Battery Metals

(TheNewswire)



Coquitlam, BC TheNewswire - July 22, 2021 - 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 early-stage exploration activities in the Province of Québec where it is evaluating 15 properties on 689 claims covering 38,129.4 hectares that are prospective for EV battery metals nickel, copper, and cobalt. (see Figure 1 below and February 16 and April 21, 2021 news releases).

The Company has now received its drill permit in order to drill the Bouguer Anomalies Targets of its Graal-Nourricier - Lac Suzanne property in northern Lac St-Jean. This property, which has not been fully explored, is one of the five included in the company's geophysical airborne surveys conducted earlier this year and it is regarded as, geologically, one of the most promising. The Company is seeking to identify significant amounts of nickel-copper-sulphide masses at the base of the magnetic chamber.

The drill program is scheduled to start in the next 30 days and, in particular, seeks to intersect the base of the hidden magmatic reservoir of immiscible sulfides bath. Past drill results appear to be indicating mineralization on the side of the magmatic reservoir and the massive sulphides are potentially still hidden at depth.

The property has shown numerous metal intercepts from past drilling/sampling with the best results recording grades of up to 10.31% nickel, 4.9% copper and 1% cobalt from diamond drilling (see details below).

CEO Frank J. Basa, P.Eng., notes: "The company's main focus remains the past-producing silver-cobalt Castle property in northern Ontario and especially the ongoing exploration of the Castle East exceptional high-grade silver discovery with drill intercepts up to 89,853 g/t Ag or 2,621 oz/ton and an initial resource of 7.6 million oz Ag with an average grade of 8,582 g/t Ag or 250.2 oz/ton (see details below). The Castle East exploration drill program is going well with 39,000 meters of the 60,000-meter program completed with numerous results pending and we expect a major increase in estimated silver resources in an update of the Resource Estimate expected in early 2022.

"The Quebec properties were acquired for their potential to host a variety of EV battery metals including nickel, copper and cobalt with the intention of expanding our current holdings and strategically positioning the Company and its shareholders to take full advantage of the evolving market conditions for EV battery base metal inputs. We are undertaking first-stage geological evaluation of the properties and, as previously announced, we are considering a potential transfer of the properties into another public company focused primarily on EV battery metals with our key precious metals assets remaining in Canada Silver Cobalt," Mr. Basa stated

The first conceptual primary target identified based on Bouguer airborne survey conceptual modelling has an extent of 1200m x 2200m on the Graal-Nourricier - Lac Suzanne property. The unknown is the elevation – or the depth at which the base of the net-textured and massive sulfides sits. The geological team believes it should be intersected at a depth range of 1500 to 2000m from surface over 100 to 150 meters thick. If the Company succeeds in the first target, the drill will be moved to define near-surface targets prior to moving to a second target of lesser magnitude in size. This plan is subject to change and depends of the findings.

For the drill program, the Company has retained the services of Saguenay-based Laurentia Exploration, which has an extensive technical knowledge of the regional geology since several members of their crew have already worked on drill programs at the adjacent Arianne Phosphate lac à Paul project. The exploration work will be under the direction of GoldMinds Geoservices which has identified the targets.

Once drilling at Graal has started, the Company will follow up its exploration plan with drilling on the other main first-level targets at:

  • - Lowney, Lac Edouard South-East

    - Forgues East Manic Crater

    - Fuchsia-Massif du Nord

    - B15 Bouguer anomaly

The program also includes verification with field geology for the second-level properties.

The Company is not pursuing the option agreement on the B2 property as the completed drill program there has not delivered expected results in comparison to the surface sample results.


Click Image To View Full Size

Figure 1 – Nickel - Copper Property Locations in the Province of Québec

About Graal – Nourricier Lac Suzanne property

The Graal-Nourricier - Lac Suzanne property is one of the most promising magmatic reservoirs identified in the group of recently acquired properties. The Company's intention is to drill directly on the maximum Bouguer Anomaly identified. Below are some highlights (mostly historical data retrieved from public reports and information on SIGEOM) 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.

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 the 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 is of this same type. (for additional information regarding Voisey's Bay deposit, please see: 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 Voisey's Bay 2003 A. Kerr Report ). The exploration work done on the Lac Suzanne property thus far has barely scratched the surface. As exploration deepens, there is a good chance that richer grades may 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. T he hole collar NA-97-01 (GM 56023 – Rapport des Travaux 1997, Mines d'Or Virginia) locates the deposit. It is near the RT-97-C238 trench which revealed even higher grades. "Recognized intrusive brec cias 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 (Lac Suzanne property) (source: GM 71373 – Compilation Report, Lac Suzanne Property, Globex Mining Enterprises, 2019)

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.

Lac 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

Lac Suzanne

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.

Qualified person

The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc. m ember 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 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 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, 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

416-625-2342

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.

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TSXV:CCW

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.

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.

Battery Mineral Resources Corp.

Battery Mineral Resources Corp.

Battery Mineral Resources Corp is a multi-commodity resource company. It holds resource interests including cobalt, lithium, and graphite properties. The company is engaged in the discovery, acquisition and development of battery metals and precious metals mining projects in Canada with additional cobalt, lithium and graphite projects in the United States and South Korea.

Star Diamond Corporation

Star Diamond Corporation

Star Diamond Corp is a Canadian natural resource company. The principal activities of the company are the exploration, development, and production of diamonds. The company owns an interest in the Star-Orion South Diamond project, and Fort a la Corne Diamond District properties located in central Saskatchewan; and Buffalo Hills property located in the northwest of Edmonton.

cobalt on periodic table

Cobalt Market Update: Q2 2022 in Review

Click here to read the previous cobalt market update.

Battery metals continue to make headlines as interest in electric vehicles (EVs) keeps surging.

The first three months of 2022 saw strong demand for cobalt, which supported higher prices, with cobalt stocks also seeing year-to-date gains. However, prices cooled down in Q2 as various factors hit the market.

Read on to learn what happened in the cobalt market in the second quarter, including the main supply and demand dynamics and what market participants are expecting for the rest of the year.

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Top 10 Cobalt Producers by Country (Updated 2022)

Top 10 Cobalt Producers by Country (Updated 2022)

The cobalt market is facing high demand, but analysts advise that production is also on the rise.

One of the metal’s main catalysts is excitement about electric vehicles (EVs). The lithium-ion batteries that power EVs require lithium, graphite and cobalt, among other raw materials, and demand for these important commodities is expected to keep rising as the shift toward clean technologies continues.

Given those circumstances, it’s particularly interesting to look at the top cobalt producers by country. According to the US Geological Survey, global production increased by nearly 20 percent in 2021 to hit 170,000 metric tons (MT) — that's up from 142,000 MT the previous year. Read on for a closer look at cobalt supply.

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NextSource Materials Inc.

NextSource Materials Inc.

NextSource Materials Inc is a strategic materials development company based in Toronto, Canada. The company's Molo graphite project in Madagascar is one of the largest known and highest-quality graphite deposits globally, and contains SuperFlake graphite.

Higher Nickel, Cobalt and Fertilizer Prices Drive Sherritt's Strong Second Quarter Results

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Sherritt International Corporation ("Sherritt", the "Corporation", the "Company") (TSX: S), a world leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, today reported its financial results for the three and six months ended June 30, 2022. All amounts are in Canadian currency unless otherwise noted.

News Provided by Business Wire via QuoteMedia

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