COQUITLAM, BC, April 30, 2019 /CNW/ - Canada Cobalt Works Inc.
(TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt"), a technology leader in the Northern Ontario Cobalt-Silver
Camp, is pleased to announce that the Company has made important
breakthroughs in its proprietary and environmentally green Re-2OX
process for the recovery of cobalt, precious metals and base
metals.
New Testing Highlights:
- Further optimization of Re-2OX has enabled SGS Lakefield in
Peterborough, Ontario, to recover
silver and copper for the first time while also increasing recovery
rates for cobalt and nickel (refer to May
31, 2018, news release);
- In refining the Re-2OX process through a one-step leach
extraction, overseen by Canada Cobalt adviser Dr. Ron Molnar, SGS has recovered >99%
cobalt, >99% silver, 99% nickel and
99% copper while removing 99% of arsenic from a composite of
gravity concentrates;
- The gravity concentrates were from Castle mine waste material
and graded 10.2% cobalt, 11,000 g/t silver, 0.26% copper, 1.49%
nickel and 45.1% arsenic.
Canada Cobalt Initiates Re-2OX Patent Process
As the electric vehicle supercycle intensifies, Canada Cobalt is
the only company in Canada's
cobalt heartland to produce a technical grade cobalt sulphate test
product from its own feed (refer to August
15, 2018, news release). Significantly, Re-2OX skips the
normal smelting process to create battery grade cobalt sulphate
while nickel-manganese-cobalt (NMC) battery grade formulations are
also in the pipeline.
In addition, the ability of Re-2OX to achieve exceptionally high
recovery rates for both cobalt and silver, plus nickel and copper,
while also removing 99% of arsenic, expands the potential of the
Castle mine given Phase 1 underground results released February 19, 2019, and a second phase starting
soon. Furthermore, Re-2OX is a value-driver for the company's
planned tailings programs at Castle and elsewhere in the district,
and will also be used by Canada Cobalt to immediately build a new
model of "streaming" opportunities for the Company with respect to
other battery metal projects while protecting the process.
Given the current optimization level of Re-2OX, and the growing
importance of this hydrometallurgical process to Canada Cobalt and
its shareholders, the Company has initiated the process of
submitting a patent application for this proprietary metal
extraction method.
Frank J. Basa, Canada Cobalt
President and CEO, commented: "The fact that SGS has demonstrated
that Re-2OX can very efficiently recover a broad set of metals from
arsenic-rich material, ranging from low grade to high-grade,
further de-risks the Castle mine project and expands opportunities
to build shareholder value. Further Re-2OX optimization will target
the recovery of gold."
Quality Assurance/Quality Control
A hand-cobbed, 73-kilogram sample of waste material was taken
from the Castle mine and crushed to negative-10 mesh and then
blended by SGS Laboratories in Lakefield, Ontario. From this, a
representative sample was submitted for analysis by lead fusion
fire assay for silver and gold. Other metals were assayed by ICP
after multi-acid digestion. The material was subsequently used for
testing the proprietary Re-2OX process. Canada Cobalt relies on
internal SGS laboratory independent QA/QC, which allows the
disclosure of the results provided.
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 focused on immediate and longer-term value
drivers at its past producing Castle mine and adjoining land
package in the historic Northern Ontario Silver-Cobalt district,
Canada's cobalt heartland since
the start of the electric vehicle revolution. With underground
access at Castle, an innovative tailings program with a plan to
recover silver, gold and cobalt, a recently installed pilot plant
to produce gravity concentrates on site, and a proprietary
hydrometallurgical process known as Re-2OX, Canada Cobalt is
strategically positioned to become a vertically integrated North
American mining company.
"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.