COQUITLAM, BC, Jan. 27, 2020 /CNW/ - Canada Cobalt Works Inc.
(TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce that ongoing drilling from surface
has greatly expanded the potential scale of the Castle East
Robinson Zone high-grade silver discovery immediately adjacent to
three robust past producers in Northern
Ontario's Gowganda Camp, 75 km southwest of Kirkland Lake.
Significantly, native silver has been observed in drill core at
shallower levels near the contact of the Nipissing diabase with the Archean volcanics,
as much as 100 meters above and northwest of wedge
holes/first vein shoot CA-11-08-W01 through CA-11-08-W04, while
drilling has also just intersected another native silver vein 95
meters below and northeast of the first vein shoot.
This gives the discovery, at this early stage, a minimum
potential 200-meter vein zone vertical extent. It remains
open in all directions as drilling continues.
Halliday on "Textbook Signatures"
Matt Halliday, Canada Cobalt
VP-Exploration, stated: "It is now apparent from surface drilling
that the initial discovery falls within a much broader and
productive horizon associated with a 300-meter thick sill.
This drill core is displaying textbook signatures of a
Gowganda-style high-grade silver system with extensive veining and
alteration, native silver-filled fractures as well as multiple
structures interpreted to be spatially related to high-grade
mineralization. The native silver vein shoot clipped near the
lower diabase-Archean contact may lead to new interpretations and
geological models for the broader camp.
"The Robinson zone is on strike from the old Capitol mine
workings 650 meters to the west, so there is plenty of room to grow
this discovery both laterally and vertically which we are in the
process of doing," Halliday continued. "It's important to note that
mostly only the shallow western margin of the diabase was mined
historically in the rich Gowganda Camp from networks of veins that
extended for hundreds of meters. At modestly deeper levels Canada
Cobalt's Castle Property features kilometers of unexplored or
under-explored diabase from the upper contact to the lower contact
as we are discovering at Castle East."
More Assays Pending
The first vein shoot at Castle East included very high silver
grades, in addition to cobalt, nickel and copper, from the first
two wedge holes with many more assays pending (refer to
Dec. 23, 2019 and Jan. 10, 2020 news releases) from all four wedge
holes as well as new holes from surface. Fresh images related
to the discovery will be added to the Company's web site over the
coming days.
Castle East Discovery in Historical Context
Based on reliable historical reports and internal data,
management believes Castle East may represent the most significant
new grassroots high-grade silver discovery in the Gowganda Camp,
and the broader Northern Ontario Silver-Cobalt District, in at
least 40 years since Agnico Eagle put the Castle mine back into
production in 1979 for a decade through a new vein discovery at
what is currently Shaft #3 owned 100% by Canada Cobalt.
Regional Property Map
Please visit the Canada Cobalt web site at CanadaCobaltWorks.com
for an updated location/geological map for the Castle Property,
also included in this news release.
Qualified Person
The technical information in this news release was prepared
under the supervision of Mr. Merouane
Rachidi, Ph.D., P.Geo., (PGO, 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. The Company's
recent acquisition of the only facility in the Northern Ontario
Silver-Cobalt District that combines bullion pouring, bulk
sampling, commercial assaying and e-waste processing makes Canada
Cobalt a vertically integrated leader in Canada's Silver-Cobalt heartland as the
precious metals bull market intensifies. This facility will
also become the new home of Canada Cobalt's 100%-owned Re-2OX
Process, an environmentally friendly solution for producing
technical grade cobalt sulphate (achieved in 2018) as well as
nickel-manganese-cobalt (NMC) formulations.
"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.