COQUITLAM, BC, May 23, 2018 /CNW/ - Canada Cobalt Works Inc.
(TSX-V: CCW) (OTCPK: TAKRF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce significant new progress at the
Company's 100%-owned Castle mine in the Northern Ontario Cobalt
Camp:
Highlights:
- Rehabilitation of the first level workings has prepared this
very prospective area of the mine for first-ever cobalt-focused
underground drilling targeting cobalt-rich veins discovered through
extensive sampling – drill crews mobilize during the week of
May 28;
- A high performance Scooptram that can remove as much as two
tonnes of rock every six minutes in the Castle mine is hauling out
broken mineralized material from the stopes above the first
level;
- Composite samples of this material, visually well-mineralized
with cobalt, have been delivered to an assay lab for analysis and
will also be put through the Company's proprietary Re-2OX process
to create cobalt sulfate test products for Asian battery sector
clients according to specifications received by Canada Cobalt.
Jacques Monette, Director of
Canada Cobalt and mine consultant, commented: "The first level of
the mine is being converted to a trackless system from the historic
track system that has been used throughout the Cobalt mining camp. New water pipe lines and
air pipe lines have been put into the adit. A ventilation system
has been installed with flexible mine vent tubing. Replacement of
timbers in the drifts is ongoing.
"We're impressed with the visual evidence of cobalt
mineralization in the extensive stope material and in the vein
systems on the first level," Monette continued. "In a very
cost-effective manner we have prepared the first level for
immediate drilling, an important new development for Canada Cobalt
which will contribute also to the understanding of the broader
district."
Castle was mined for high-grade Silver in the 1980's by Agnico
Eagle and features 11 levels covering 18 kilometers of underground
workings.
Re-2OX Progresses Toward Pilot Plant Stage
Canada Cobalt's 100%-owned
Re-2OX hydrometallurgical process for cobalt battery metals, which
will ultimately allow the Company to bypass the expensive smelting
process, continues to be optimized. Part of the process involves
the effective removal of arsenic from the cobalt though leaching
prior to creating a cobalt sulfate solution.
Dr. Ron Molnar, Canada Cobalt
adviser, 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 with client specific cobalt
formulations for the battery sector.
With its Re-20X process, unique underground access 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.
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.