COQUITLAM, BC, Nov. 2, 2018 /CNW/ - Canada Cobalt Works
Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce that underground drilling on the
first level of the Castle mine, specifically targeting cobalt for
the first time at this historic silver producer, has returned
high-grade cobalt, nickel and silver grades.
Highlights from the first three drill holes are as
follows:
- 2.28% cobalt, 261 g/t silver and 1.65%
nickel over 7.00 meters in hole CA18-001
- 1.87% cobalt, 4,763 g/t silver, 1.29%
nickel and 1.19 g/t gold over 2.54 m in CA18-002
- 3.16% cobalt and 10,741 g/t silver (345
ounces per tonne) over 0.60 meter in hole CA18-003
Frank Basa, Canada Cobalt
President and CEO, commented: "These cobalt grades are very high in
a global context and demonstrate the unique opportunity at the
Castle mine, from which we have already created battery grade
cobalt sulphate through our proprietary Re-2OX process for
evaluation by clients in Asia and
Europe.
"The purpose of this initial and continuing underground drill
program is to confirm that the Castle vein structures do contain
impressive cobalt values. Previous operators focused
exclusively on mining high-grade silver through the 11 levels,
ignoring cobalt and other metals such as nickel and gold.
"We have a lot of room on the first level while pump testing
continues to the second level, beginning at a depth of 25
meters. In light of these initial results, we are
accelerating efforts at deploying the most effective underground
techniques to fully leverage the Castle mine cobalt opportunity for
shareholders," Basa concluded.
Holes CA18-001, 002 & 003
The first three holes targeted a vein structure near the adit
entrance and attempted to follow the vein from a series of
inclinations from approximately the same drill set-up through the
Nipissing Diabase toward the second level in order to test grade
potential (follow-up drilling across the structure will assess true
widths). Drilling in these holes exited the vein at depths of
7 meters, 6 meters and 9.25 meters, respectively, reaching a
maximum hole length of 30 meters, underscoring the potential to
identify additional high-grade mineralization at significantly
deeper levels through additional drilling in this area and
elsewhere. Intervals reported below are core lengths with
true thickness unknown at this time.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Grade
Co
(%)
|
Grade
Ag
(g/t)
|
Grade
Ni
(%)
|
Grade
Au
(g/t)
|
CA18-001
|
0.00
|
7.00
|
7.00
|
2.28
|
261.44
|
1.65
|
|
including
|
0.00
|
2.20
|
2.20
|
3.74
|
743.04
|
2.97
|
|
including
|
4.30
|
6.06
|
1.76
|
2.27
|
50.82
|
2.19
|
|
|
|
|
|
|
|
|
|
CA18-002
|
2.17
|
6.02
|
3.85
|
1.33
|
3736.50
|
0.92
|
|
including
|
3.48
|
6.02
|
2.54
|
1.87
|
4763.26
|
1.29
|
1.19
|
|
|
|
|
|
|
|
|
CA18-003
|
5.02
|
9.25
|
4.23
|
0.46
|
1566.10
|
n/a
|
|
including
|
6.35
|
6.95
|
0.60
|
3.16
|
10741.28
|
0.48
|
|
The Company eagerly anticipates additional assay results and has
fully winterized the Castle mine for continued underground work
including drilling over the coming months.
Canada Cobalt also expects to provide an update shortly on the
surface drill program east of the mine where a potential new
discovery has been made with the third drill hole of the 2018
program (see October 24, 2018, news
release).
Quality Assurance/Quality Control
Canada Cobalt Works' AQTK drill program employs diligent
standards in drill core sampling and quality assurance/quality
control. Core from the above holes was sent to Swastika
Laboratories in Swastika, Ontario,
for analysis. Where silver was visually and significantly present,
a Pulp-Metallic analysis was completed for the silver assays where
the entire sample was dried, weighed and crushed over 95% then
fully pulverized and passed through 147-micron screen to create a
plus 147-micron fraction (metallics) and a minus 147-micron
fraction (pulp). Approximately 50 grams of the metallic fraction
was weighed, fused and assayed by Fire Assay. The resulting dore
bead of gold and silver was weighed before adding HNO3 acid to
dissolve the silver. The remaining gold bead was weighed and
subtracted from the gold + silver bead to give a silver weight and
grade for the metallics portion. The minus 147-micron fraction
(pulp) had two samples from entire pulp which were weighed then
digested by two acids aqua-regia and finalized by AAS reading for
Co, Ag and Ni. Final silver grade is a calculated weighted average
using grades and weights from both pulps and metallics.
As gold was not assayed in the pulps, the final gold assay was
calculated by weighted average, as for the silver, but assuming a
0.0 g/t grade for the pulp portion. Cobalt and nickel were reported
as percent grade. Other samples were assayed for cobalt, silver and
nickel by AAS after aqua-regia digestion. Analytical accuracy and
precision are monitored by the analysis of reagent blanks and
reference materials at the lab. Quality control is further assured
by the insertion of blind certified standard reference material and
blanks into the sample stream at regular intervals by Canada Cobalt
Works personnel in order to independently assess analytical
accuracy.
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.