COQUITLAM, BC, Feb. 27, 2018
/CNW/ - Canada Cobalt Works Inc. (TSX.V: CCW; OTC: TAKRF;
FRANKFURT: 4T9B) (the "Company" or
"Canada Cobalt") is pleased to provide the following update as it
accelerates key corporate strategies as a vertically integrated and
leading domestic pure play cobalt company focused exclusively on
the prolific Northern Ontario Cobalt Camp.
Highlights:
- Canada Cobalt has retained a
major global engineering firm specializing in the energy and
industrial markets to complete necessary earthworks studies and
advance the permitting process for the planned installation of a
state-of-the-art 600-tonne-per-day gravity flotation cyanidation
mill at the Castle site;
- Canada Cobalt will also be
submitting plans to the Ontario Ministry of Northern Development
& Mines for unlimited dewatering of levels two through 11 of
the Castle mine;
- A mini-bulk sample from the first level of the Castle mine has
returned 2.47% cobalt - underground sampling program
continues and more results are pending as Canada Cobalt also
prepares for further rehabilitation of old workings and initial
underground drilling on the expansive first level.
Canada Cobalt has three unique
advantages in a district increasingly recognized for its cobalt
potential:
1. Underground
access at the 100%-owned Castle mine, the region's most recent
significant silver producer (early 1990's) with cobalt
mineralization bypassed in favor of very high-grade silver on 11
levels covering a total footprint of 727 meters east-west, 455
meters north-south and 258 meters to depth;
2. Proprietary
Re-2OX process custom designed for the complex metallurgy of
the Northern Ontario Cobalt Camp - allows for a battery sector
client-specific cobalt formulation;
3. Planned new
infrastructure highlighted by a 600-tpd mill at the Castle site
that would be financed by Granada Gold (TSX.V: GGM) through a debt
instrument (against the bar) - Canada Cobalt has a milling
agreement with Granada Gold (see Sept. 8,
2017 news release) and will be the operator of the proposed
processing facility with the potential to provide custom milling
services to companies throughout the Northern Ontario Cobalt
Camp.
Frank Basa, President and CEO of
Canada Cobalt, commented: "With a strong treasury, only 60 million
shares outstanding and a team that has decades of combined
experience in the Northern Ontario Cobalt Camp, Canada Cobalt is
ideally positioned to seize current and future opportunities in
this exciting sector with Cobalt
prices at 10-year highs."
Canada Cobalt Retains Amec Foster Wheeler (Wood)
Amec Foster Wheeler Environment & Infrastructure (Wood) will
complete near-term geotechnical and hydrogeological field
investigation studies at both the Castle and Granada properties as part of the permitting
process for the planned 600-tonne-per-day gravity flotation
cyanidation mill at the Canada Cobalt Castle mine site near
Gowganda.
Gold mineralization from the Granada deposit near Rouyn-Noranda would be transported to the
Castle mine for processing. The mill is being designed to
accommodate both the gold mineralization from Granada as well as potential cobalt-silver
material from the immediate Castle mine and other properties in the
surrounding Northern Ontario Cobalt Camp.
Underground Sampling Returns High-Grade Cobalt
High-grade cobalt values have been returned from a continuing
mini-bulk sample at the Castle mine. The first sample, weighing
13.0 kg, assayed 2.47% cobalt, 23.4 g/t silver, 0.68% nickel and
1.83 g/t gold. The second sample, weighing 14.0 kg, assayed 0.91%
cobalt, 460 g/t silver and anomalous nickel and gold.
Canada Cobalt cautions that
samples are selective and not necessarily representative of
mineralization underground at the Castle mine.
More samples are being assayed by SGS Laboratories in
Lakefield, Ontario, and results
will be released as soon as they are received, verified and
interpreted.
Quality Assurance/Quality Control
Samples from the Castle mine were taken from veins exposed in
the backs (ceilings) of undeveloped drifts using scaling bars,
hammer and chisel over variable lengths up to two meters. Tarps
caught all broken pieces which were then collected in a five gallon
pail per sample site. Sample pails were subsequently transported by
truck to Swastika Laboratories, an accredited lab in Swastika, Ontario, for assay. Aqua regia
digestion and atomic absorption finish were used for cobalt, nickel
and silver analysis. Gold values were determined by fire assay
with atomic absorption finish. The remainder of the sampled
material was submitted to SGS Laboratories in Lakefield, Ontario, to use the Re-2OX process
to develop samples for evaluation for the Asian battery market.
Qualified Person
The technical information in this news release was prepared
under the supervision of Frank J.
Basa, P.Eng., Canada Cobalt's President and Chief Executive
Officer, who is a member of Professional Engineers Ontario and a
qualified person in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada Cobalt is a pure play
cobalt company focused exclusively on the Northern Ontario Cobalt
Camp, Canada's most prolific
cobalt district. With three 100%-owned past producing mines, a
proprietary hydrometallurgical process known as Re-2OX, and plans
for a 600-tonne-per-day mill at its flagship Castle Property near
Gowganda, Canada Cobalt is well positioned to become a
vertically integrated North American leader in cobalt extraction
and recovery.
"Frank J. Basa"
Frank J. Basa P. Eng.
President and 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 Cobalt Works Inc.