COQUITLAM, BC, Sept. 30, 2020 /CNW/ - Canada Silver Cobalt
Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to announce a major reinterpretation of
the past-producing Gowganda Silver Camp, 75 kilometers southwest of
Kirkland Lake, and vast expansion
to the mineralized Robinson Zone at Castle East with just the first
9,000 metres in Phase 1 of the 50,000-metre drill program in this
exciting high-grade grassroots silver discovery.
Highlights:
- 3,452 g/t silver over 0.4 metres downhole in hole CS-20-28
intersected 75 metres above Robinson Zone original intersection in
an all-new vein
- Targeted exploration area significantly enlarged up to 135
metres East-West, up to 100 metres North-South and up to 256 metres
vertically – resulting in a 500% increase in known mineralized
area
- At least 4 new mineralized veins identified in the first 9,000
metres of 50,000 metre drill program
Strategic drilling has opened up at least 3 new veins –
including 3,452 g/t silver over 0.4 metres (true width unknown)
downhole – an all-new vein intersected in hole CS-20-28, 75 metres
above Robinson Zone original intersection - at a depth of 347
metres. Additionally, the Company is very encouraged with the
intersection of multiple, large carbonate veins at depth, conveying
a strong plumbing network to the Robinson Zone and Castle
East. These additional veins contain sufficient silver
mineralization to justify further targeting them in search of
potential high-grade mineralized panels. Mineralization is being
added to the east-west lateral extent of the Zone along with new
veins to the north and the south. The deposit model is continually
updated to extract new and valuable structural and geochemical
information.
Due to the early and significant successful progress to date -
Canada Silver Cobalt Works has completed 18% of the initial,
proposed 50,000-metre drill program – the Company is already
considering expanding the program to follow up on the newly
identified mineralized veins as well as to further expand the
potential exploration horizon. There are currently 2 drill
rigs on site drilling round the clock. The Company is
redefining historic assumptions about silver exploration in the
Gowganda Camp.
The uppermost mineralized vein intercept in hole CS-20-31
(assays pending) occurs less than 10 metres below the upper
contact, at a vertical depth of 336 metres and the original
high-grade vein intersection in hole CA-1108 grading 40,944 g/t
silver (1,194 oz/ton) over a core length of 0.45 metres with a true
width of approximately 7cm (refer to August
25, 2011, Gold Bullion Development news release) at a
vertical depth of approximately 430 metres. Another deep
mineralized vein was intersected in CS-20-22W3 (assays pending),
the deepest one to date, at 592 metres vertical depth.With these
recent new mineralized vein discoveries, the vertical extent of
significant silver mineralization has now reached 256 metres.
Notably, vein intersections at Castle East exist in both the
upper and lower parts of the Nipissing diabase sill, near the contact with
the Archean volcanics, greatly enhancing the deposit potential of
the area with implications for the broader Camp where historic
production was predominantly within the upper half of the diabase
sill. CCW now has a greater opportunity to expand the
Robinson Zone since the potential mineralized horizon is much
larger than originally believed.
Matt Halliday, P.Geo.,
VP-Exploration, commented: "We are excited about the drill program;
we initiated a large-scale drill program and we are realizing the
results. We have moved from a single vein at the Robinson to at
least 4 mineralized veins, greatly expanding the potential for new
high-grade panels. We have expanded the traditional mineralized
horizon. It has been noted in literature that the upper third to
upper half of the diabase sill is the mineralized horizon - it is
now our belief that the entire diabase sill has the potential to be
mineralized."
Property Map
Visit the Canada Cobalt website at
https://canadasilvercobaltworks.com/ for an updated
Castle Property Map, or click on the following link:
https://canadasilvercobaltworks.com/projects/maps/
Location
The Castle Property is 15 km east of Pan American Silver's Juby
gold deposit, 30 km due south of Alamos Gold's Young-Davidson mine, 75 km southwest of Kirkland Lake Gold's Macassa Complex, and 100 km
southeast of new gold discoveries in the Timmins West
area.
Quality Assurance/Quality Control
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 is 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
minus 200-mesh fraction (fines) was run using geochemical analysis
with AA finish for Ag, Au, Cu, Ni, and Co. The entire +200 mesh
(coarse) fraction was 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/IEC 17025:2005
certified lab independent of Canada Cobalt.
Qualified Person
The technical information in this news release was prepared
under the supervision of Mr. Matthew
Halliday, P.Geo., (APGO) VP Exploration of Canada Silver
Cobalt Works Inc., a qualified person in accordance with National
Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works released the first-ever resource in
the Gowganda Camp and greater Cobalt Camp. In May 2020. A
total of 7.56 million ounces of silver in Inferred
resources comprising very high-grade silver (8,582 grams per
tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material
from two sections (1A and 1B) of the
Robinson Zone beginning at a vertical depth of approximately 400
meters. The discovery remains open in all directions (1A and
1B are approximately 800 meters from
the east-trending Capitol Mine workings) (mineral resources
that are not mineral reserves do not have demonstrated economic
viability) (refer to Canada Silver Cobalt Works Press Release
May 28, 2020).
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 District of
Northern Ontario. With underground
access at Castle, a pilot plant to produce cobalt-rich gravity
concentrates on site, a processing facility (TTL Laboratories) in
the town of Cobalt, 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
Silver Cobalt 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.