Coquitlam, British Columbia--(Newsfile Corp. - September 6, 2023) - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce the initiation of an exciting new phase in its exploration endeavors. The Company has officially commenced lithogeochemical mapping of its St. Denis and Sangster properties, focusing on the search for LCT (Lithium, Cesium, Tantalum) type pegmatites. This groundbreaking exploration campaign marks a significant step forward in Canada Silver Cobalt's mission to unlock the full potential of these highly prospective properties.
Key Highlights of the Lithogeochemical Mapping Initiative:
Extensive Research and Historical Exploration: Canada Silver Cobalt has undertaken extensive research and analysis of historical exploration data to pinpoint high-priority targets on the St. Denis and Sangster properties. These targets have been meticulously selected based on their promising geological characteristics and potential for valuable mineralization.
Field Truthing and Access Route Development: The Company has initiated field truthing activities to validate access routes and is actively developing traverses to reach high-priority areas at both St. Denis and Sangster. Initial ground truthing efforts have already begun at Sangster East, with plans to access critical parts of Sangster West, where large pegmatites were previously mapped by Noranda.
Preliminary MPASS Data by ALS Goldspot: Canada Silver Cobalt has received preliminary MPASS data produced by ALS Goldspot. The data has revealed numerous points of interest on the St. Denis block southwest of the Power Metals property, prompting further investigation. The Company eagerly anticipates receiving the final geophysical data.
Expansion of Exploration Activities: Next week, Canada Silver Cobalt will ramp up exploration efforts by adding a second field team to the properties. This expansion aims to expedite data collection and analysis.
Matthew Halliday, President, and COO of Canada Silver Cobalt Works, commented, "At this stage in the game, we are looking to build a comprehensive lithogeochemical map. With a limited field season ahead, we are focused on collecting as many rocks as we can to create this invaluable targeting tool. Our meticulous approach to exploration is aimed at maximizing our understanding of these properties and identifying pegmatites with the highest potential for economic mineralization."
The Company remains committed to sustainable mining practices and responsible resource development. Canada Silver Cobalt Works will continue to engage with local communities, Indigenous groups, and stakeholders throughout its exploration activities, ensuring open and transparent communication.
Investors, media, and stakeholders are invited to stay updated on the latest developments by visiting the Company's website at www.canadasilvercobaltworks.com.
The technical information in this news release was approved by and prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO), President and COO 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 Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. The Company has completed a 60,000m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.
In May 2020, based on a small initial drill program, the Company published the region's first 43-101 resource estimate that contained 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 Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. 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.
The Company also has: (1) 14 battery metals properties in Northern Quebec where it has recently completed a nearly 16,000-metre drill program on the Graal property; and (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle's high-grade Macassa Mine near Kirkland Lake, Ontario where it is exploring. (3) lithium property - 230 square kilometers of greenfield exploration ground focussed along a significant volcanic sedimentary rock - Archean granite contact near Cochrane, Ontario contiguous to Power Metals' Case Lake Lithium properties.
Canada Silver Cobalt's flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates, 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
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
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Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions may cause actual results to vary materially from forward-looking statements.
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