Canada Silver Cobalt Files the NI 43-101 Technical Report on Mineral Resource Estimate for Castle East, Robinson Zone COQUITLAM, B.C ,
Canada Silver Cobalt Files the NI 43-101
Technical Report on Mineral Resource
Estimate for Castle East, Robinson Zone
COQUITLAM, B.C
,
July 13, 2020
/CNW/ - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC:
CCWOF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to report that it
has filed an independent technical report on SEDAR. The technical report was prepared in
accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-
101") supporting a Mineral Resource Estimate for the Castle East,
Robinson Zone
,
Ontario, Canada
with an effective date of
May 28, 2020
and a signature date of
July 13, 2020
(the "Technical
Report").
This Technical Report documents the first mineral resource estimate (press release of
May 28, 2020
) for the Robinson zone discovery.
The mineral resource has been estimated in conformity with CIM Estimation of Mineral Resource
and Mineral Reserves Best Practices Guidelines and is reported in accordance with Canadian
Securities Administrators' NI-43-101.
The Technical Report can be found under the Company's Issuer profile on
www.sedar.com
and the
Company's website at
www.canadasilvercobaltworks.com
.
The Company also announces that it has completed its previously announced repurchase from
Granada Gold Mine Inc. ("Granada Gold") of a back-in option on five mining leases forming part of
the Castle Silver Cobalt Mine property in
Ontario
.
In payment, the Company issued 2,941,000 common shares to Granada Gold at a deemed price of
$0.51
per share, for total deemed consideration of approximately
$1,500,000
. Each of the shares
was accompanied by one common share purchase warrant. Each warrant will entitle Granada Gold
to acquire one additional common share of Canada Silver Cobalt for
$0.55
for a period of five years.
All securities issued in connection with the re-purchase are subject to a four-month and a day hold
period expiring on
November 11, 2020
, in accordance with applicable Securities Laws.
Under the policies of the TSX Venture Exchange, Granada Gold is a "Non Arm's Length Party" to
Canada Silver Cobalt in that Frank Basa, Jacques Monette, Robert Setter and Dianne Tookenay,
each of whom is a director and/or officer of Canada Silver Cobalt, are also directors and/or officers
of Granada Gold. In determining the purchase price, Canada Silver Cobalt relied on, among other
things, a valuation opinion dated May 13, 2020 prepared by Watts, Griffis and McOuat Limited of
Toronto
. The repurchase of the back-in option is not a "related party transaction" under
Multilateral
Instrument 61-101 Protection of Minority Security Holders in Special Transactions
.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr.
Merouane
Rachidi
, Ph.D., P.Geo., (APGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person
in accordance with NI 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt's flagship Castle mine and 78 sq. km Castle Property features strong
exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing
Gowganda
high-grade Silver-Cobalt District of
Northern Ontario
. With an important new discovery at Castle
East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby
town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and
Violet properties, CCW 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.
View original content:
http://www.newswire.ca/en/releases/archive/July2020/13/c0849.html
%SEDAR: 00022378E
For further information:
Frank J. Basa, P.Eng., CEO, 1-416-625-2342; Marc Bamber, Director,
[email protected], +44-7725-960939
CO: Canada Silver Cobalt Works Inc.
CNW 23:39e 13-JUL-20