Canada Silver Cobalt Works Acquires 39,200 Hectares of EV Properties in Ontario and Quebec
Canada Silver Cobalt Works Acquires 39,200
Hectares of EV Properties in Ontario and
Quebec
COQUITLAM, BC
,
Feb. 16, 2021
/CNW/ - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC:
CCWOF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce the
acquisition of 39,200 hectares of EV properties in
Quebec
and Ontario. It is Canada Silver Cobalt's
intention to transfer the properties, in exchange for shares, to another public company to be
identified by the Company, in order to capitalize on the current EV market, and to distribute the
shares by way of dividend to Canada Silver Cobalt's shareholders.
These properties have a strong potential to host a variety of base metals including nickel, copper
and cobalt. This strategic move is for structural organization purposes to add to our current cobalt
mineralization discoveries in the Cobalt Camp and as an expedient approach to the increasing
demand for EV battery input materials. Canada Silver Cobalt's main focus will remain on its High-
Grade silver discovery at the Robinson Zone with drill core silver grades of 89,000 grams per tonne
(
January 29, 2021
CCW Press release).
Quebec Properties:
Property Name
Hectares
Target
1
Fuchsia Ni Showing
4013
Nickel showing, magnetic anomaly by Road389 to
Manic
2
Nourricier - Graal
1778
Bouguer gravity target
3
Forgues Ni East Crater Showing
1391 (CD 2780)
Nickel showing, Bouguer gravity target, East Crater,
Manic
4
Lowney Lac Edouard south
3200 (CD 6692)
Bouguer gravity target
5
LPM-LPMN Ni Showing
388
Nickel Bouguer gravity target
6
Boudrias Showing
942
Nickel showing, magnetic anomaly by Road389 to
Manic
7
B30 Shear
721
Nickel showing, magnetic anomaly by Road389 to
Manic
8
Zec aux Rats
1180
Showing, magnetic anomaly
9
NW B15 Showing
668
Bouguer gravity target near showing
10
Saint-Stanislas Ni Showing
395
Nickel showing, magnetic anomaly
14
Dyke Horizon Cu Showing
1505
Copper showing, Chibougamau
13
Grand Portage
2196
Nickel showing, magnetic anomaly
11
32B04/32C01
2298
Bouguer gravity target
12
Magpie West
700
Bouguer gravity target
15
B2 Discovery - option
8450
Copper, Nickel Discovery
34,706 ha
Ontario Property:
Property Name
Hectares
Target
1
Henry Lake
4468
Bouguer gravity target east of Sudbury Basin nickel
deposits
4,468 ha
These properties have been acquired and/or staked. All the properties have surface showings that
have been sampled or have massive gravity anomalies. The Lowney Lac Edouard South property in
Quebec
is adjacent to Rio Tinto Mines property. The
Ontario
properties are within 25 kilometers of
the
Sudbury
basin where Glencore and Vale have multiple mines and smelters which have been in
operation for over 100 years to recover nickel, copper and cobalt metals. The Company will
continue to search for additional assets and property acquisitions in the vast areas of
Northern
Quebec
and near the
Sudbury
nickel basin, so-called because of the massive deposits previously,
and recently, discovered in these regions, one of the best areas in the world for nickel, copper, and
cobalt discoveries.
With the race for the discovery of large new deposits of key metals from safe jurisdictions
accelerating, prices are reacting with the price of some EV metals such as nickel, copper and
cobalt, having been dormant for some time, already moving up over 30% in 2021. North American
governments at all levels are becoming increasingly involved, supporting companies seeking to
supply input metals for EV batteries as the push for a green economy continues unabated. Major
geo-political forces have recently done a 180 and are now going all-in on green initiatives and related
technologies. What we are seeing today is consistent with previous announcements like the joint
American-Canadian Federal Governments' press release from just over one year ago. On
January
9, 2020
, the American and Canadian governments announced the finalization of a joint action plan on
critical metals which stated, "This Action Plan will promote joint initiatives, including research and
development cooperation, supply chain modelling and increased support for industry."
CEO
Frank J. Basa P.Eng
. notes, "Timing has never been better, which is why we are moving
ahead with these acquisitions that will facilitate strategic positioning for the Company to take full
advantage of rapidly evolving market conditions for EV battery base metal inputs. The idea is to
best position the Company to take full advantage of synergies, government policy and financial
supports as the urgent search for massive deposits of metals needed to fulfill stated green
objectives accelerates."
Canada Silver Cobalt cannot give any assurances regarding a potential transfer of the
Quebec
and
Ontario
properties to another public company in exchange for shares, the terms and conditions of
any such transfer, the distribution of such shares to the Company's shareholders by way of dividend,
whether TSX Venture Exchange or other stock exchange or regulatory approval will be obtained for
such transfer or distribution, to the extent required, or the timing of any of the foregoing.
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. 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. 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.
"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.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements, including but not limited to comments
regarding the transfer of the properties described herein to another public company in exchange
for shares, the distribution of the shares to the Company's shareholders by way of dividend, 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. Except as may be required by
Canadian securities laws, the Company does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.
Although the Company believes that the expectations reflected in these forward-looking statements
are reasonable, it can give no assurance that these expectations will prove to have been correct.
Accordingly, shareholders, investors and others are cautioned that undue reliance should not be
placed on any forward-looking statements.
SOURCE
Canada Silver Cobalt Works Inc.
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http://www.newswire.ca/en/releases/archive/February2021/16/c7462.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 10:11e 16-FEB-21