COQUITLAM, BC, June 28, 2018 /CNW/ - Canada Cobalt Works
Inc. (TSX-V: CCW) (OTCPK: TAKRF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to provide the following update as the company
continues underground drilling and scales up its Re-2OX cobalt
sulphate program with SGS Lakefield.
Highlights:
- Canada Cobalt is now
assembling a pilot plant at the Castle mine to produce bulk gravity
concentrates on site for immediate processing into cobalt
sulphate;
- Through the company's proprietary Re-2OX process, SGS Lakefield
in Peterborough, Ontario, is
currently precipitating metals from Castle mine concentrate and
crystalizing cobalt sulphate from an organic solution for battery
sector evaluation;
- Each of the first three underground drill holes on the first
level of the Castle mine has intersected visually identifiable
mineralization consisting of cobalt and nickel sulphides and native
silver.
Jacques Monette, Canada Cobalt
director and mine consultant, stated: "Underground drilling and
rehab are proceeding extremely well and we eagerly anticipate
initial assay results. Almost all pilot plant equipment is now on
site with feed from the first level being stockpiled. Plans are
also being made to allow for underground drilling throughout the
winter, so crews are busy and excited as we set the pace in the
prolific Northern Ontario Cobalt Camp."
Assembly and testing of the 500 kg per day pilot plant will be
completed over the next several weeks with cobalt concentrate
slated to be produced on site beginning during the third quarter.
This will allow for a scaling up of the three-stage Re-2OX process
at SGS Lakefield under the supervision of Dr. Ron Molnar of the Canada Cobalt Advisory
Board.
SGS Lakefield has completed
bulk SX (solvent extraction) testing with Re-2OX able to remove 99%
of the arsenic from concentrate containing nearly 50% arsenic,
while cobalt recovery rates are 99% (refer to Company's
June 8, 2018, news release).
The fourth hole of the underground drill program is now in
progress. Core photos will be added to the Company web site in the
near future.
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.