Canada Silver Cobalt Update on Gold Prospecting; Multiple Samples Up To 3.2 grams per tonne Gold on Surface Through prospecting, stripping and new geophysics, CCW is ϐinding additional targets for unlocking mineralization in addition to the known silver and cobalt at the
Canada Silver Cobalt Works Inc.
3028 Quadra Court
Coquitlam, B.C., V3B 5X6
CanadaSilverCobaltWorks.com
Canada Silver Cobalt Update on Gold Prospecting; Multiple Samples Up
To 3.2 grams per tonne Gold on Surface
Through prospecting, stripping and new geophysics, CCW is ϐinding additional
targets for unlocking mineralization in addition to the known silver and cobalt at the
former high-grade Castle Silver Mine
Coquitlam, BC, July 20, 2023 - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF)
(Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to provide an update on its
gold prospecting activities in the Miller Lake area at the Castle Mine property. The Company has made
significant discoveries in its surface exploration efforts, and the latest findings with multiple samples
above 1 gram per tonne (g/t) gold and ranging up to 3.2 g/t gold are highly encouraging at surface.
“We are happy we have these grab samples in a timely manner with a 3-day gold assay turn around
from Temiskaming Testing Labs. They are taken systematically over the stripping area and they are
very encouraging. We now want to see what we can find in channel samples so we can model some
widths and we are excited to see the outcrop mapping to incorporate into our geological database at
Castle,” said Matthew Halliday, P.Geo., President and COO.
The discovery of gold at the surface at the past-producing high-grade silver-cobalt Castle Mine is in
addition to previously reported results of gold sampling and drill intercepts at the property (see news
release July 5, 2023 ) as well as the discovery of new major silver-cobalt vein structures and the
publication of a resource estimate (see details in the About section below).
During the recent stripping process in the Miller Lake area, a section measuring approximately 15
meters by 12 meters at the widest points was examined. The lithology in the area consists of mafic
volcanic massive flow with weak chlorite and albite alteration at the extremities. The main part of
the area exhibits iron, carbonate, and silicification alteration with rusty gossan. Notably, there is
about 1 percent quartz veining present.
Across the outcrop, pyrite mineralization is evident, ranging from 1 percent to 2 percent and locally
reaching up to 5 percent to 7 percent. This pyrite is associated with stronger alteration and provides
additional evidence of mineralization potential.
A total of 22 rock samples were collected from the site, along with 2 QAQC samples. Significant gold
values from the samples are as follows:
Sample Number Grams Per Tonne Gold
FW000387 3.20
FW000388 2.20
FW000389 1.40
FW000376 2.14
FW000377 1.38
FW000391 1.37
FW000392 1.10
FW000394 2.97
FW000395 1.08
It is worth noting that multiple samples have gold values above 1 gram per tonne gold, with one
sample even reaching 3.2 gram per tonne gold.
The next step in the exploration process involves channel sampling, which is scheduled to take place
during the week of July 23rd. This additional data collection will provide a more comprehensive
understanding of the mineralization potential in the area.
Furthermore, there are interesting findings in proximity to the current stripping area. Approximately
50m north of the stripping location, there is an outcrop with quartz veining and associated iron,
carbonate alteration, and pyrite mineralization. This new discovery presents a potential new
stripping target to expand on the known mineralized zone.
Moreover, about 80 meters east of the current location, prospecting efforts revealed similar but less
extensive pyrite mineralization and alteration. Nonetheless, the grab samples from this area
contained anomalous low gold grades ranging from 0.1 to 0.28 grams per tonne gold.
The gold zone's potential appears to be open in all directions, presenting the possibility of future drill
targets.
Canada Silver Cobalt remains committed to leveraging advanced technology in its exploration efforts.
The recently initiated M-PASS survey, conducted by ALS GoldSpot, is undergoing data processing and
will be integrated with the existing dataset. This survey will facilitate machine learning targeting,
enhancing the identification and targeting of new gold and silver mineralization zones. (See news
release June 28, 2023.)
"We are excited about the progress we have made in our prospecting efforts, which have revealed
promising results and demonstrated substantial mineralization potential in the Miller Lake area,"
said Mr. Halliday. "With the resumption of our stripping program, we look forward to expanding our
operations and further exploring this newfound location. Additionally, the implementation of the M-
PASS survey underscores our commitment to leveraging advanced technologies for successful
exploration."
Canada Silver Cobalt continues to prioritize responsible and sustainable mining practices while
striving for excellence in resource extraction. The Company's objective is to maximize shareholder
value through the discovery and development of high-grade gold and silver deposits.
The company will keep stakeholders updated on its progress as it moves forward with channel
sampling and other exploration activities. For further information and updates, please visit the
Canada Silver Cobalt website.
Qualified person
The technical information in this news release was approved by and prepared under the supervision
of Mr. Matthew Halliday, P.Geo., (PGO), President and COO of Canada Silver Cobalt Works Inc., a
qualified person in accordance with National Instrument 43-101.
Quality Control and Reporting Protocols
The 2023 assay results are from Temiskaming Testing Laboratories (TTL) in Cobalt, Ontario. The ϐield
program, quality assurance, quality control (QAQC), and interpretation of results are performed by
qualiϐied persons employing procedures consistent with N I 43-101 and industry best practices.
Standards and blanks are included with every 20 samples for QAQC purposes for this program in
addition to the lab QAQC.
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 proliϐic
and world-class silver-cobalt mining district of Northern Ontario. The Company has completed a
60,000m drill program aimed at expanding the size of the deposit with an update to the resource
estimate underway.
In May 2020, based on a small initial drill program, the Company published the region’s ϐirst 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.
The Company also has: (1) 14 battery metals properties in Northern Quebec where it has recently
completed a nearly 16,000-metre drill program on the Graal property; and (2) the prospective 1,000-
hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake,
Ontario where it is exploring. (3) lithium property – 230 square kilometers of greenϐield exploration
ground focussed along a signi ϐicant volcanic sedimentary rock – Archean granite contact near
Cochrane, Ontario contiguous to Power Metals’ Case Lake Lithium properties.
Canada Silver Cobalt’s ϐlagship 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, 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 Ofϐicer
For further information, contact:
Frank J. Basa, P .Eng.
Chief Executive Ofϐicer
416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is de ϐined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is de ϐined 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. A detailed discussion of the risk factors encountered by
Canada Silver Cobalt is available in the Company’s Annual Information Form dated July 19, 2021 for the ϐiscal year ended
December 31, 2020 available under the Company’s proϐile on SEDAR at www.sedar.com.