CANADA SILVER COBAL T PREPARES BATTERY MET ALS BUSINESS FOR MONETIZATION Aimed at surfacing value for the Company’s battery metals assets while continuing to focus on world-class precious metals properties
CANADA SILVER COBAL T PREPARES BATTERY MET ALS BUSINESS FOR
MONETIZATION
Aimed at surfacing value for the Company’s battery metals assets while continuing to focus
on world-class precious metals properties
Coquitlam, BC, November 9, 2021 - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt:
4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce that it has established a separate
subsidiary for its battery metals business to be named Coniagas Battery Metals Inc. The new subsidiary will
own the nickel-copper-cobalt exploration properties that the Company is currently exploring in northern
Quebec and Ontario as well as the proprietary ‘Green’ Re-2Ox processing technology that is able to produce
cobalt, nickel and copper sulphates for electric vehicle battery manufacturers.
“While the Company’s main focus continues to be our world-class high-grade silver deposit at Castle East with
exploration drilling, environmental permitting, and a major resource update scheduled for Q1 2022 as
outlined in a recent corporate update (November 1, 2021 news release), we are also taking additional steps
along the path we had outlined previously towards surfacing value for our battery metals assets. The
establishment of this new subsidiary will pave the way for an eventual spin-out of our battery metals business
into a separate publicly traded company for the benefit of our shareholders,” stated CEO Frank Basa. (See
news releases February 16 and July 22, 2021)
Matt Halliday, President, COO and VP Exploration, states: “Right now there is a lot of interest in battery metals
and we think the best way forward to give our assets a higher level of visibility, and for achieving a proper
valuation in the market, would be to split the Company into two parts – one focused on the exceptional Castle
East silver discovery as well as the Kirkland Lake-area gold properties we recently acquired, and the other
tasked with advancing our battery metals exploration properties and the Re-2Ox technology.”
Battery Metals Assets
Coniagas Battery Metals Inc. will include the Re-2Ox processing technology and 39,200 total hectares of
prospective nickel-copper-cobalt exploration properties in northern Quebec (15 properties) and Ontario (one
property east of the Sudbury Basin nickel deposits). Preliminary exploration is underway at the Quebec
properties. (News releases February 16, April 20 and July 22, 2021).
Re-2Ox is a proprietary, environmentally friendly, closed-loop, hydrometallurgical process for the extraction
of cobalt, nickel and other base metals from primary feeds (mined material) and secondary feeds (recycled
battery black mass) and the subsequent production of cobalt, nickel and other sulphates needed in the battery
industry. The process meets strict environmental standards because it does not involve smelting (or burning)
that many other processes use and it has no discharge.
The Re-2Ox process has demonstrated that it is the only globally known hydrometallurgical process that
can process high-arsenic feeds and recover and produce battery metals that meet Asian specifications for
the electrical vehicle (EV) market. In bench scale testing at SGS Lakefield, it successfully produced cobalt
sulfate for the battery market, and sodium arsenate as an intermediate product, from a high-grade silver-
cobalt-arsenic gravity concentrate obtained from the past-producing silver-cobalt Castle mine. Cobalt,
nickel and manganese recoveries from the concentrate using Re-2Ox were 99%, 81% and 84%,
respectively, while 99% of the arsenic was also removed, which is important for complying with battery
industry specifications. In addition to cobalt, arsenic is also on the US Critical Minerals List as it is an
Canada Silver Cobalt Works Inc.
3028 Quadra Court
Coquitlam, B.C., V3B 5X6
CanadaSilverCobaltWorks.com
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important ingredient in different products including pharmaceuticals, wood preservatives and industrial
applications such as semiconductors.
Additional Re-2Ox testing for the design of a pilot plant is currently underway at the SGS Lakefield laboratories
in Ontario. (For more information on Re-2Ox, see news releases May 31 and August 15, 2018 and January 15
and March 1, 2021, and also the Re-2Ox flow sheet and other details in the company’s corporate presentation
at www.canadasilvercobaltworks.com and at www.re-2ox.com.)
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday,
P.Geo., 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 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. This discovery has the highest silver resource grade
in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill
program is underway to expand the size of the deposit with an update to the resource estimate scheduled
for the first quarter of 2022.
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.
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 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, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
Neither the TSX Venture Exchange nor its Regulation Services 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 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 are factors that could cause actual results to vary materially from forward-looking statements.