COQUITLAM, BC, Dec. 23, 2019 /CNW/ - Canada Cobalt Works Inc.
(TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce that partial assays from a visually
strongly mineralized 4.65-meter core interval in the first wedge
hole at the Robinson Zone Discovery at Castle East (refer to
Dec. 12, 2019 news release) include
50,583.29 g/t silver (1,476 oz/ton) from a
0.60-meter sample in addition to cobalt, nickel and copper, and
20,741 g/t silver (605 oz/ton) over 1.5
meters.
Assays are still pending for 19 out of 22 samples from the
first wedge hole as well as 89 samples from the other three wedge
holes. The drill program, applying technology that was
never previously used at the Castle Property, is now being carried
out with deep holes from surface designed to extend this vein shoot
and intersect multiple shoots in what increasingly appears to be a
geologically very fertile area 600 meters to 1,900 meters east of
three robust past producers.
Highlights:
- Significantly, CS-19-08-W01 not only confirmed the grassroots
discovery of a classic Northern Ontario Silver-Cobalt
District-style vein shoot in this heavily under-explored part of
the Nipissing diabase, but this
first wedge hole has cut into an even richer and much wider part of
the vein 10 meters above and west of the original discovery
intercept (CA-11-08);
- CS-19-08-WO1 returned 50,583.29 g/t silver (1,476
oz/ton), 0.30% cobalt, 0.71% nickel and 0.21% copper over 0.60
meters, higher in silver grade (by 9,639 grams or 282 oz/ton) than
the best intercept in CA-11-08 (refer to Dec. 4, 2019 news release). In addition, the vein
within the 0.60-meter interval in CS-19-08-W01 has a true width (20
cm) three to four times greater than the apparent same vein in
CA-11-08. This is highly encouraging in terms of the potential
strength, richness and extent of this NW-SE-striking and SW dipping
vein initially intersected in CA-11-08 at a vertical depth of
approximately 430 meters;
- The second and third samples, outside the vein in CS-19-08-W01,
returned 1,375 g/t Ag and 422 g/t over 0.40 meters
and 0.50 meters, respectively, in silver-filled fractures,
providing an average of 20,741 g/t (605
oz/ton) over the first 1.5 meters of core length assayed.
Numbers are pending for the remaining 3.1 meters of the 4.65-meter
interval in addition to other parts of the hole;
- Grades and vein widths reflect what was mined historically in
the Gowganda Camp.
Matt Halliday, Canada Cobalt's
newly-appointed VP-Exploration, stated: "The four wedge holes plus
the first deep hole that recently started from surface confirm
intense veining at this exciting new grassroots discovery in an
historically productive camp just 75 kilometers from Kirkland Lake.
"Exploration is targeting one or more deposits at Castle East in
the Nipissing diabase, with
excellent gold potential in the Archean rocks above and below the
diabase. We have assembled a powerful team equipped with
state-of-the-art technology including GoldMinds Geoservices'
custom-built downhole camera to unlock the full value of this
prolific past producing camp for Canada Cobalt," Halliday
concluded.
Following a short Christmas-New Year's break for drill crews,
drilling at the Robinson Zone Discovery will resume during the
first week of January.
Initial assay results from underground drilling at the Castle
mine are expected to be released during the week of December 30 followed by another important update
from Castle East.
Canada Cobalt management extends best wishes to shareholders for
a Merry Christmas and happy holidays.
Maps/Images
Included in this news release (see below) is an updated vertical
section for the Castle East high-grade silver discovery. Refer to
the Canada Cobalt web site at CanadaCobaltWorks.com for additional
maps, images and video that will be posted during this drill
program.
Quality Control/Assurance
The drill program and sampling protocol are being managed by
geologists from GoldMinds Geoservices. Holes CS-19-08-W01 to W04
were wedges drilled off the historic CA-11-08 hole. The original
hole was re-opened, a modern gyro survey was completed to confirm
the location of the hole at depth and then the wedges were drilled
from different depths using NQ diameter drill core. Samples were
collected using a 0.3-meter minimum length, one-meter maximum
length. Drill core recovery averaged 95%. Two quality control
samples (blank and standards) were inserted into each batch of 20
samples. The drill core was sawn with one half of the sawn core
placed in a plastic bag with the sample tag and sealed, while the
second half was returned to the core box for storage on site. For
the high-grade intercepts, only one-quarter of the core has been
sent for assaying to Swastika Laboratories in Swastika, Ontario. Where silver was visually
and significantly present, a Pulp-Metallic analysis was requested
for the silver and gold assays where the entire sample will be
dried, weighed and crushed over 95% then fully pulverized and
passed through 200-mesh screen to create a plus 200-mesh fraction
(metallics) and a minus 200-mesh fraction (pulp). The -200 mesh
fraction (fines) will be run using geochemical analysis with AA
finish for Ag, Au, Cu, Ni, and Co. The entire +200 mesh (coarse)
fraction will be analyzed using gravimetric processes (fire
assay) for both Ag and Au to provide a weighted average assay for
the entire sample.
Swastika Laboratories is an ISO certified lab independent of
Canada Cobalt.
Qualified Person
The technical information in this news release was prepared
under the supervision of Mr. Merouane
Rachidi, Ph.D., P.Geo., (APGO, APEGNB and OGQ) of GoldMinds
Geoservices, 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.