COQUITLAM, BC, June 16, 2021 /CNW/ - Canada Silver Cobalt Works
Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to announce, within the eight new silver
veins discovered to date, an additional wedge intercept of the
high-grade silver vein (Vein 2) was intersected within 60 metres of
the Robinson Zone Discovery hole CA-1108. The Robinson Zone,
100-percent owned by the Company, is located in the
78-square-kilometre Castle Silver Mine property, in Gowganda, Ontario, Canada.
Highlights and updates:
- Significant silver intercept in hole CS-20-39W4 grades
53,739 g/tonne Ag (1,568 oz/ton Ag) over 0.48m from 551.08 - 551.1m with a gold equivalent grade of
23.31 oz/ton Au.
- This intercept is included within a larger interval of
19,308 g/tonne Ag (563.24 oz/ton Ag) over 1.3m from 550.6 - 551.9m with a gold equivalent grade of
8.38 oz/ton Au over 1.3m.
- This wedge is a follow-up to the highest-grade silver to date
at Robinson Zone: hole CS-20-39, at 89,853 g/tonne Ag (2,621
oz/ton Ag) with a gold equivalent grade of 38.98 oz/ton
Au.
- The main intercept that grades 53,739 g/tonne Ag from 551.08 -
551.1m also contains strong Cobalt
mineralization at 2.22% Co over 0.48m.
- Secondary vein intercept in hole CS-20-39W4 grading 2,019
g/tonne (58.90 oz/ton Ag) over 0.4m
from 475.3 - 475.7m with a gold
equivalent grade of 0.88 oz/ton Au. This may be part of the vein
set belonging to the "17-Metre Zone" first identified in hole
CS-20-39.
Note: Gold equivalents calculated based on USD $27.625 oz/ton Ag and USD $1857.8 oz/ton Au as of June 16th, 2021.
Table 1: Sample Details
|
|
|
|
|
Ag
|
Co
|
AuEq*
|
Hole
ID
|
Sample
|
From
(m)
|
To
(m)
|
Length
(m)
|
g/tonne
|
oz/Ton
|
ppm
|
oz/Ton
|
CS-20-39-W4
|
|
550.60
|
551.90
|
1.30
|
19,308
|
563.24
|
7,220
|
8.38
|
Including
|
25449
|
550.60
|
551.08
|
0.48
|
2,097
|
61.2
|
41
|
0.91
|
|
25451
|
551.08
|
551.50
|
0.42
|
53,739
|
1,567.6
|
22,209
|
23.31
|
|
25453
|
551.50
|
551.90
|
0.40
|
3,809
|
111.1
|
97
|
1.65
|
|
|
|
|
|
|
|
|
|
CS-20-39-W4
|
25430
|
475.30
|
475.70
|
0.40
|
2,019
|
58.9
|
133
|
0.88
|
*Gold equivalent
only on the silver value, cobalt grade not included in
calculation
|
|
The potential of Castle East has significantly increased with
the development of this second, distinct, high-grade silver
vein. With follow-up drilling, the existing resource panels
reported in a Press Release May 28,
2020, will be expanded. In that release, a
district-wide maiden resource estimate identified zones 1A and
1B of the Robinson Zone had 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 Ag Eq (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).
Notably, Hole CS-20-39 also intersected a 17-metre zone
(downhole from 505 to 519 m) with
several narrow veins mineralized with both silver and
cobalt-arsenides. With the additional data from the current wedges
these veins look to be part of a lower-grade vein set (possibly
en-echelon or anastomosing). Assays are still pending for this zone
intersected in several holes.
Matt Halliday, P.Geo., President,
commented: "This is the third intercept above 50,000 g/tonne Ag in
Vein 2 (Big Silver). This particular vein appears to be thinning at
this point, but the grade is incredible as it outperformed the
wider intercept in CS-20-39W2. The Company will continue drilling
Big Silver to see what comes up and will continue exploring for
additional high-grade veins".
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 (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. More information at
www.canadasilvercobaltworks.com
"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.