Canada Silver Cobalt Enters into Option to Acquire a High-Grade Nickel Copper Discovery

 Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) ( Frankfurt : 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce that it has entered into an option agreement with MagNor Resources (MagNor) dated October 26 2020 (the "Agreement") whereby Canada Silver Cobalt may earn an undivided 100% Interest, subject to a 2% NSR, in the MagNor's B2 property in Quebec Canada.  The property has 12 claims totaling 670 hectares (6.7km 2 ). The Agreement is subject to TSX Venture Exchange ("Exchange") acceptance.

Highlights of Property

The NNW-SSE mineralized zone is traceable along strike over 1 kilometer and is open in all directions.

A stripped zone exposed a length of 35m of massive sulphides 8- 10m wide.

  • A total of 6 grab samples were sent to ALS Laboratory in Val-d'Or for analysis of a package of multi-elements. Assay results returned massive Ni-Cu-Co mineralization (see Figure):
    • 1.05 % Ni, 0.13 % Cu, 0.10 % Co
    • 0.96 % Ni, 0.10 % Cu, 0.09 % Co
    • 0.69 % Ni, 0.62 % Cu, 0.19 % Co
  • for the epithermal veinlets associated with quartz injections:
    • 9.28 % Cu, 18.2 g/t Ag, 0.34 g/t Au
    • 2.97 % Cu, 5.7 g/t Ag, 0.29 g/t Au, 0.10 % Ni
  • Anomalous values in Ti (1.1 %), P (0.45 %) and Mn (0.12 %) in mylonitic ferro-gabbro with 0.14% Cu associated with mineralization in pyrrhotite, pyrite and chalcopyrite stringers (5-10 %)

The B2 Ni Cu property contains new showings for Ni-Cu-Co that were discovered in August 2019 by Alain Berclaz & Frederic Bergeron . It is located in NTS 22E11 of the Saguenay Lac-St-Jean region of Quebec . The property is easily accessed by well-maintained logging roads and forest trails from the KM92 of the Passes Road (R250 & R251).

"With the increasing demand of lithium ion batteries for electric vehicles (EV), optioning this property fits well within the company's battery metal development program" said Frank J. Basa , P.Eng CEO. "With high-grade near-surface mineralization, the company has mobilized a geological team to the site to plan an exploration program."

Mineralization on the property is of three types

  1. Magmatic Ni-Cu-Co associated with anorthosite consisting of massive sulphides up to 5m wide, composed of 65-90% coarse-grained pyrrhotite (-pentlandite), pyrite, chalcopyrite and 10-30% host rock fragments.
  2. Magmatic Fe(-Ti-P-V) associated with anorthosite, leuco-gabbro, gabbronorite, norite and pyroxenite consisting of up to 5m -thick layers, lenses and veins of massive oxides (mainly magnetite).
  3. Epithermal Cu-Ag-Au associated with late pegmatitic quartz veins and monzogranite consisting of up to 1m -thick, semi-massive, brecciated stockwork, veinlets, and stringers of pyrite, chalcopyrite and bornite.

Terms of the Agreement

Pursuant to the terms of the Agreement, the Company may exercise the option with MagNor as follows:

  • On Closing, making a payment of $62,500 (1) ;
  • 24 months from Closing, making a payment of $62,500 (1) ;
  • 36 months from Closing, making a payment of $62,500 (1) ; and
  • 36 months from Closing, incurring an aggregate of $100,000 in Exploration Expenditures on the Ni Cu property;


Payment can be made in cash or through the issuance of Canada Silver Cobalt shares at a price per common share equal to the volume weighted average trading price of the Company's shares on the Exchange for the ten (10) trading days immediately preceding the Closing Date, at the option of the Company.

All securities issued in connection with this transaction will be subject to a four month and a day hold period in accordance with applicable securities laws.

Massive sulfides composed of 65-90 % coarse-grained pyrrhotite (pentlendite), pyrite, chalcopyrite and 10-35% host-rock fragments in anorthosite and ferrogabbro (a, b, c) Semi-massive brecciated stockwerk, veinlets, stringers with chalcopyrite and bornite in pegmatitic quartz veins (d, e) (CNW Group/Canada Silver Cobalt Works Inc.)

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. www.canadasilvercobaltworks.com

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 calculated. The discovery remains open in all directions (1A and 1B are approximately 800 meters from the east-trending 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 ). 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.

SOURCE Canada Silver Cobalt Works Inc.

News Provided by Canada Newswire via QuoteMedia

Canada Silver Cobalt Works

Canada Silver Cobalt Works Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects


The Conversation (0)
Canada Silver Cobalt Works (TSXV:CCW)

Canada Silver Cobalt Works

Keep reading...Show less
Canada Silver Cobalt Works Chairman and CEO Frank Basa

Canada Silver Cobalt Works Pivots to "Purely Precious Metals Play" After Graal Project Spinout

Canada Silver Cobalt Works (TSXV:CCW) will focus on its precious metals assets after securing court approval to spin out its Graal property in Québec to its subsidiary Coniagas Battery Metals, according to Chairman and CEO Frank Basa.

Canada Silver Cobalt Works has already spent C$6 million on the Graal property, which Basa considers the most advanced among all 14 of the company's assets. The property hosts nickel, copper and cobalt.

“We did shallow drilling (at Graal). It’s between 10 to 30 meters of combined nickel, copper and a little bit of cobalt — about 1 percent and higher," Basa said. "We did some geophysical work on the property and it appears the greater values are at depth. We decided that we’ll spin out the asset to another shell (company) called Coniagas, and I think it will be a pure battery metals company."

Keep reading...Show less
High-Tech Metals (ASX:HTM)

High-Tech Metals

Keep reading...Show less

Sherritt Reports Third Quarter 2023 Results


Sherritt International Corporation ("Sherritt", the "Corporation") (TSX: S), a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt metals deemed critical for the energy transition, today reported its financial results for the three and nine months ended September 30, 2023. All amounts are in Canadian currency unless otherwise noted.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
High Tech Metals Limited

Quarterly Activities/Appendix 5B Cash Flow Report

High-Tech Metals Limited (ASX: HTM) (High-Tech, HTM or the Company) is pleased to provide the following report on its activities during the quarter ending 30 September 2023. The Company’s primary activities during the quarter were the mapping and sampling program at the wholly owned Werner Lake Project (Werner Lake, or the Project) located in northwestern Ontario and acquisition of the Norpax Deposit (Norpax).

Keep reading...Show less
High Tech Metals Limited

Drilling Program Completed at Werner Lake Project

High-Tech Metals Limited (ASX: HTM) (High-Tech, HTM or the Company) is pleased to announce the maiden drill program at the Company’s Werner Lake Project (Werner Lake) has been completed for a total of 798m of diamond drilling. All samples have been sent to the Company’s lab services provider (ALS), with assay results expected to become available over the coming month.

Keep reading...Show less

Marathon Oil Announces LNG Sales Agreement for Alba Gas in E.G.

Incremental European LNG Exposure to Drive Significant E.G. Financial Uplift Starting Jan 2024

Marathon Oil Corporation (NYSE: MRO) announced that through its wholly-owned subsidiaries it has entered into a five-year firm LNG sales agreement with Glencore Energy UK Ltd, a subsidiary of Glencore PLC (LSE: GLEN), for a portion of its equity natural gas produced from the Alba Field (Alba Unit, MRO 64% working interest) in Equatorial Guinea (E.G.), effective Jan. 1, 2024 . The pricing structure for the LNG sales agreement is linked to the Dutch Title Transfer Facility (TTF) index, less a fixed transportation fee, providing Marathon Oil with significant incremental exposure to the European LNG market.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Canada Silver Cobalt Works

Canada Silver Cobalt Works Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects


Latest Press Releases

Related News