Canada Cobalt Pours First Silver Bars
Canada Cobalt Pours First Silver Bars
COQUITLAM, BC
,
Oct. 16, 2019
/CNW/ -Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF)
(
Frankfurt
: 4T9B) (the "Company" or "Canada Cobalt") is pleased to announce that the Company
has successfully poured its first silver in a proof of concept test ahead of a significant ramp-up that
will officially begin with the pouring of a 1,000-ounce silver dore bar planned for later this month.
The pilot plant at the Castle mine separated leaf silver and created silver gravity concentrate from
mineralized Castle waste material. The concentrate and leaf silver were then smelted in the bullion
furnace at PolyMet Labs in the town of Cobalt, just a one-hour drive from the Castle mine, to
produce three silver bars totaling 300 ounces. Through its proprietary and environmentally friendly
Re-2OX Process, and further demonstrating proof of concept, Canada Cobalt also used the same
waste material to separately recover cobalt and produce a cobalt sulphate at SGS Lakefield.
As announced
October 10, 2019
, Canada Cobalt has signed a binding Letter of Intent to acquire
privately-held PolyMet Resources Inc. ("PolyMet"). PolyMet owns the only facility in the Northern
Ontario Silver-Cobalt District that combines bullion pouring, bulk sampling, commercial assaying and
e-waste processing – four key profit centers specializing in high-grade mineralization.
Underground Drill Program
Canada Cobalt has commenced its Phase 2 underground drill program at its 100%-owned and fully
winterized Castle mine. Multi-directional drilling will build aggressively on the success of the Phase 1
program (refer to
February 19, 2019
news release) that featured numerous high-grade cobalt and
silver intercepts throughout the expansive first level including
13,208
g/t silver (
385.2 ounces per
ton
), 0.67% cobalt and 3.8 g/t gold over half a meter within a broader 5.51-meter core length
averaging
2,620
g/t silver (
76.4 ounces per ton
) in CA-18-02. Phase 2 drilling has started in this
cobalt-silver rich area near the adit entrance where CA-18-01 also returned a 7-meter core length
averaging 2.3% cobalt, 261 g/t silver and 1.65% nickel.
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 has 100% ownership of the Castle mine and the 78 sq. km Castle Property with
strong exploration upside in the prolific past producing
Gowganda
high-grade Silver Camp of
Northern Ontario
. With underground access at Castle, a pilot plant to produce cobalt-rich gravity
concentrates on site, 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 Cobalt is strategically positioned to become a vertically integrated North American leader in
cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.
"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/October2019/16/c6192.html
%SEDAR: 00022378E
For further information:
Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc
Bamber, Director, [email protected], +44-7725-960939
CO: Canada Cobalt Works Inc.
CNW 07:30e 16-OCT-19