COQUITLAM, BC, Oct. 16, 2019 /CNW/ -Canada Cobalt Works Inc.
(TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce that the Company has successfully
poured its first silver in a proof of concept test ahead of a
significant ramp-up that will officially begin with the pouring of
a 1,000-ounce silver dore bar planned for later this month.
The pilot plant at the Castle mine separated leaf silver and
created silver gravity concentrate from mineralized Castle waste
material. The concentrate and leaf silver were then smelted in the
bullion furnace at PolyMet Labs in the town of Cobalt, just a
one-hour drive from the Castle mine, to produce three silver bars
totaling 300 ounces. Through its proprietary and environmentally
friendly Re-2OX Process, and further demonstrating proof of
concept, Canada Cobalt also used the same waste material to
separately recover cobalt and produce a cobalt sulphate at SGS
Lakefield.
As announced October 10, 2019,
Canada Cobalt has signed a binding Letter of Intent to acquire
privately-held PolyMet Resources Inc. ("PolyMet"). PolyMet owns the
only facility in the Northern Ontario Silver-Cobalt District that
combines bullion pouring, bulk sampling, commercial assaying and
e-waste processing – four key profit centers specializing in
high-grade mineralization.
Underground Drill Program
Canada Cobalt has commenced its Phase 2 underground drill
program at its 100%-owned and fully winterized Castle mine.
Multi-directional drilling will build aggressively on the success
of the Phase 1 program (refer to February
19, 2019 news release) that featured numerous high-grade
cobalt and silver intercepts throughout the expansive first level
including 13,208 g/t silver (385.2 ounces per ton),
0.67% cobalt and 3.8 g/t gold over half a meter within a broader
5.51-meter core length averaging 2,620 g/t silver (76.4
ounces per ton) in CA-18-02. Phase 2 drilling has started in
this cobalt-silver rich area near the adit entrance where CA-18-01
also returned a 7-meter core length averaging 2.3% cobalt, 261 g/t
silver and 1.65% nickel.
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 has 100% ownership of the Castle mine and the 78
sq. km Castle Property with strong exploration upside in the
prolific past producing Gowganda
high-grade Silver Camp of Northern
Ontario. With underground access at Castle, a 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 while it also exploits a powerful new
silver-gold market cycle.
"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.