SECOND DRILL RIG FOR CASTLE EAST
COQUITLAM, BC, June 30, 2020 /CNW/ - Canada Silver Cobalt
Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to announce that Mr. Matt Halliday, P.Geo., has been promoted to the
position of President and Chief Operating Officer (COO) of the
Company, in addition to his duties as VP-Exploration, as Canada
Silver Cobalt prepares to aggressively ramp up drilling at Castle
East to fully leverage a growing high-grade silver discovery
adjacent to three past producers in Gowganda, 75 kilometers southwest of Kirkland
Lake.
As a second drill rig is quickly added to this discovery as part
of a new planned program encompassing 50,000 meters of drilling in
2020, Halliday will direct and supervise all project operations for
Canada Silver Cobalt in his new role as President and COO. He will
also immediately further build out the geological, engineering and
environmental team with the goal of completing permitting and
construction of a ramp to the rich Robinson Zone in 2021.
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 mining camp, and the broader Northern
Ontario Silver-Cobalt district, in at least 40 years.
Halliday Appointment
Mr. Halliday first joined Canada Silver Cobalt late last year
from Kirkland Lake Gold where he
served as resource geologist. A graduate of Dalhousie University in 2007, Mr. Halliday honed
his skills for almost eight years with SGS Geostat, known as global
leaders in orebody modelling and reserve evaluation. In 2016 he was
part of the SGS team that pushed machine learning into the
geological realm and claimed top prize in the $1 million Integra Gold Challenge.
For more than a dozen years Mr. Halliday has focused on resource
reporting and modelling while also gaining abundant experience with
advanced field exploration including major drill programs in
Ontario, Quebec, Newfoundland-Labrador, Nunavut and Alaska. With SGS he also enjoyed success in a
business development capacity.
Halliday On Expanded Role
Mr. Halliday commented: "I'm excited to take on new and expanded
responsibilities to help guide Canada Silver Cobalt to the next
level as the leading vertically integrated silver-cobalt company in
a prolific district that stretches for 130 km.
"We not only have the grade at Castle East but the opportunity
for tremendous scale given the extent of untested ground in a camp
where it appears the oldtimers, despite mining around 70 million
ounces of silver, took only the low-hanging 'fruit'. We'll have a
second drill rig turning by about July
15 as we begin to greatly accelerate this program based on
multiple positive indicators.
"We already have exceptional talent within CCW, which we'll be
harnessing to an even greater extent, but it's my mission to
quickly build a 'Dream Team' that will execute flawlessly for
shareholders," Mr. Halliday continued. "This may also include
a new VP-Exploration as I focus on making sure we deliver on a
dynamic vision for this company in Canada's silver-cobalt heartland. We will use
the Castle East discovery in unlocking the value of the adjacent
Castle mine and all other company assets including Temiskaming
Testing Laboratories, following a path that helped build Agnico
Eagle – former operator of the Castle mine - into the mining giant
it is today."
Maiden Inferred Resource
The Robinson Zone discovery features a very high-grade Inferred
resource of 8,582 g/t Ag (250 oz/ton) in areas 1A and
1B for 7.56 million ounces of silver
in a total of 27,400 tonnes of material, using a cut-off grade of
258 g/t AgEq. The discovery is wide open for expansion and the
Inferred resource does not include a second high-grade silver vein
intersected 95 meters below the Robinson Zone. Cobalt is also an
important component of this discovery.
The Mineral Resource estimate is dated May 28, 2020, and was independently prepared by
GoldMinds Geoservices Inc. in accordance with National Instrument
43-101. A Technical Report with respect to the Mineral Resource
estimate will be filed within 45 days from May 28, 2020, in accordance with NI 43-101. The
Company reminds investors, as per NI 43-101, that mineral resources
that are not mineral reserves do not have demonstrated economic
viability.
Mr. Halliday is replacing Mr. Frank
Basa as President while also assuming the new position of
Chief Operating Officer. With his many years of successful
experience in the Northern Ontario Silver-Cobalt district,
including his time with Agnico Eagle, Mr. Basa will continue as CEO
of Canada Silver Cobalt while responsibilities for day-to-day
operations are assumed by Mr. Halliday. "Matt is supremely
qualified and has the energy, the expertise and the leadership
skills to take CCW to a whole new level," stated Mr. Basa. "We are
entering a major growth period and it's time to build out the team
to take full advantage of this discovery and an exciting new bull
market in silver."
Castle East In Perspective
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 NI 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt's flagship Castle mine and 78 sq. km Castle
Property features strong exploration upside for silver, cobalt,
nickel, gold and copper in the prolific past producing Gowganda high-grade Silver-Cobalt District of
Northern Ontario. With an
important new discovery at Castle East, underground access at the
Castle mine, a processing facility (TTL Laboratories) in the nearby
town of Cobalt, a proprietary hydrometallurgical process known as
Re-2OX, and the Beaver and Violet properties, CCW is strategically
positioned to become a Canadian leader in the silver-cobalt
space.
"Frank J. Basa"
Frank J. Basa, P. Eng.
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 Silver Cobalt Works Inc.