COQUITLAM, BC, June 8, 2018 /CNW/ - Canada Cobalt Works Inc.
(TSXV: CCW) (OTCPK: TAKRF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce high-grade cobalt assays from
selected composite sampling of waste rock material removed from the
first level of the Castle mine during rehab as the company launches
its maiden underground drill program.
Highlights:
- Five composite samples ranged from 1.05% to 5.2%
cobalt, averaging 2.3% cobalt
- Silver values ranged from 167 g/tonne to 240 g/t
while one sample returned 10.1 g/t gold
- These samples will form part of a 500 kg composite sample that
will be put through the Company's proprietary Re-2OX process to
create a cobalt concentrate followed by a cobalt sulfate and/or
cobalt hybrid formulations for evaluation by battery sector clients
in China
Frank Basa, Canada Cobalt
President and CEO, commented: "We look forward to putting this
latest mineralized material through our environmentally green
Re-2OX process which has shown exceptionally high recovery rates
and 99% removal of arsenic (see May 31,
2018 news release).
"Needless to say, our team is tremendously excited as we now
launch the first-ever underground drill program at the Castle mine
specifically targeting cobalt that was left behind by previous
operators going back to the early 1900's. We're showing how
cobalt works in Canada and we look
forward to updating shareholders throughout our drill program,"
Basa concluded.
Sample
#
|
Cobalt %
|
Silver g/t
|
Gold g/t
|
Nickel %
|
11501
|
1.05
|
171.5
|
0.15
|
0.24
|
11502
|
2.39
|
141.3
|
0.39
|
0.41
|
11503
|
1.68
|
239.8
|
0.13
|
0.29
|
11504
|
5.19
|
202.0
|
0.36
|
0.93
|
11505
|
1.26
|
167.0
|
10.13
|
1.03
|
Canada Cobalt cautions that
samples are selective and not necessarily representative of
mineralization underground at the Castle mine.
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.
QA/QC
Assayed samples are from optical and electronic sorting of waste
rock removed from the first level of the Castle mine during
rehab. Five composite samples were 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 while gold values were determined by fire
assay.
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.