COQUITLAM, BC, Dec. 29, 2020 /CNW/ - Canada Silver Cobalt
Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to announce the intersection of a new,
additional, high-grade silver vein within 60 metres of the Robinson
Zone Discovery hole CA-1108. The Robinson Zone Project is
100-percent owned by the Company, in the 78-square-kilometre Castle
Silver Mine property, in Gowganda,
Ontario, Canada.
Highlights and updates:
- Visually, mineralization in the new vein rivals the discovery
intersection of hole CA-11-08 (40,944 g/t silver
(1,194 oz/ton) over a core length of 0.45 meters (refer to
Gold Bullion Development news release August
25, 2011), and to additional intervals in hole CS-20-08W1
and CS-20-08W2 of 50,583.29 g/t ( 1,476 oz/ton)
silver over 0.60 meters within 1.5 meters of 20,741 g/t
(605 oz/ton) silver and 70,380 g/t (2,053
oz/ton) silver over 0.30 meters within a broader zone of 1.4
meters grading 20,136 g/t (587 oz/ton) silver
respectively (Canada Silver Cobalt press releases Dec 23, 2019 and Jan 10,
2020).
- The 18,000 metres drilled in the current 50,000-metre program,
represents only 36 percent of this phase of drilling. A total
of 28 holes are completed, including 8 wedge holes.
- This new intersection is 53 metres laterally east-southeast and
25 metres vertically above the original discovery hole (CA-11-08)
and further expands the potential high-grade mineralization target
area. This new, high-grade mineralized intercept is
approximately 80 metres below the upper contact of the diabase sill
which, in the Gowganda Camp, typically hosts the majority of the
silver mined historically.
![High-grade silver mineralization over 5 – 7 cm true width in hole CS-20-39 – comparable to the average thickness of veins that produced over 70 million ounces from the 3 major past-producers within 2 km of the Robinson Zone (CNW Group/Canada Silver Cobalt Works Inc.) High-grade silver mineralization over 5 – 7 cm true width in hole CS-20-39 – comparable to the average thickness of veins that produced over 70 million ounces from the 3 major past-producers within 2 km of the Robinson Zone (CNW Group/Canada Silver Cobalt Works Inc.)](https://mma.prnewswire.com/media/1392869/Canada_Silver_Cobalt_Works_Inc__Canada_Silver_Cobalt_Hits_New_Hi.jpg)
![High-grade silver mineralization over approximate 5-7 cm true width in original discovery hole CA-11-08 grading 40,944 g/t Ag (1,194 oz/ton) over a core length of 0.45m (Gold Bullion Development Press Release August 25, 2011). (CNW Group/Canada Silver Cobalt Works Inc.) High-grade silver mineralization over approximate 5-7 cm true width in original discovery hole CA-11-08 grading 40,944 g/t Ag (1,194 oz/ton) over a core length of 0.45m (Gold Bullion Development Press Release August 25, 2011). (CNW Group/Canada Silver Cobalt Works Inc.)](https://mma.prnewswire.com/media/1392870/Canada_Silver_Cobalt_Works_Inc__Canada_Silver_Cobalt_Hits_New_Hi.jpg)
With 4 strongly mineralized veins identified and this additional
new, high-grade vein, the potential of the Robinson Zone has
significantly increased. Follow-up drilling is planned to
expand the existing resource panels reported in a Press Release
May 28, 2020. In that release,
a maiden resource estimate identified zones 1A and 1B of the Robinson Zone to have an average silver
grade of 8,582 g/t (250 oz/ton) in a combined
27,400 tonnes of material for a total of 7.56 million
Inferred ounces of silver using a cut-off grade of 258 g/t
AgEq (mineral resources that are not mineral reserves do not have
demonstrated economic viability).
The new high-grade intersection is an entirely new vein. The
intersection is located a mere 60 metres from the discovery
intersection of hole CA-11-08 and is located approximately 2
km southeast of the Castle No. 3 mine, and within 2 km of two other
past producers.
Notably, Hole CS-20-39 also intersected a 17-metre zone
(downhole, from 502 to 519 m) with
several narrow veins mineralized with both silver and
cobalt-arsenides. Assays are pending for hole CS-20-39.
This new vein and the design of the current drill program offers
an excellent opportunity to conduct valuable downhole geophysics
and based on the results of a pilot program, we will have a roadmap
to focus more effectively on some of the targets we have identified
at the Robinson zone.
Matt Halliday, P.Geo., President,
commented: "We are very pleased to be disclosing this new vein
discovery. This is the type of stellar mineralization we are
looking for and to find it so close to the original Robinson vein
is very encouraging. We continue to record sound geological
information with the aim of strengthening our model and finding
more mineralization like this on the existing structures and to
search out new ones".
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.
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., and 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 feature 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.