Results support emergence of Canada Silver Cobalt as the leading silver development project in the Northern Ontario Greater Cobalt Camp
Coquitlam, BC TheNewswire - July 26, 2021 - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to report additional intersections of high-grade silver of 2,736 and 7,981 gramstonne Ag belonging to the Big Silver vein (Vein 2) at Castle East in Northern Ontario further defining and expanding this exceptional high-grade silver zone initially discovered with hole CS-20-39 which had earlier recorded intercepts of up to 89, 853 gramstonne Ag (2,621 ounces per ton) over 0.30 meters. (See January 29, April 26, and June 16 news releases).
Matt Halliday, P.Geo., President, COO and VP Exploration, commented: "The latest drill results bring us closer to a significant expansion of silver resources in the next resource update which we have scheduled for Q1 2022 and which supports our view that Castle East could progress into being a full-fledged mine, producing silver and other metal by-products such as cobalt and nickel.
"The Castle East grades are truly exceptional – among the highest silver grades in the world – and are comparable to the high silver grades (and vein widths) that were very profitably mined during the silver mining boom in the early 1900s in the Greater Silver-Cobalt Camp which included the past-producing Castle, Capitol, and O'Brien high-grade underground silver mines (with cobalt by-product) all within 2 km of our Castle East discovery near Gowganda, Ontario," Mr. Halliday stated.
"We're putting the building blocks together for a new mine, including working on the design and permitting of a ramp down to the high-grade veins (studies for permitting of the ramp to be completed in the first half of 2022). In addition, we have upgraded the TTL bulk processing facility we own in nearby Cobalt so that we are able to mill the high-grade bulk samples we extract and use TTL's bullion furnace to pour silver dore bars (as several companies such as Agnico Eagle and Teck have done in the past).
"Our earlier discovery of the Robinson Zone (60 meters away from Big Silver) with its vein intercepts of up to 70,380 g/t Ag (2,053 oz/ton) over 0.3 meters was, by itself, the basis of our initial resource estimate published in May 2020 (see details below). Since then, we have drilled 39,000 meters of a 60,000-meter drill program and have intersected an additional seven mineralized veins including Big Silver, which is bigger in size than the Robinson Vein, and an additional high-grade vein system in between the Robinson and Big Silver vein system. We expect that the seven new veins, along with others we may still discover during the continuing drilling at Castle East, will contribute to a major increase in the upcoming resource estimate," Mr. Halliday added.
Drill Highlights (with table and photographs below)
- Significant silver intercept in hole CS-21-54 grading 7,981 g/tonne Ag (silver) (232.82 oz/ton) over 0.30m at a downhole depth of 484.87-485.17m with a gold equivalent grade of 3.25 oz/ton Au (111.41 g/tonne Au). The intersection is 15 m down dip from the pilot intercept in hole CS-20-39.
- Another silver intercept in hole CS-21-51 grading 2,736 g/tonne Ag (silver) (79.81 oz/ton) over 0.30m at a downhole depth of 448.55-448.85m with a gold equivalent grade of 1.11 oz/ton Au (38.21 g/tonne Au). The intersection is 6 m down dip from the pilot intercept in CS-20-39.
- We believe that these two intersections belong to the same structure as Big Silver. Intercepting this zone again from surface drilling increases the Company's confidence in its geologic model and demonstrates the continuity of this structure – expanding the zone by a total of 15 meters.
With CS-20-51 and CS-20-54 containing valuable intercepts to the expansion of Big Silver and to the Robinson Zone area, the Company is developing a better understanding of these vein systems and will continue to explore the veins from surface and with wedge drilling.
Note: Gold equivalent is calculated based on USD $25.17 oz/ton Ag and USD $1802.30 oz/ton Au as of July 23 rd 2021.
Ongoing drilling in the Castle East area is geared toward identifying new veins to enable significant expansion to the existing resource panels outlined in the Company's maiden Resource Estimate reported in a news release May 28, 2020. The Resource Estimate identified zones 1A and 1B of the Robinson Zone with an average silver grade of 8,582 g/t ( 250 oz/ton ) in a combined 27,400 tonnes of material for a total of 7.56 million Inferred ounces of silver using a cut-off grade of 258 g/t AgEq (mineral resources that are not mineral reserves do not have demonstrated economic viability). 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 Castle Property is 15 km east of Aris Gold Corp's Juby gold deposit, 30 km due south of Alamos Gold's Young-Davidson mine, 75 km southwest of Kirkland Lake Gold's Macassa Complex, and 100 km southeast of new gold discoveries in the Timmins West area.
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday, P.Geo., (APGO), President, COO and VP Exploration of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
Figure 1: Silver and cobalt mineralization in hole CS-21-54 (7,981 g/tonne Ag)
Figure 2: Silver and cobalt mineralization in hole CS-21-51 (2,736 g/tonne Ag)
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system in the Castle East area 1.5 km from the past-producing Castle Mine near Gowganda, Ontario in the prolific high-grade Silver District of Northern Ontario. The Company 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 Castle East 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 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 Castle, an exceptional high-grade silver discovery at Castle East, 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
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
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 a guaranty 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.
Copyright (c) 2021 TheNewswire - All rights reserved.