COQUITLAM, BC, May 25, 2021 /CNW/ - Canada Silver Cobalt Works
Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to announce a major new vein discovery
in a distinct area, Robinson West.
This latest intercept, Vein 7, is located approximately 650 metres
west of the Robinson Zone Discovery hole CA-1108.
Highlights
- Significant silver intercept grading 2,208 g/t silver (64.4
oz/ton) over 0.45 m at a downhole
depth of 548.43 meters
- New corridor with significant potential silver mineralized
strike distance of 710 meters, striking towards the Robinson
Zone.
- Increasing current drill program to 60,000 meters from 50,000
meters to explore the extension
Table 1: CS-20-50 Sample Details
Hole
Id
|
Sample
|
From
(m)
|
To
(m)
|
Length
(m)
|
Ag
gpt
|
Co
%
|
CS-21-50
|
13306
|
548.43
|
548.87
|
0.45
|
2,208
|
0.38
|
CS-21-50 is in close proximity to CCW's "Gold Zone" and, with
this new target in mind, the company will take a new strategic
outlook to further develop this corridor. Along with the
orientation of the vein, there is additional information to support
a continued trend to the east.
Based on the successful discovery of multiple veins to date,
Canada Silver Cobalt is pleased to announce increasing the current
50,000-meter drill program to 60,000 meters. The Company has
now completed 66 % of the 50,000 metres.
In addition, geochemical surveys will be undertaken this summer
to help define some of the Archean lithologies and structures that
have had little work due to overburden cover. Historically,
the Nipissing diabase mafic
intrusive lithology has been the focus of exploration in the Miller
Lake Basin. The Company is developing models to cover not
only the silver-cobalt veining within the Nipissing but to include the Archean basement
having identified both silver and gold mineralization
therein. To date, only orientation geochemistry surveys have
been completed.
Follow-up drilling is underway to intersect this vein both above
and below CS-21-50 to determine both extent, and grade and
mineralization variability. Ongoing drilling in the area
between the Robinson and Robinson West zones is geared toward
identifying new veins to enable significant expansion to the
existing resource panels outlined in the Company's maiden resource
estimate reported in a Press Release May
28, 2020. The resource estimate identified zones
1A and 1B of the Robinson Zone with
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). 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.
Matt Halliday, P.Geo., President,
commented: "With this major new vein discovery highlighting the
potential of geophysics to aid in the targeting of new veins, and
the ability of geochemistry to identify potentially significant
lithological changes near-surface, Canada Silver is excited to
evaluate the entire lithologic package and expand the mineralogical
potential of this ever-expanding prospectivity."
Location
The Castle Property is 15 km east of Aris Gold Corp'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) 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 were identified. The discovery remains open in all
directions (1A and 1B are
approximately 800 meters from the 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.