Canada Cobalt Mobilizes Crews to Potential New Discovery
Canada Cobalt Mobilizes Crews to Potential
New Discovery
COQUITLAM, BC
,
July 31, 2018
/CNW/ - Canada Cobalt Works Inc. (TSXV: CCW) (OTCPK:
TAKRF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Cobalt") is pleased to announce that as
underground drilling on the first level of the Castle mine continues to intersect visible cobalt
mineralization, with drilling extended to year-end, the Company has mobilized field crews to a
potential new discovery area featuring a large circular basin approximately 1.5 kilometers east of the
mine.
Surface mapping and trenching are now following up on encouraging geophysical surveys and MMI
soil sampling. A drill rig is on standby in the event that high-quality drill targets are defined over the
next 7 to 10 days.
Significantly, an extensive IP survey has revealed multiple conductive anomalies that are spatially
associated with multi-element MMI soil anomalies. Three separate potential cobalt environments
have been identified over a distance of approximately two kilometers north-south and nearly one
kilometer east-west. Within this broad area, geologists are particularly focused on the possibility of a
new type of cobalt deposit in the Gowganda Camp along the Archean-Proterozioc unconformity.
Frank Basa
, Canada Cobalt President and CEO, commented: "We were already moving at high
speed with success at underground drilling, a pilot plant on site and continued Re-2OX work at SGS
Lakefield to produce a value added cobalt sulphate product. Data from this newly-defined area east
of the Castle mine is another exciting development and warrants immediate follow-up."
Qualified Person
The technical information in this news release was prepared under the supervision of
Frank J. Basa
,
P.Eng., Canada Cobalt's President and Chief Executive Officer, who is a member of Professional
Engineers Ontario and a qualified person in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada
Cobalt
is a pure play cobalt company focused exclusively on the Northern Ontario Cobalt
Camp,
Canada's
most prolific cobalt district. With three 100%-owned past producing mines, a
proprietary hydrometallurgical process known as Re-2OX, and plans for a 600-tonne-per-day mill at
its flagship Castle Property near
Gowganda, Canada
Cobalt
is strategically positioned to become a
vertically integrated North American leader in cobalt extraction and recovery.
"Frank J. Basa"
Frank J. Basa
, P. Eng.
President and 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 Cobalt Works Inc.
View original content: http://www.newswire.ca/en/releases/archive/July2018/31/c2236.html
%SEDAR: 00022378E
For further information:
Frank J. Basa, P.Eng., President and CEO at 1-819-797-4144, or Wayne
Cheveldayoff, Corporate Communications, [email protected], 416-710-2410
CO: Canada Cobalt Works Inc.
CNW 14:00e 31-JUL-18