COQUITLAM, BC,
Dec. 17, 2020 /CNW/ - Canada Silver
Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to announce that Canada Silver Cobalt
Works intersected high-grade gold mineralisation with cobalt within
the high-grade silver-cobalt mineralized vein structures at the
Castle property. Drilling continues around the clock, seven days a
week with 2 drills. A 50,000-meter drill program is in place of
which 18,000 meters have been completed.
Gold Highlights:
- CS-20-31 intersected 24.95 g/t Au over 0.30 meters from 49.70 –
50.00m with visible gold in calcite
veining within Archean volcanic tuff.
- CS-20-31, drilled towards the North, intersected 3.82 g/t Au
over 2.86 meters from 451.00 - 453.86m, including 6.11 g/t Au over 1.66 meters
from 451.52 - 453.18m.
- CS-20-25, collared 300 meters northwest of CS-20-31,
intersected three separate vein structures at shallower levels.
This hole intersected 5.00 g/t Au over 1 meter, from 315.00 –
316.00m; 0.78 g/t Au over 0.8 meters,
from 145.50 - 146.30m; and 0.6 g/t Au
over 1 meter, from 240.00 – 241.00m.
Hole
Name
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Co
(ppm)
|
Cu
(ppm)
|
Ni
(ppm)
|
CS-20-31
|
49.70
|
50.00
|
0.30
|
24.95
|
na
|
na
|
na
|
na
|
CS-20-31
|
451.00
|
453.86
|
2.86
|
3.82
|
4
|
1 339
|
226
|
164
|
Including
|
451.52
|
453.18
|
1.66
|
6.11
|
5
|
2 015
|
64
|
230
|
CS-20-25
|
315.00
|
316.00
|
1.00
|
5.00
|
2
|
18
|
121
|
59
|
CS-20-22W2
|
634.00
|
637.00
|
3.00
|
0.72
|
0
|
57
|
98
|
87
|
Including
|
636.00
|
637.00
|
1.00
|
1.27
|
0
|
33
|
91
|
85
|
CS-20-22W2
|
407.60
|
408.20
|
0.60
|
0.03
|
318
|
31
|
247
|
62
|
CS-20-25
|
145.50
|
146.30
|
0.80
|
0.78
|
1
|
23
|
33
|
31
|
CS-20-25
|
240.00
|
241.00
|
1.00
|
0.61
|
1
|
27
|
297
|
78
|
CS-20-26
|
565.62
|
566.00
|
0.38
|
0.07
|
1 546
|
90
|
173
|
74
|
CS-20-28
|
459.60
|
460.00
|
0.40
|
0.00
|
3 453
|
209
|
257
|
60
|
CS-20-28W1
|
466.00
|
466.30
|
0.30
|
0.02
|
638
|
111
|
131
|
53
|
The gold-cobalt mineralisation found in hole CS-20-31 is the
fourth potential expansion to the Robinson system, giving at least
5 mineralized veins in the area. The vein in hole CS-20-31 appears
to be a different orientation to the other en echelon veins
identified and is the first vein in the Robinson system with
significant gold results. A percentage of holes in this program has
been allocated to identifying and following up on structures in
this orientation. With this new discovery, the information
previously gathered to the west is being revisited and
reinterpreted to identify a potential connection between the
Archean gold system previously identified and these veins found in
the diabase.
Matt Halliday, P.Geo., Canada
Silver Cobalt's President, commented: "Hole CS-20-25 is confirming
the working hypothesis regarding the potential correlation between
the gold mineralization in the Robinson Zone and that previously
identified in the gold zone immediately west of the Robinson where
substantial Archean alteration typically associated with gold
mineralisation has been recorded. Significantly, in hole
CS-20-31, a gold structure within the Robinson Zone, that is
associated with the silver-cobalt veins of the diabase, has been
identified. Given the reports from this historic Camp of
silver bars containing recoverable amounts of gold, this newly
identified gold mineralization is extremely exciting. Additionally,
CS-20-31 has visible gold near surface. This, and identifying
further gold mineralization near surface, will dramatically impact
the economics of the Robinson Zone vein system."
Gold Target Above the Diabase
Starting 40 meters downhole and continuing to 368 meters,
CS-20-24 intersected multiple, potential gold-bearing
quartz-carbonate, multi-generational veins with sulphide
mineralisation and intense alteration in the Archean package above
the Nipissing diabase.
Arsenopyrite was also noted in feldspar porphyry.
As reported by Canada Silver Cobalt on March 2, 2020, the last drill hole that targeted
gold mineralisation at Castle East (CS-19-19) intersected 4.3 grams
per tonne gold over four metres and 1.5 g/t Au over 12.5 metres
within a 30-metre mineralised zone (core length, true width unknown
at this time) grading 0.70 g/t (vertical depth approximately 240
metres). This broad interval included one metre that returned 15.2
g/t Au. This early-stage gold discovery is approximately 460 meters
southwest of the visually encouraging zones encountered in
CS-20-24, and the potential relationship between the two areas is
being investigated as geologists await assays for this latest
hole.
Now, with gold found in CS-20-31 near surface and within the
diabase, the potential corridor of Archean gold has been increased
by over 200m at surface. If the gold
in the cobalt-silver veins comes from reactivated Archean
structures, this could also indicate gold at depth below the
diabase.
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
Castle East core samples were collected using a 0.3-meter
minimum length and a 1-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 split 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. Where silver or gold was visually
and significantly present, a pulp-metallic analysis on full sample
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 17025 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) President 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. Report reference:
Rachidi. M 2020, NI 43-101 Technical Report Mineral
Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of
May 28, 2020 and a signature date of
July 13, 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.