COQUITLAM, BC, Feb. 15, 2019 /CNW/ - Canada Cobalt Works Inc.
(TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce that nearly 2,000 meters of
drilling in holes CS-18-15 through CS-18-18 has intersected a
pyrite-rich Archean gold system (Castle East) in association with
newly-discovered fault structures and a strong geophysical
signature approximately 1.5 km east of the Castle mine. Drilling of
hole CS-18-19 begins during the week of February 18.
Notably, intense quartz veining, abundant fine-grained
disseminated pyrite and multiple styles of alteration in CS-18-18
suggests geologists are tracking a robust mineralized system as
they target a potentially significant new grassroots discovery that
is strengthening toward the west. A 725-meter long, east-west
trending IP anomaly with an associated chargeability halo was
detected in this area.
Initial assay results for the first two drill holes, including
the CS-18-16 wedge hole that was completed to a depth of 586
meters, are expected shortly and will be released as soon as they
are received and reviewed.
The Gowganda Silver Camp, which featured three main producers
including Castle, has never been systematically explored for its
gold, base metal and PGE potential outside of the Nipissing diabase which hosts the high-grade
silver-cobalt mineralization in the area.
The Castle mine is approximately 75 kilometers southeast of the
Kirkland Lake Gold Camp and just 15 km east of iMetal Resources'
Gowganda West Project where first-ever drilling contiguous to Pan
American Silver's gold deposit is in progress.
Re-2OX And Underground Program (Phases 1 and 2)
Canada Cobalt eagerly anticipates updating shareholders with
respect to Re-2OX developments as well as more Phase 1 results and
Phase 2 progress for the underground program at the Castle mine.
Phase 2 is being strategically expanded through new initiatives
that have included the involvement of SGS Lakefield and Wood,
building on the success of Phase 1 as the Company leverages its
unique advantages in Canada's
cobalt heartland.
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.