Canada Silver Cobalt Provides Update on Grassroots Exploration at Five Battery Metals Properties in Quebec
Coquitlam, British Columbia--(Newsfile Corp. - August 29, 2022) - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to provide an update on its initial exploration work at five properties with EV battery metals potential in Québec.
Canada Silver Cobalt owns 14 battery metals properties in Quebec totalling 31,201 hectares.
The Company has begun grassroots exploration on four properties located on the North Shore (Côte-Nord) of the St. Lawrence River: Grande Portage, LPM-LPMN, Boudrias (North and South) and B30 Shear. The technical team used existing logging roads and ATV/walking trails, and activities included access reconnaissance, prospecting favorable rock types, and using the Beep Mat to locate conductors. On select properties where conductive rock was identified using the Beep Mat tool, channel samples were taken with a rock saw. The team collected 35 samples which have been sent to a laboratory and assay results will be disclosed once received and validated.
The Beep Mat is a robust exploration tool that enhances geological mapping and prospecting activities. It detects magnetic and conductive bedrock underneath the location that it traverses. It provides real-time EM and magnetic data that can be used to identify prospective outcrops that might not otherwise be visible if covered with overburden.
The fifth property - Lowney-Lac Edouard - is located in central Quebec, East of La Tuque, and is where a helicopter VTEM survey has been completed. The preliminary maps of the survey have been provided and the Company is awaiting the final report from Geotech. Five anomalies are identified with the VTEM System B-Field Z-data profiles map. The Company plans to follow-up the results of the geophysical survey once the data has been reviewed.
"This has been quite an energetic year for Canada Silver Cobalt, filled with activities at five other battery metals properties besides our flagship Graal property in Quebec and at the Castle silver-cobalt and Eby-Otto gold properties in Ontario. We are proud of our technical team for accomplishing so much this year. We plan to keep the momentum going and can't wait to show you the results of our exploration work as we receive them and our progress in other exciting developments for our Company," stated Matthew Halliday, P.Geo., President and Chief Operating Officer.
Table 1: Property information and type of work completed.
|Property||Size (ha)||Type of Work Completed||Target / Reason of Interest|
|Grand Portage||2196||Prospecting, sampling||Ni-showing and magnetic anomaly|
|LPM-LPMN||388||Prospecting, sampling||Bouguer anomaly|
|Boudrias (N & S)||942||Prospecting, sampling||Ni-showing and magnetic anomaly|
|B30 Shear||721||Prospecting, sampling||Ni-showing and magnetic anomaly|
|Lowney-Lac Edouard||6540||VTEM survey||Bouguer anomaly|
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The technical information in this news release was prepared under the supervision of Claude Duplessis P.Eng of GoldMinds Geoservices, a qualified person in accordance with National Instrument 43-101, and reviewed by Matthew Halliday, P.Geo., (PGO), President and COO 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 Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. The Company has completed a 60,000m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.
In May 2020, based on a small initial drill program, the Company published the region's first 43-101 resource estimate that contained 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. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. 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 Company also has: (1) 14 battery metals properties in Northern Quebec where it has recently completed an almost 15,000-metre drill program on the Graal property and an airborne VTEM geophysical survey is being conducted at it Lowney-Lac Edouard property; and (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle's high-grade Macassa Mine near Kirkland Lake, Ontario where it is is exploring in 2022.
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 the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates, 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. More information at www.canadasilvercobaltworks.com.
"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 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.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements which include, but are not limited to, comments regarding the Offering and comments that involve other future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the Offering, resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, future financings, 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. No assurance can be given that the Offering will close on the terms and conditions set out in this news release or at all. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. A detailed discussion of the risk factors encountered by Canada Silver Cobalt is available in the Company's Annual Information Form dated July 19, 2021 for the fiscal year ended December 31, 2020 available under the Company's profile on SEDAR at www.sedar.com.
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