted of airborne geophysical surveys (magnetic and electromagnetic) followed by ground surveys (magnetic and electromagnetic – MaxMin) in order to more precisely locate the anomalies that were outlined by the airborne surveys. These surveys were followed by geological mapping, trenching, blasting, soil geochemical and rock sampling. The last exploration work done, within the limits of the present claims, consisted of diamond drilling, where 13 holes were drilled totaling 1,473 meters. The MaxMin survey delineated a good electromagnetic conductor over a strike length of over 6.5 kilometers which has only been sparsely explored, with up to 800 meters drill hole spacing or more and the deepest hole investigated at merely a 100 meters vertical depth. Knowing this, there remains a lot of ground to investigate more thoroughly.

The best results from the rock and drill core sampling returned grades of up to 10.31% Nickel, 4.9% Copper and 1% Cobalt from diamond drilling. The mineralization found on the Lac Suzanne property is of the magmatic massive sulphide type where sulphides are concentrated within a magmatic chamber. The Voisey's Bay deposit in Labrador (141 million tonnes of ore grading 1.63% Nickel, 0.85% Copper and 0.09% Cobalt. Source of information (Current Research (2003) Newfoundland Department of Mines and Energy Geological Survey, Report 03-1, pages 231-239 - VOISEY'S BAY AND THE NICKEL POTENTIAL OF LABRADOR : A SUMMARY FOR THE NONSPECIALIST by A. Kerr.) is of this same type. The exploration work done on the Lac Suzanne thus far has barely scratched the surface. As exploration deepens, there is a good chance that richer grades might be encountered. There are many identified, near-surface mineralized zones which dip toward the Bouguer Anomaly sweet spot.

On the Nourricier portion, there is Nourricier A (97-01), A (97-c235), B (NB 97-01) B (NB97-02) sector. The hole collar NA-97-01 (GM 56023) locates the deposit. It is near the RT-97-C238 trench which revealed even higher grades. "Recognized intrusive breccias in the Feeder (Nourricier) Sector (A and B) with fragments of olivine containing droplets of sulphides indicating crystallization of olivines in a sulphide bath are strongly similar to mineralization at Voisey's Bay".

The host rock is gabbro or anorthosite injected with levels of pyrrhotite which give the rock an appearance of breccia. The mineralization consists of disseminated to massive pyrrhotite (max 70%) sometimes accompanied by chalcopyrite (1% or less) and garnet (35%, when the matrix is gabbro, at 45.5 m in the hole). Magmatic mineralization, dominant Nickel-Copper (± Cobalt ± PGE), is associated with anorthositic-troctolitic massifs.

MHY A (97-03) MHY (97-02)  Occurrence

Highlight:
MHY-97-02: 0.21% Copper, 0.22% Nickel and 338 ppm Cobalt over 0.6 m to 22.5 m ; 0.12% Copper, 0.27% Nickel and 395 ppm Cobalt over 0.3 m to 34.8 m ; Blasting: RT-97-C319: 0.18% Copper, 0.2% Nickel and 319 ppm Cobalt; Blasting FL-97-C 15: 0.1% Copper, 0.28% Nickel and 900 ppm Cobalt (smp689824); 0.62% Copper, 0.13% Nickel and 276 ppm Cobalt (smp689751); 0.53% Copper, 0.09% Nickel and 171 ppm Cobalt (smp689753).

MHY-97-03: 1447 ppm Copper, 5143 ppm Nickel and 533 ppm Cobalt over 0.6 m to 16.4 m ; 0.6% Copper over 0.8 m to 12.3 m ; SM-97-C-21: 0.52% Copper and 0.06% Nickel; RT-97-C-240: 0.22% Copper; RT-97-C-245 ( 400 m to the southwest): 0.34% Copper and 0.12% Nickel. GM 59143: drillhole 1279-01-35 ( 360 m to the northeast): 0.37% Nickel, 0.18% Copper and 0.04% Cobalt over 4.3 m including 0.95% Nickel over 0.5 m .

Lake Suzanne North

Occurrence of massive sulphide veins.

Highlight: The best values from hole 1279-01-37 show 0.29% Nickel, 0.05% Copper and 0.03% Cobalt over 1.0 m ; 0.3% Copper over 0.3 m ; 12.65% TiO 2 , 13.16% MgO and 0.2% P 2 O 5 over 30.6 m

Suzanne Lake-NO

The mineralization occurs in the form of massive sulphide veins intersecting massive and very homogeneous units of amphibole anorthosite and leucogabbro.

Highlight: Drill hole 1279-01-36 has 10.31% Nickel, 0.06% Copper and 0.05% Cobalt over 0.3 m , as well as 0.14% Nickel, 4.27% Copper and 0.03% Cobalt over 1.0 m . This interval corresponds to a centimetric vein of sulphides rich in chalcopyrite intersecting the drillhole at a low angle.

Lac Edouard South East – Lowney

Located in NTSC 31P09, the property is composed of 67 claims covering 3,622.5 hectares. Highlight: South of the former historical mine grades of 2.17% Nickel and 0.53% Copper over 7.1 m and 1.00% Nickel and 1.00% Copper over 3 m were identified (holes 745 and 736, GM 27800, page 6). The CCW claims location correspond to the highest Bouguer Anomaly data.

Fushia- North Massif

The property in NTSC 22K16 totals 87 Claims covering an area of 4,718.43 hectares. CCW owns 74 Claims over 4,013.43 hectares in addition to the Globex Massif du Nord option of 13 Claims over 705 hectares.

Highlight: Source GM 55930: Borehole 1181-98-22: 0.56% Nickel, 0.28% Copper and 0.02% Cobalt over 1.49 m from 46.82 m to 48.31 m including 1.10% Nickel, 0.37% Copper and 0.05% Cobalt over 0.62 m from 47.22 m to 47.84 m . GM 55900: 0.39% Nickel, 0.16% Copper, 251 ppm C; Grab sample, 1.40% Nickel, 0.12% Copper, 830 ppm Cobalt.

As well 1.30% Nickel, 0.43% Copper, 0.07% Cobalt over 2.10 m from 56.32 m to 58.42 m (hole 11-1-97-05, GM 55608); 0.41% Nickel, 0.36% Copper, 0.03% Cobalt over 5.45 m (channel samples, GM 54733) including 0.69% Nickel, 0.39% Copper, 0.14% Cobalt over 2.85 m . "The average of seven analyses of semi-massive and massive Nickel-bearing sulphides gives 1.51% Nickel, 0.28% Copper and 0.10% Cobalt" (GM 55900, p.15). "The average of twenty-three analyses of mineralized pegmatite gives 1112 ppm of Nickel, 1740 ppm of Copper and 83 ppm of Cobalt" (GM 55900, p.16). Sampling about 400 m to the North of the first showing discovered, gave 1478 ppm Copper in a biotite-graphite paragneiss (GM 55900 p.15). MRNF (2011 field campaign): Analysis of a sample from a trench yielded 1.30% Nickel and 0.43% Copper over 2.1 m . A sample chosen by the MRNF gave, on analysis, > 1% Nickel, 0.12% Copper, 0.11% Cobalt, 133 ppb Palladium, 1.7 ppb Platinum and 3 ppb Gold, for 34.6% Sulfur.

Forgues 8305 Sud – NE East Manic Crater – Mont Groulx

In NTSC 22O12, a total of 26 Claims covers an area of 1390.53 hectares.

Showing grab sample highlights: 0.44% Nickel, 0.12% Copper and 0.09% Cobalt (Chosen sample No. 8305, GM 52850); 0.06% Nickel, 0.04% Copper and 0.02% Cobalt (Chosen sample No. TC-94-80A2); Forgues 8314: 0.199% Copper, 0.16% Nickel, 0.02% Cobalt, and 0.01% Zinc.

Grand Portage

In NTSC 22F04, a total of 39 Claims covers an area of 2196 hectares. The structurally controlled mineralization is associated with mafic rocks.

Highlight: Sample 07-AE-5190A gave the following results (SGDAC 2007045639): 19.91% Fe 2 O 3, 1.18% TiO 2 , 0.34% P 2 O 5 , 147 ppm Vanadium, 4596 ppm Nickel, 1936 ppm Copper, 5 ppb Palladium, 0.4 ppm Silver, 3.4 ppb Gold, 2.53% Sulphur. GM 65449: In 2011, this deposit was the subject of a re-analysis by a prospector ( Jacques Tremblay ).  The best grades returned: 4630 ppm Copper and 9540 ppm Nickel (Chosen sample G.P. 09-04); 3530 ppm Copper and 11,950 ppm Nickel (Selected sample G.P. 09-07). GM 67942: the best results among the samples chosen are 7050 ppm Nickel, 3500 ppm Copper, 175 ppm Cobalt (sample 3328); 3120 ppm Nickel, 1395 ppm Copper, 120 ppm Cobalt (sample 3325). The best result obtained among the channel samples was 0.83% Nickel over 1 m . One sample from a portable manual drill returned 5.09% Nickel, 0.17% Copper and 0.119% Cobalt (sample 9389).

B2 Property - Frederic Bergeron option

Located in 22E11, the B2 discovery is an entirely new showing in the whole area. It has 152 claims comprising 8409.8 hectares. The property contains new showings for Nickel-Copper-Cobalt, and for Copper-Silver-Gold that were discovered by Alain Berclaz and Frederic Bergeron in 2019. It is north of Lac-St-Jean and is accessible by gravel road.

Exploration results of the owners:

  • The mineralized zone is trending NNW-SSE and traceable along strike over about 1 kilometer and is open in all directions. A series of 21 samples have been cut and analyzed by a portable XRF. Preliminary results returned (# A0066060 to A0066080): Up to 1.5 % Nickel, 1.2 % Copper, 0.21% Cobalt for massive Nickel-Copper-Cobalt mineralization. Up to 2.3 % Copper, 0.4% Nickel for the epithermal veinlets associated with quartz injections.
  • Stripping of the B2 Showing over a strike length of 35 m and a width of 8- 10 m produced a total of 5 grab samples which returned the following assays:

for massive Nickel-Copper-Cobalt mineralization:

  • 1.05 % Nickel, 0.13 % Copper, 0.10 % Cobalt
  • 0.96 % Nickel, 0.10 % Copper, 0.09 % Cobalt
  • 0.69 % Nickel, 0.62 % Copper, 0.19 % Cobalt

for the epithermal veinlets associated with quartz injections:

  • 9.28 % Copper, 18.2 g/t Silver, 0.34 g/t Gold
  • 2.97 % Copper, 5.7 g/t Silver, 0.29 g/t Gold, 0.10 % Nickel

The mineralization on the B2 Showing is associated with a regional fault structure.

QA/QC samples were sent to SGS for B2 and to AGAT laboratory for Grand Portage with blanks and standards. The control samples of the laboratory are also in line with the expected results and enable public disclosure of the preliminary results in this release.

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 released the first-ever resource in the Gowganda Camp and greater Cobalt Camp in May 2020.  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 Robinson Zone beginning at a vertical depth of approximately 400 meters, was identified. The discovery remains open in all directions (1A and 1B are approximately 800 meters from the Capitol Mine workings) (mineral resources that are not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt Works Press Release May 28 , 2020.  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 .

Canada Silver Cobalt's flagship Castle mine and 78 sq. km Castle Property feature 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, 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.

"Frank J. Basa"
Frank J. Basa , P. Eng.
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.

Figure 1. Nickel - Copper Property Location (CNW Group/Canada Silver Cobalt Works Inc.)

Figure 2. Sulphide mineralization from channel sample on B2 property (CNW Group/Canada Silver Cobalt Works Inc.)

Figure 3. B2 Showing and channel location with ground geophysical survey (CNW Group/Canada Silver Cobalt Works Inc.)

Figure 4. (3.2cm-diameter Core) Sulphide mineralization in Verification Core of Grand Portage showing (CNW Group/Canada Silver Cobalt Works Inc.)

SOURCE Canada Silver Cobalt Works Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2021/20/c3539.html

News Provided by Canada Newswire via QuoteMedia

Canada Silver Cobalt Works

Canada Silver Cobalt Works

On Track for Silver and Battery Metals Production Within 2 Years

Canada Silver Cobalt Works Inc. (TSXV:CCW, OTCQB:CCWOF, FWB:4T9B) is a dual-focus silver and battery metals (nickel, copper, cobalt) exploration/development company with operations in Northern Ontario and Quebec.

These metals are all classified as energy metals involved in the electrification trend underway around the world and they will continue to be in demand for many years to come.

The Company has two major projects underway – Castle East and Graal – with exciting announcements in the coming weeks/months.

Upcoming Catalysts:

  • Major update in the silver resource estimate (with cobalt byproduct) planned for end-March or early April, 2022 at the Castle East deposit, which has the highest silver grades in the world. The update will include 7 new high-grade silver-cobalt veins discovered since the last estimate (based on only 1 vein) was published;
  • Numerous high-grade silver drill results (highest so far is 89,853 g/t Ag or 2,621 oz/ton) from continued drilling at Castle East, which is in Northern Ontario;
  • Additional drill results from the Graal project in Northern Quebec where the company has drilled into major sulphides containing nickel, copper and cobalt;
  • Completion of environmental baseline studies and the filing of an application for permits to build a ramp to access the high-grade silver veins at Castle East that will be processed into silver dore bars at the company’s fully permitted TTL ‘mini-mill’ facility in nearby Cobalt, Ontario;
  • Completion of a PEA in the summer on the economics of constructing the ramp down to the high-grade veins at around the 500m level, which will include revenues from the silver processed from large bulk samples that can be extracted and providing the company with the ability to drill from underground to further expand the size of the deposit.

Fast-Tracking Silver Production (with cobalt by product)

Canada Silver Cobalt is following a fast-track development model towards producing silver along with battery metal cobalt as a byproduct – both 'energy' metals needed to advance the world's alternative energy future.

Instead of the traditional route taken by mining companies to stretch out development over many years in a series of steps – exploration drilling, then resource studies, then engineering studies, followed by permitting – Canada Silver Cobalt is doing all of these at the same time in what it describes as “real time" mine development.

As the Company conducts its drill program to increase resource estimates at its spectacular high-grade silver-cobalt deposit at Castle East, it also is doing the environmental studies and preparing the applications for permits to construct a ramp down to the 500-meter level in order to extract the very high-grade silver-cobalt it has discovered there. The Company is also working on the engineering for the ramp and organizing contractors for constructing the ramp when the permits are received. Once the high-grade material is extracted, the Company can use its 100% owned “mini-mill" facility nearby which during past mining in the area produced as much as 2.5 million ounces of silver annually for mining companies when it operated as a government facility in the 1900s.

If all goes well, Canada Silver Cobalt could be producing enough silver within two years to pay for the ramp construction in a very short time frame and also fund additional exploration/development of its properties. The Company is also working on optimizing its proprietary, environmentally-compliant Re-2Ox extraction process technology which has been proven in lab tests to produce cobalt sulphate (and nickel and copper sulphates) in line with the strict specifications manufacturers require for EV batteries.

The Company also has other initiatives underway that will advance its position in the precious and battery metals market including exploration of gold properties in Ontario and nickel-copper-cobalt properties in northern Quebec.

More information below and at the Company's website and in the Company's investor presentation at www.canadasilvercobaltworks.com

Overview

Canada Silver Cobalt Works Inc. (TSXV:CCW,OTCQB:CCWOF,FWB:4T9B) has 100% ownership of the past-producing silver-cobalt Castle mine and the 78 sq. km Castle Property with strong exploration upside in the prolific past producing Gowganda high-grade Silver Camp of Northern Ontario.

The Company's recent acquisition of the Temiskaming Testing Laboratories in Cobalt, Ontario, the only facility in the Northern Ontario Silver-Cobalt District that combines bullion pouring, bulk sampling, commercial assaying and e-waste processing, makes Canada Silver Cobalt a vertically integrated leader in Canada's Silver-Cobalt heartland.

This facility will also become the new home of Canada Silver Cobalt's 100 percent-owned Re-2OX Process, an environmentally friendly solution for producing technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations.

The company recently announced that it has engaged SGS Canada's Lakefield Testing Facility to design a Re-2Ox pilot plant which will eventually be located at the TTL facility. It has also contracted with SGS to test the Re-2Ox process for battery recycling.

A notable highlight of recent drilling on the property is the discovery in the Castle East Robinson Zone of massive native silver grades of up to 89,853 silver (2,621 oz/ton) over 0.3 meters, with intercepts also showing cobalt grades up to 2.2% Co. Further drilling has greatly expanded the potential scale of the discovery.

On May 28, 2020, the company announced a sizeable Maiden Inferred Resource estimate of 7.6 million ounces of high-grade silver grading an extraordinary 8,582 g/t (250.2 oz/ton) silver the highest grade silver resource in the world. The company plans to upwardly revise this resource estimate in Q1 2022 based on the 60,000-meter drill program underway and the discovery of seven new high-grade silver veins since the initial resource estimate (which was based on only one vein).

As of the end of January 2022, 55,000 meters of the drill program had been completed and additional drilling is underway, with results pending. The Robinson Zone is 1.5 km east of the Castle Mine's adit and two of its previous mine shafts when it was a past producer in the 1900s. The company intends to restart the mine and is proceeding with various work including permitting towards that goal.

Agnico Eagle Mines Limited (TSX:AEM) operated the Castle mine in the 1980s when it was considered to be the highest-grade silver mine in the camp with an average mining grade of 26 ounces per ton silver. In its history, the mine produced 9.6 million oz silver and 300,000 lbs of cobalt as a by-product.

CCW is in a good position to take high-grade ore and process it into silver bars at TTL. In its initial years in the Cobalt Camp, Agnico Eagle processed high-grade silver ore at the TTL bulk facility and poured 1.6 million oz of silver annually into bars using TTL's bullion furnace. Other companies also produced another 1 million oz silver per year.

Also in the works at CCW is the design, planning and permitting for a ramp going down to the extremely high-grade silver discovery in the Robinson Zone at Castle East at about the 500 meter level.

The ramp would provide two extremely important benefits: 1) it would provide the company a way to extract the very high-grade silver to process at TTL into silver bars and the revenue generation from that would be considerable and would help pay for the ramp; and 2) the ramp would actually be an important exploration tool since it would likely intercept vein systems as it cut through the rock and drill pods could be established in key locations to permit underground horizonal-fan drilling for exploration at a much lower cost than drilling from the surface.

The Castle mine has fully-permitted access for its underground workings, providing the company with a significant advantage when it comes to putting the mine back into production. CCW has used its adit access for underground drilling and bulk sampling on Level 1 in preparation to resume mining.

Underground drilling on Level 1 at Castle recently discovered an exceptionally high-grade silver-cobalt vein structure. Initial drill results include seven meters grading 2.28 percent cobalt, 261 g/t silver and 1.65 percent nickel, 2.54 meters grading 1.87 percent cobalt, 4,763 g/t silver, 1.29 percent nickel and 1.19 g/t gold and 0.60 meters grading 3.16 percent cobalt and 10,741 g/t silver.

In a surprising development, high-grade gold of up to 22.7 g/t was unexpectedly discovered – along with high-grade cobalt, silver and nickel – in underground drilling on Level 1 in late 2019 (results announced on January 3, 2020).

In addition to the company's exploration efforts, CCW is working on obtaining an amendment to its existing advanced exploration permit so the company can move ahead with its proposed tailings program. Recent testing of material from the Castle mine's historical tailings pond has returned a calculated head assay of 459 g/t silver and produced a high-purity flotation concentrate grading 18,486 g/t silver with an initial recovery of 70 percent.

The company's on-site proprietary gravity separation pilot plant has produced an 8.25 percent cobalt concentrate from a waste pile left by previous operators. Head grades of the material from the waste pile tested graded 0.390 percent cobalt and 1,905 g/t silver.

Canada Silver Cobalt Works is led by Chairman and CEO Frank Basa, who has over 30 years of global experience in mining and development as a professional hydro-metallurgical engineer with expertise in milling, gravity concentration, flotation, leaching and refining of silver, cobalt, gold and other metals. Basa is also responsible for developing the company's proprietary Re-2OX hydrometallurgical process, an environmentally-friendly approach to extracting metals without the need of a smelter.

The battery industry has specific criteria that needs to be met in terms of its materials. For lithium-ion batteries it is necessary for companies to produce a 20 percent cobalt sulfate with limited arsenic. Canada Silver Cobalt Works has been able to demonstrate that its Re-2OX process is capable of producing a battery-grade 22.6 percent cobalt sulfate meeting these industry specifications.

Canada Silver Cobalt Works' portfolio also includes the Beaver and Violet silver-cobalt projects, both past-producers in the Cobalt camp.

Company Highlights

  • 100-percent ownership of three past-producing properties including the Castle mine near Gowganda and the Beaver and Violet silver-cobalt mines near Cobalt. The company's goal is to resume underground mining using modern mining techniques.
  • Silver and cobalt are essential metals in renewable energy technology. Cobalt is used in three of the four main types of lithium-ion electric car batteries, and silver is used in 90 percent of crystalline silicon photovoltaic cells in solar panels.
  • Preliminary metallurgical testing in 2017 returned excellent silver and cobalt recoveries and concentrate grades and subsequent testing confirmed it.
  • Exceptional discoveries at Castle since 2011 from sampling and drilling, intersecting very high grades of silver (mentioned above) and up to 4.68 percent cobalt along with nickel and gold.
  • Channel sampling in 2014 exposed significant gold and copper mineralization and led to the discovery of Castle Golden Corridor zone.
  • Subsequent geophysical and geochemical programs at the property has identified numerous high-potential drill targets.
  • Proprietary Re-2OX process achieves 99 percent cobalt recovery.
  • The lab/bulk sampling facility acquisition provides Canada Silver Cobalt Works with additional revenue opportunities and helps the company realize its goal of becoming a vertically-integrated leader in North America.

Key Projects

Canada Silver Cobalt Works' flagship property: Castle Mine

The 78 square-kilometer Castle cobalt-silver project is located in the historic Gowganda mining camp, 85 kilometers northwest of Cobalt, Ontario. The camp was responsible for more than 50 million ounces of high-grade silver production in the 1900s. Infrastructure on and near the property includes year-round access to roads, water, diesel power, three shafts and an adit.

Two geological trends have been identified on the property including a north-south trending Nipissing diabase intrusive, which is the typical host rock for silver-cobalt-nickel deposits in the area, and a potential gold trend along the Bloom Lake fault.

The project hosts the historical Castle mine, a former silver-cobalt mine that has reportedly produced 300,000 pounds of cobalt and 9.5 million ounces of silver. Historic underground ore grades averaged 25 ounces per tonne silver between 1923 and 1930 and 26 ounces per tonne silver between 1979 and 1989. The Castle mine's previous owner, Agnico Eagle, ceased production in 1989 due to low silver prices (in the range of US$6 per ounce).

The Cobalt camp is primarily comprised of cobalt veins that contain varying amounts of silver. In the past, miners focused on veins that contained high-grade silver and ignored the low-grade silver veins even though they contained high-grade cobalt. Cobalt was not considered important at the time and routine drill core assays only focused on silver content.

Despite the past-production at Castle, the property remains largely underexplored and may host several significant high-grade underground cobalt and silver deposits.

Castle Golden Corridor Zone

The previously discovered 800-meter Castle Golden Corridor zone is located about 1.7 kilometers from the Castle #3 shaft and has a geological setting similar to the past-producing Kirkland Lake deposit (40 million ounces of gold) located 75 kilometers to the northeast. The zone is highly prospective for high-grade hydrothermal-related gold systems with copper. The zone has been drilled to a depth of 300 meters.

Channel sampling work conducted at the Castle Golden Corridor zone in 2014 returned 2.2 meters grading 2.24 g/t gold and copper values as high as 1.03 percent. Canada Silver Cobalt Works has also identified a 725-meter-long, east to west-trending IP anomaly with an associated chargeability halo in this area.

Access to Underground Workings

Canada Silver Cobalt Works is the only company in the Cobalt camp to have fully-permitted underground access via an adit. This allows for easy entry into the mine for extracting bulk samples and exploratory drilling to target new discoveries. Access to the underground workings also speeds up the time to production as CCW won't have to spend time establishing the mine adits. Drilling from underground can also be less costly and provides greater probability of success. CCW has mapped previously discovered veins using its extensive database which contains all of the past drilling and mine workings from the early 1900s.

Throughout 2018 and 2019, Canada Silver Cobalt Works conducted underground drilling at the Castle mine. Twenty-five percent of the assayed holes returned high-grade intercepts of 1.77 meters grading 1.05 percent to 3.7 percent cobalt. Additional drilling highlights include:

  • 28 percent cobalt, 261 g/t silver and 1.65 percent nickel over seven meters in hole CA18-001
  • 70 percent cobalt, 4,763 g/t silver, 1.29 percent nickel and 1.19 g/t gold over 2.54 meters in CA18-002
  • 16 percent cobalt and 10,741 g/t silver over 0.60 meters in CA18-003

Pilot Plant

Management is working towards the eventual construction of a state-of-the-art 600 tonne per day gravity flotation cyanidation mill at Castle or nearby.

An on-site pilot plant has produced an 8.25 percent cobalt concentrate from waste material. Head grades from the waste pile left behind by previous operators tested 0.390 percent cobalt and 1,905 g/t silver.

TTL: Metallurgical Potential for Cobalt Products and Battery Recycling

With the goal of realizing the company's vision of becoming a vertically-integrated leader in North America, Canada Silver Cobalt Works has acquired Temiskaming Testing Labs (formerly PolyMet Labs), an ISO-certified lab facility with mineral and precious metals processing located in Cobalt, Ontario.

The 23,000-square-foot facility provides bullion pouring, bulk sampling, commercial assaying and e-waste processing services to the numerous mining operations in the area. The facility is also capable of processing mixed computer boards through its shredder and ball mill to recover precious and base metals.

The building is located near the company's Castle and Beaver mines and will host Canada Silver Cobalt Works' headquarters and proprietary Re-2OX process.

The company has poured three 300-ounce silver bars in a proof-of-concept test at the facility. The test was able to prove that the Castle mine has the potential to produce silver as well as cobalt from the underground and surface waste material and tailings. The pilot plant at the Castle mine separated leaf silver and created a silver gravity concentrate from mineralized waste material. The concentrate and silver leaf were smelted at the lab before forming the bars.

CCW was also able to recover cobalt from the same mineralized waste material using its Re-2OX process. The recovered materials were then sent to SGS Lakefield to produce a cobalt sulfate.

The Re-2OX hydrometallurgical process

The Re-2OX hydrometallurgical process is designed to recover multiple metals and elements from all types of feedstocks with varying chemistries. The process was developed by Canada Silver Cobalt Works CEO Frank Basa in conjunction with the National Research Council of Canada (NRC), Canada's premier scientific research organization.

To date, Canada Silver Cobalt Works has produced a cobalt sulfate in the lab and is working on developing other products for potential customers that utilizes the Re-2OX process. To this aim, the company has been conducting advanced-stage testing on the process with SGS Lakefield to determine the viability of recycling spent lithium-ion batteries. Canada Silver Cobalt Works believes that the Re-2OX process can help fulfill the demand for ethically-sourced cobalt, creating compelling opportunities in the battery and renewable energy sectors.

Re-2Ox Process Flowsheet

In May 2018, Canada Silver Cobalt Works announced that the Re-2OX process had successfully recovered 99 percent cobalt and 81 percent nickel from a composite of gravity concentrates. The process was also successful in removing 99 percent of arsenic, placing the company in a competitive position as battery manufacturers prefer to use cobalt with low arsenic contents.

Canada Silver Cobalt Works' Other Projects

Canada Silver Cobalt Works also owns two other highly-prospective properties in the Cobalt mining camp: the Beaver and Violet mines.

Cobalt Potential at Beaver

The Beaver silver-cobalt project is located in Ontario's historic Cobalt mining camp, adjacent to the former Timiskaming silver mine and approximately 80 kilometers southeast of the past-producing Castle mine. The project itself includes a former producer, the Beaver mine, which produced 7.1 million ounces of silver and 139,472 pounds of cobalt from 1907 to 1940.

High-grade mineralization has been repeatedly confirmed at Beaver. In 2017, selected hand-cobbed sample material at surface averaged 4.68 percent cobalt, 46.9 g/t silver, 3.09 percent nickel, 46.9 g/t silver and 0.08 g/t gold.

This follows sampling of historical waste rock and tailings at Beaver in 2013 that returned 7.98 percent cobalt, 3.98 percent nickel and 1,246 g/t silver.

Canada Silver Cobalt Works also holds the formerly producing Violet silver-cobalt mine located near the Beaver property in the Cobalt mining camp.

Cobalt rosettes in a quartz-carbonate vein at the Beaver Silver Mine

Management Team

Frank J. Basa, P. Eng.- CEO and Chairman

Frank Basa has over 28 years' global experience in mining and development as a professional hydro-metallurgical engineer with expertise in milling, gravity concentration, flotation, leaching and refining of silver, cobalt, gold and other metals. He is a member of the Professional Engineers of Ontario and a graduate of McGill University. Basa has been the Chairman, Chief Executive Officer and President of Granada Gold Mine Inc. since June 18, 2004.

Mr. Matt Halliday, P.Geo. - President, COO, VP Exploration

Mr. Halliday first joined Canada Silver Cobalt late last year from Kirkland Lake Gold where he served as resource geologist. A graduate of Dalhousie University in 2007, Mr. Halliday honed his skills for almost eight years with SGS Geostat, known as global leaders in orebody modelling and reserve evaluation. In 2016 he was part of the SGS team that pushed machine learning into the geological realm and claimed top prize in the $1 million Integra Gold Challenge.

Robert Suttie - CFO

Mr. Suttie currently works with Marrelli Support Services as its President, possessing more than 20 years of experience, ten of which were in public accounting prior to his tenure with the Marrelli organization. Mr. Suttie specializes in management advisory services, accounting and the financial disclosure needs of the Marrelli group's public client base. Mr. Suttie also serves as Chief Financial Officer for a number of other junior mining and technology companies listed on the TSX-V and CSE, leveraging his skills and experience to become integral to the reporting issuers.

Dianne Tookenay, M.P.A. B. Admin - Director

Dianne Tookenay holds a Certificate in Mining Law from the Osgoode Hall Law School, York University, a Joint Masters of Public Administration from the University of Manitoba, a Bachelor of Administration from Lakehead University and Native Band Management and Indian Economic Development Diplomas from Confederation College Applied Arts and Technology. Tookenay's experience, knowledge and deep roots within the First Nation communities will continue to add significant value to Canada Silver Cobalt Works' development efforts over the coming years.

Jacques F. Monette - Director

Jacques Monette is a career miner who has been engaged in every facet of underground mining for more than 40 years. His previous positions included Shaft Project Coordinator with Cementation Canada Inc., Vice President of Operations/Mining Division for Wabi Development Corp., Vice President of Development for CMAC Mining Group, Operations Manager for Moran Mining and Tunneling, as well as Area Manager for J.S. Redpath Group.

Robert Setter B.A. Econ. - Director

Robert Setter is the former Senior Financial Editor for Report on Mining. He brings an extensive business, marketing and analysis background to the company, is a graduate of UBC and holds a BA in Economics. Setter serves as Corporate Research and Analytics for Granada Gold Mine Inc. since 2012.

Tina Whyte - Corporate Secretary

Tina Whyte brings over 20 years of experience in the corporate and securities industry. Her expertise spans to areas of corporate governance, continuous disclosure, financing transactions, regulatory filings and compliance. Whyte holds corporate secretary positions with other publicly-listed companies.

Canada Silver Cobalt Begins Exploration at its Eby-Otto Gold Property Near Kirkland Lake

Canada Silver Cobalt Begins Exploration at its Eby-Otto Gold Property Near Kirkland Lake

(TheNewswire)

Canada Silver Cobalt Works Inc.

The Eby-Otto property is located in a prime geological setting with mineralized veins identified at surface, and is proximal to both the Cadillac-Larder Lake Break and an existing high-grade gold mine.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
IIROC Trading Halt - BMR

IIROC Trading Halt - BMR

The following issues have been halted by IIROC:

Company: Battery Mineral Resources Corp.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Amendment of Option Exercise Price

(TheNewswire)

Jervois Global Limited

9 May 2022 TheNewswire (Australia) Jervois Global Limited (" Jervois " or the " Company ") (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) advises that as set out the explanatory statement to the Notice of Meeting sent to shareholders in relation to the Annual General Meeting (" AGM "), and in compliance with the relevant provisions of the Listing Rules of the Australian Stock Exchange (" ASX ") to ensure fair and equitable treatment to option holders in the event of Rights Issues, the formula and methodology of outstanding options have been adjusted as per below.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Electra Drilling Intersects High Grade Cobalt, Extends Mineralization at Idaho Project

Electra Drilling Intersects High Grade Cobalt, Extends Mineralization at Idaho Project

Electra Battery Materials Corporation (NASDQ: ELBM) (TSXV: ELBM) ("Electra") is pleased to announce that drilling at its cobalt-copper mineral project in Idaho has successfully extended mineralization by an additional 180 metres to the east of the current deposit as well as down dip from the eastern edge of the resource zone.

HIGHLIGHTS
  • Cobalt is an essential ingredient in long range electric vehicle batteries and the U.S. automotive industry is entirely reliant on foreign supplies of this critical mineral

  • Five of six exploration holes drilled in the most recent drill campaign intersected high grade cobalt mineralization, including:

    • 2.5 metres at 0.2% cobalt in hole IC21-04
    • 1.4 metres at 0.4% cobalt in hole IC21-05
    • 2.4 metres at 0.2% cobalt in hole IC21-05A
  • Cobalt mineralization remains open along strike in both directions and the final three holes to be reported intersected the mineralized stratigraphy over a depth extent of 400 meters to the east of the current resource

"As expected, drill results on the eastern side of the deposit confirm that the mineralized system has considerable growth potential along strike and at depth" said Dan Pace , Principal Geologist. "Additional drilling to the east of Iron Creek will target zones where the cobalt mineralization may thicken in structural traps. Drilling is also planned for the Ruby zone located 1.5 kilometers to the southeast, where cobalt mineralization can be traced for approximately 300 meters on surface, with 27 surface rock chip samples with assays of up to 0.9%."

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Battery Mineral Resources Corp. Announces Cease Trade Order Issued by the British Columbia Securities Commission

Battery Mineral Resources Corp. Announces Cease Trade Order Issued by the British Columbia Securities Commission

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") announces that the Company has been issued a cease trade order ("CTO") by the British Columbia Securities Commission ("BCSC") for missing the filing deadline of May 2, 2022 for the following periodic disclosure documents (collectively "Annual Filings"):

  • the audited annual financial statements for the year ended December 31, 2021;
  • the management's discussion and analysis relating to the audited annual financial statements for the year ended December 31, 2021; and
  • the CEO and CFO certifications for the annual filings for the year ended December 31, 2021 required by National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings.

As previously announced on April 29, 2022, the Annual Filings delay results from additional audit work required to restate certain 2020 fiscal year transactions, primarily related to the ESI Energy Services Inc. common control acquisition. The Company intends to file its 2021 financial statements along with restated 2020 comparative information. The restatement of the 2020 financial statements is not expected to have an impact on cash or reported loss from continuing operations for the period.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Midnight Sun Announces Warrant Extension

Midnight Sun Announces Warrant Extension

Midnight Sun Mining Corp. (TSXV: MMA) (OTCQB: MDNGF) (the "Company" or "Midnight Sun") intends to extend the exercise period of a total of 7,940,185 share purchase warrants, all of which are exercisable at $0.25 per common share (collectively, the "Warrants"). The Warrants were issued pursuant to a private placement which closed on May 25, 2020. The Company proposes to extend the expiry dates for these Warrants by an additional twelve months and accordingly, the new expiry dates for the Warrants will be May 25, 2023.

All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×