COQUITLAM, BC, Aug. 24, 2018 /CNW/ - Canada Cobalt Works Inc.
(TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce that ongoing underground drilling
has intersected visual cobalt mineralization in most of the 40
drill holes completed to date, covering a distance of 200 meters,
while surface drilling of high value targets has commenced
approximately 1.5 km east of the Castle mine near Gowganda in the Northern Ontario Cobalt
Camp.
Highlights:
- Underground drilling supports Canada Cobalt's geological model
that vein structures untouched by first level mining in the 1980's
are enriched with cobalt-nickel arsenides and cobalt arsenides, two
favoured assemblages for the targeted cobalt mineralized system
(assay results will be reported as they become available);
- Surface drilling will test multiple targets in a broad
potential new discovery area east of the Castle mine and two other
significant past producers - Phase 1 drilling will consist of a
minimum of 2,000 meters;
- Results from stripping of outcrop, trenching and MMI soil
sampling within a large circular Nipissing diabase basin east and
east-southeast of the mine are supported by strong induced
polarization (IP) conductivity and chargeability anomalies
including a 725-meter-long IP anomaly with an associated
chargeability halo;
- High-grade cobalt and silver are primary targets of surface
drill program, but potential nickel/PGE's in ultramafic gabbro and
high-grade gold potential in Archean volcanics underscore the
robust and diverse nature of the Gowganda system.
Jacques Monette, mine supervisor
and Canada Cobalt director, commented: "Activity remains intense.
In addition to continuing to intersect promising vein structures
underground, with the latest drilling occurring near the #3 Shaft
where there is an impressive network of veins, the pilot plant is
operating smoothly while we've also launched a cost-effective
program to dewater the second level of the mine.
Surface drilling more than a kilometer east of the mine has crews
excited about the prospect of a potential new discovery.
"Canada Cobalt has also been approached by various stakeholders
in the district and elsewhere with respect to our Re-2OX process
that has produced a premium grade cobalt sulphate product sourced
from mineralized material from the Castle mine. Our plan, as
the battery sector continues to grow, is to leverage Re-2OX to
capture the greatest value possible for shareholders," Monette
concluded.
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 on its past
producing Castle mine in the Northern Ontario Cobalt Camp,
Canada's most prolific cobalt
district. With underground access at Castle, a recently
installed pilot plant to produce cobalt-rich gravity concentrates
on site, and a proprietary hydrometallurgical process known as
Re-2OX for the creation of technical grade cobalt sulphate as well
as nickel-manganese-cobalt (NMC) formulations, 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.