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Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) ( Frankfurt : 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce a major new vein discovery in a distinct area, Robinson West . This latest intercept, Vein 7, is located approximately 650 metres west of the Robinson Zone Discovery hole CA-1108.
Highlights
- Significant silver intercept grading 2,208 g/t silver (64.4 oz/ton) over 0.45 m at a downhole depth of 548.43 meters
- New corridor with significant potential silver mineralized strike distance of 710 meters, striking towards the Robinson Zone.
- Increasing current drill program to 60,000 meters from 50,000 meters to explore the extension
Table 1: CS-20-50 Sample Details
Hole Id | Sample | From (m) | To (m) | Length (m) | Ag gpt | Co % |
CS-21-50 | 13306 | 548.43 | 548.87 | 0.45 | 2,208 | 0.38 |
CS-21-50 is in close proximity to CCW's "Gold Zone" and, with this new target in mind, the company will take a new strategic outlook to further develop this corridor. Along with the orientation of the vein, there is additional information to support a continued trend to the east.
Based on the successful discovery of multiple veins to date, Canada Silver Cobalt is pleased to announce increasing the current 50,000-meter drill program to 60,000 meters. The Company has now completed 66 % of the 50,000 metres.
In addition, geochemical surveys will be undertaken this summer to help define some of the Archean lithologies and structures that have had little work due to overburden cover. Historically, the Nipissing diabase mafic intrusive lithology has been the focus of exploration in the Miller Lake Basin. The Company is developing models to cover not only the silver-cobalt veining within the Nipissing but to include the Archean basement having identified both silver and gold mineralization therein. To date, only orientation geochemistry surveys have been completed.
Follow-up drilling is underway to intersect this vein both above and below CS-21-50 to determine both extent, and grade and mineralization variability. Ongoing drilling in the area between the Robinson and Robinson West zones 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 Press 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 .
Matt Halliday , P.Geo., President, commented: "With this major new vein discovery highlighting the potential of geophysics to aid in the targeting of new veins, and the ability of geochemistry to identify potentially significant lithological changes near-surface, Canada Silver is excited to evaluate the entire lithologic package and expand the mineralogical potential of this ever-expanding prospectivity."
Location
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.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday , P.Geo., (APGO) VP Exploration of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
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 were 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 features 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.
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