Canada Silver Cobalt Enters into Option to Acquire a High-Grade Nickel Copper Discovery

Canada Silver Cobalt Enters into Option to

Acquire a High-Grade Nickel Copper

Discovery

COQUITLAM, BC

,

Oct. 30, 2020

/CNW/ - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB:

CCWOF) (

Frankfurt

: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce that

it has entered into an option agreement with MagNor Resources (MagNor) dated

October 26

, 2020

(the "Agreement") whereby Canada Silver Cobalt may earn an undivided 100% Interest, subject to a

2% NSR, in the MagNor's B2 property in

Quebec

, Canada. The property has 12 claims totaling 670

hectares (6.7km

2

). The Agreement is subject to TSX Venture Exchange ("Exchange") acceptance.

Highlights of Property

The NNW-SSE mineralized zone is traceable along strike over 1 kilometer and is open in all

directions.

A stripped zone exposed a length of

35m

of massive sulphides 8-

10m

wide.

A total of 6 grab samples were sent to ALS Laboratory in

Val-d'Or

for analysis of a package of

multi-elements. Assay results returned massive Ni-Cu-Co mineralization (see Figure):

1.05 % Ni, 0.13 % Cu, 0.10 % Co

0.96 % Ni, 0.10 % Cu, 0.09 % Co

0.69 % Ni, 0.62 % Cu, 0.19 % Co

for the epithermal veinlets associated with quartz injections:

9.28 % Cu, 18.2 g/t Ag, 0.34 g/t Au

2.97 % Cu, 5.7 g/t Ag, 0.29 g/t Au, 0.10 % Ni

Anomalous values in Ti (1.1 %), P (0.45 %) and Mn (0.12 %) in mylonitic ferro-gabbro with

0.14% Cu associated with mineralization in pyrrhotite, pyrite and chalcopyrite stringers (5-10 %)

The B2 Ni Cu property contains new showings for Ni-Cu-Co that were discovered in

August 2019

by

Alain Berclaz

&

Frederic Bergeron

. It is located in NTS 22E11 of the Saguenay Lac-St-Jean region

of

Quebec

. The property is easily accessed by well-maintained logging roads and forest trails from

the KM92 of the Passes Road (R250 & R251).

"With the increasing demand of lithium ion batteries for electric vehicles (EV), optioning this property

fits well within the company's battery metal development program" said

Frank J. Basa

, P.Eng CEO.

"With high-grade near-surface mineralization, the company has mobilized a geological team to the

site to plan an exploration program."

Mineralization on the property is of three types

1

.

Magmatic Ni-Cu-Co associated with anorthosite consisting of massive sulphides up to

5m

wide,

composed of 65-90% coarse-grained pyrrhotite (-pentlandite), pyrite, chalcopyrite and 10-30%

host rock fragments.

2

.

Magmatic Fe(-Ti-P-V) associated with anorthosite, leuco-gabbro, gabbronorite, norite and

pyroxenite consisting of up to

5m

-thick layers, lenses and veins of massive oxides (mainly

magnetite).

3

.

Epithermal Cu-Ag-Au associated with late pegmatitic quartz veins and monzogranite consisting

of up to

1m

-thick, semi-massive, brecciated stockwork, veinlets, and stringers of pyrite,

chalcopyrite and bornite.

Terms of the Agreement

Pursuant to the terms of the Agreement, the Company may exercise the option with MagNor as

follows:

On Closing, making a payment of

$62,500

(1)

;

24 months from Closing, making a payment of

$62,500

(1)

;

36 months from Closing, making a payment of

$62,500

(1)

; and

36 months from Closing, incurring an aggregate of

$100,000

in Exploration Expenditures on the

Ni Cu property;

(1)

Payment can be made in cash or through the issuance of Canada Silver Cobalt shares at a price per common share equal to the volume weighted average trading price of

the Company's shares on the Exchange for the ten (10) trading days immediately preceding the Closing Date, at the option of the Company.

All securities issued in connection with this transaction will be subject to a four month and a day hold

period in accordance with applicable securities laws.

Massive sulfides composed of 65-90 % coarse-grained pyrrhotite (pentlendite), pyrite, chalcopyrite

and 10-35% host-rock fragments in anorthosite and ferrogabbro (a, b, c)

Semi-massive brecciated

stockwerk, veinlets, stringers with chalcopyrite and bornite in pegmatitic quartz veins (d, e) (CNW

Group/Canada Silver Cobalt Works Inc.)

Qualified Person

The technical information in this news release has been reviewed by

Claude Duplessis

, P.Eng.,

GoldMinds Geoservices Inc. member of Québec Order of Engineers and a qualified person in

accordance with National Instrument 43-101 standards.

About Canada Silver Cobalt Works Inc.

www.canadasilvercobaltworks.com

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 was calculated. The discovery remains open in all directions (1A and

1B

are

approximately 800 meters from the east-trending Capitol Mine workings) (mineral resources that are

not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt

Works Press Release

May 28, 2020

). Canada Silver Cobalt's flagship Castle mine and 78 sq. km

Castle Property feature 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.

"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.

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For further information:

Frank J. Basa, P.Eng., Chief Executive Officer, 416-625-2342

CO: Canada Silver Cobalt Works Inc.

CNW 12:18e 30-OCT-20