COQUITLAM, BC, Dec. 14, 2018 /CNW/ - Canada Cobalt Works
Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce that two widely-spaced drill holes
have intersected an apparent syenite hosted gold system with nearby
cobalt potential in a previously undrilled area of the Castle
Property near Gowganda, a past
producing high-grade silver camp approximately 75 kilometers from
Kirkland Lake. Meanwhile,
underground drilling on the first level of the Castle mine, 1.5
kilometers west-northwest of the new discovery, has continued to
identify cobalt-silver-rich vein structures occasionally also
mineralized with gold and nickel.
Highlights:
- An expanded drill program east of the mine continues and is
targeting high-grade gold zones, associated with a newly-discovered
major fault structure, in addition to potential cobalt-silver vein
networks below the Archean sulphides;
- A new drill hole (CS-18-17, the fifth of this 2018 exploratory
program) has just commenced and is designed to expand the system by
intersecting gold mineralization parallel to hole CS-18-16 and
above a fault that appears to have provided a pathway for
mineralizing fluids;
- Canada Cobalt is preparing to commence a second, expanded phase
of underground drilling through an amended advanced exploration
permit - the Company eagerly anticipates providing shareholders
with a major batch of Phase 1 underground drill results in the near
future following receipt and interpretation of all data.
Castle East Discovery
Doug Robinson, Canada Cobalt's
consulting geologist, commented: "The Archean rocks at Gowganda have never been systematically
explored as previous work in the area focused on exploiting the
silver-rich Nipissing diabase
while bypassing the cobalt. Drill holes CS-18-15, CS-18-16 and
CS-18-16-W (wedge hole) east of the mine are a very important
breakthrough and now have us seriously investigating an apparent
gold system with appropriate sulphide and quartz veining in
association with a major fault that may be the controlling fault
for the zones we've encountered. Oriented core drilling will allow
us to identify critical sub-horizontal and sub-vertical structures
associated with this fault and the IP anomalies we're drilling
into."
Robinson added, "We're also in a fertile environment for the
discovery of classic cobalt-silver mineralization near zones of
weakness at depth below the Archean sulphides in Nipissing diabase."
Drill Holes CS-18-16 And CS-18-16-W
Following up on CS-18-15 (see October 24,
2018, news release), drill hole CS-18-16 was collared 112
meters to the northwest and was drilled in the opposite direction
toward the south. CS-18-16 intersected much more quartz veining in
several broad mineralized zones containing moderate to strongly
disseminated pyrite (often associated with gold in the district)
and occasional traces of chalcopyrite. Multiple alteration styles
included green carbonate, sericite and fuchsite. This hole
encountered a fault at a vertical depth of approximately 200
meters. A 37-meter zone of extensive multi-generational quartz
veining with abundant fine-grained plus blebby pyrite and traces of
chalcopyrite was intersected immediately below the fault in a wedge
hole (CS-16-W).
Canada Cobalt eagerly anticipates assay results from a large
number of samples from CS-18-15, CS-18-16 and CS-16-W.
Underground Program Update
Phase 1 drilling on the first level of the Castle mine has been
completed but winterizing as well as engineering studies through
Wood continue. Expanded Phase 2 drilling is scheduled to commence
early in the New Year which will also allow for receipt of all
assays and interpretation of Phase 1 results. Visual analysis of
subsequent holes drilled since initial results were released, which
included 7 meters @ 2.3% cobalt (core length), supports Canada
Cobalt's geological model that vein structures untouched by
first-level mining in the 1980's are enriched with cobalt as well
as silver, with massive cobalt and native silver also
encountered.
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.