COQUITLAM, BC, July 31, 2018 /CNW/ - Canada Cobalt Works Inc.
(TSXV: CCW) (OTCPK: TAKRF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce that as underground drilling on the
first level of the Castle mine continues to intersect visible
cobalt mineralization, with drilling extended to year-end, the
Company has mobilized field crews to a potential new discovery area
featuring a large circular basin approximately 1.5 kilometers east
of the mine.
Surface mapping and trenching are now following up on
encouraging geophysical surveys and MMI soil sampling. A drill rig
is on standby in the event that high-quality drill targets are
defined over the next 7 to 10 days.
Significantly, an extensive IP survey has revealed multiple
conductive anomalies that are spatially associated with
multi-element MMI soil anomalies. Three separate potential cobalt
environments have been identified over a distance of approximately
two kilometers north-south and nearly one kilometer east-west.
Within this broad area, geologists are particularly focused on the
possibility of a new type of cobalt deposit in the Gowganda Camp
along the Archean-Proterozioc unconformity.
Frank Basa, Canada Cobalt
President and CEO, commented: "We were already moving at high speed
with success at underground drilling, a pilot plant on site and
continued Re-2OX work at SGS Lakefield to produce a value added
cobalt sulphate product. Data from this newly-defined area east of
the Castle mine is another exciting development and warrants
immediate follow-up."
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 strategically 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.