COQUITLAM, BC, March 16, 2018 /CNW/ - Canada Cobalt Works Inc.
(TSX-V: CCW) (OTCPK: TAKRF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to provide the following corporate update
pertaining to its operations in the northern Ontario Cobalt
Camp:
Highlights:
- Continued underground bulk sampling at the Castle mine has
assayed 2.46% cobalt and 6,173 g/t (198.5
ounces per tonne) silver;
- Hydrometallurgical and pilot plant specialist Dr. Ron Molnar has joined Canada Cobalt as a Special
Advisor as the Company advances its Re-20X process.
Canada Cobalt's proprietary
Re-2OX process for cobalt battery metals is being optimized at SGS
Lakefield in southern Ontario. Dr.
Molnar has designed, built and operated over 60 pilot plant
circuits extracting, separating and purifying a wide range of
metallic elements from cobalt to rare earths, and he will be one of
the key individuals who will assist Canada Cobalt in taking Re-20X
to the full pilot plant stage in 2018 with client specific cobalt
formulations for the battery sector.
Meanwhile, Canada Cobalt's underground program at the Castle
mine continues ahead of further rehabilitation and drilling. The
latest selected bulk sample from the floor of the first level of
the mine, crushed, blended and assayed by SGS Lakefield, has
returned 2.46% cobalt, 1.0% nickel and 6,173 g/t silver (198.5
ounces per tonne). Native silver was not included in that pulp
assay. A metallic screen fire assay was performed on the native
silver, producing a head grade of 818,254 g/t (26,307 ounces per
tonne). Canada Cobalt cautions that samples are selective and
not representative of mineralization underground at the Castle
mine.
Rehab engineers have noted that cobalt mineralization remains in
the stopes on the first level of the mine.
With its Re-20X process, upcoming underground drill program and
other initiatives, Canada Cobalt is strategically and uniquely
positioned in the northern Ontario Cobalt Camp to benefit from the
electric vehicle super-cycle and the continuing uptrend in cobalt
prices.
Castle
Sample #
|
Sample
Type
|
Weight
|
Cobalt
%
|
Nickel
%
|
Silver
g/t
|
Silver
oz/tonne
|
Gold
g/t
|
W-1
|
Minus 10 mesh
(pulp)
|
35 kg
|
2.46
|
1.0
|
6,173
|
198.5
|
0.05
|
W-1
|
Plus 10 mesh
(metallics)
For native silver only
|
66 g
|
N/A
|
N/A
|
818,254
|
26,307.5
|
N/A
|
Quality Assurance/Quality Control
These Castle samples represent bulk sampling obtained by
removing muck rock from the floor of the drift and chipping out
vein material over 2 lengths of 10 metres, each filling a 5 gallon
pail with approximately 20 kg of material. Sample pails were
transported by truck to SGS Minerals' accredited lab in
Lakefield, Ontario. All material
was crushed and then screened at 10 mesh and components were
assayed for cobalt, nickel, silver and gold. Analysis for cobalt
and nickel was done by aqua regia digestion while analysis for
silver and gold was done by fire assay with atomic absorption
finish. A screen metallic fire assay was carried out for the native
silver.
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.