Canada Silver Cobalt Hits Bonanza-Grade Silver at 53,739 g/tonne with Gold Equivalent of 23.31 oz/ton
Canada Silver Cobalt Hits Bonanza-Grade
Silver at 53,739 g/tonne with Gold Equivalent
of 23.31 oz/ton
COQUITLAM, BC
,
June 16, 2021
/CNW/ - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC:
CCWOF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce,
within the eight new silver veins discovered to date, an additional wedge intercept of the high-grade
silver vein (Vein 2) was intersected within 60 metres of the Robinson Zone Discovery hole CA-1108.
The Robinson Zone, 100-percent owned by the Company, is located in the 78-square-kilometre
Castle Silver Mine property, in
Gowganda, Ontario, Canada
.
Highlights and updates
:
Significant silver intercept in hole CS-20-39W4 grades
53,739
g/tonne Ag (1,568 oz/ton Ag)
over
0.48m
from 551.08 -
551.1m
with a gold equivalent grade of
23.31
oz/ton Au.
This intercept is included within a larger interval of
19,308
g/tonne Ag (563.24 oz/ton Ag) over
1.3m
from 550.6 -
551.9m
with a gold equivalent grade of
8.38
oz/ton Au over
1.3m
.
This wedge is a follow-up to the highest-grade silver to date at Robinson Zone: hole CS-20-39,
at
89,853
g/tonne Ag (2,621 oz/ton Ag) with a gold equivalent grade of
38.98
oz/ton Au.
The main intercept that grades 53,739 g/tonne Ag from 551.08 -
551.1m
also contains strong
Cobalt mineralization at
2.22% Co
over
0.48m
.
Secondary vein intercept in hole CS-20-39W4 grading 2,019 g/tonne (58.90 oz/ton Ag) over
0.4m
from 475.3 -
475.7m
with a gold equivalent grade of 0.88 oz/ton Au. This may be part of
the vein set belonging to the "17-Metre Zone" first identified in hole CS-20-39.
Note: Gold equivalents calculated based on USD
$27.625
oz/ton Ag and USD
$1857.8
oz/ton Au as
of
June 16
th
, 2021.
Table 1: Sample Details
Ag
Co
AuEq*
Hole ID
Sample
From (m)
To (m)
Length (m)
g/tonne
oz/Ton
ppm
oz/Ton
CS-20-39-W4
550.60
551.90
1.30
19,308
563.24
7,220
8.38
Including
25449
550.60
551.08
0.48
2,097
61.2
41
0.91
25451
551.08
551.50
0.42
53,739
1,567.6
22,209
23.31
25453
551.50
551.90
0.40
3,809
111.1
97
1.65
CS-20-39-W4
25430
475.30
475.70
0.40
2,019
58.9
133
0.88
*Gold equivalent only on the silver value, cobalt grade not included in calculation
Figure 1: Bonanza-grade silver mineralization at 53,739 g/t Ag (1,568 oz/Ton Ag and 23.31 oz/Ton
AuEq) over 0.48m in hole CS-20-39W4 at 551.1m depth (CNW Group/Canada Silver Cobalt Works
Inc.)
The potential of Castle East has significantly increased with the development of this second, distinct,
high-grade silver vein. With follow-up drilling, the existing resource panels reported in a Press
Release
May 28, 2020
, will be expanded. In that release, a district-wide maiden resource estimate
identified zones 1A and
1B
of the Robinson Zone had an average silver grade of
8,582
g/t
(
250
oz/ton
) in a combined 27,400 tonnes of material for a total of
7.56 million
Inferred ounces
of silver
using a cut-off grade of 258 g/t Ag Eq (mineral resources that are not mineral reserves do not have
demonstrated economic viability). 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
).
Notably, Hole CS-20-39 also intersected a 17-metre zone (downhole from 505 to
519 m
) with
several narrow veins mineralized with both silver and cobalt-arsenides. With the additional data from
the current wedges these veins look to be part of a lower-grade vein set (possibly en-echelon or
anastomosing). Assays are still pending for this zone intersected in several holes.
Matt Halliday
, P.Geo., President, commented: "This is the third intercept above 50,000 g/tonne Ag in
Vein 2 (Big Silver). This particular vein appears to be thinning at this point, but the grade is incredible
as it outperformed the wider intercept in CS-20-39W2. The Company will continue drilling Big Silver
to see what comes up and will continue exploring for additional high-grade veins".
Location
The Castle Property is 15 km east of Aris Gold Corp's Juby gold deposit, 30 km due south of
Alamos Gold's
Young
-
Davidson
mine, 75 km southwest of
Kirkland Lake Gold's
Macassa Complex,
and 100 km southeast of new gold discoveries in the Timmins West area.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr.
Matthew
Halliday
, P.Geo., (APGO) 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 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 were identified. The discovery remains open in all directions (mineral resources that are
not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt
Works Press Release
May 28
, 2020) 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 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 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.
More information at
www.canadasilvercobaltworks.com
"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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http://www.newswire.ca/en/releases/archive/June2021/16/c8201.html
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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 12:56e 16-JUN-21