Canada Silver Cobalt Works Reflects on a Productive Year of Achievements New discoveries of precious and battery metals and progress towards surfacing value for shareholders through a spinout of a potentially large nickel-copper-cobalt
Canada Silver Cobalt Works Reflects on a Productive Year of
Achievements
New discoveries of precious and battery metals and progress towards surfacing
value for shareholders through a spinout of a potentially large nickel-copper-cobalt
property in Quebec
Coquitlam, BC, December 21, 2023 - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF)
(Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) has experienced a dynamic and fruitful
year marked by significant milestones across its diverse portfolio of mining projects. The company
achieved notable progress in key areas, demonstrating its commitment to exploration, innovation,
and sustainable resource development.
“Despite difficult market conditions, the Company was able to move forward on a number of fronts
in 2023. We expect to make several announcements in Q1 202 4 on the results of the exploration
activities we undertook in the second half of the year and to provide further information on our plans
for the different properties,” said Matthew Halliday, P. Geo., President and Chief Operating Officer.
Summary Review of 2023 Activities
Castle East – Uncovering Riches Below Ground
January 17th: Canada Silver Cobalt unveiled promising gold intercepts at Castle East, highlighting the
success of the previous drill program and the potential for gold to be an important addition to the
major high-grade silver-cobalt deposit at Castle East.
May 8th: Additional targets were identified, leading to surface stripping to further explore gold and
silver intercepts. Following the receipt of permits, the company initiated stripping activities, followed
by analytical work that culminated in a successful drilling campaign later in the year.
June 28th: An airborne survey, employing ALS Goldspot's MPASS technology, was conducted at the
Castle Mine property, adding important geological data for the Company’s drill targeting.
Prospecting efforts resulted in a noteworthy 6.07 g/t gold hit southwest of Castle East drilling.
Successful stripping and channel sampling around this area revealed multiple surface samples with
gold concentrations up to 3.2 g/t.
November 30 th: Drilling activities commenced at Castl e, targeting new gold and silver
mineralization, and further advancing the exploration efforts.
Processing and Re2Ox – Extracting Value from Waste
January 25th: Canada Silver Cobalt achieved a major milestone by releasing assay results showcasing
29,165 g/t silver extracted from concentrate of Castle mine waste rock.
February 7th: Additional assays from concentrate revealed 11% cobalt and 4% nickel content.
The company is eagerly anticipating new legislation and regulations for Ontario Recovery Permits,
offering benefits such as mineral recovery from tailings and waste piles without a closure plan at the
Castle and Be aver properties. This may also open up th e opportunity for the Company to process
waste materials from other properties not held by the Company.
Coniagas – A Strategic Spinout
February 16th: Phase 2 drilling results at the Graal property in northern Que bec were released,
highlighting massive and semi-massive sulphide zones with exciting high-grade nickel, copper, and
cobalt concentrations. The Company is working on a spinout of the Graal property into a separate
publicly traded company called Coniagas Battery Metals Inc.
May 2nd: The technical report on the Graal project was updated, providing valuable insights into the
project's potential.
December 4th: Coniagas Battery Metals Inc. achieved a conditional listing on the TSX Venture
Exchange, marking a significant step forward for the spinout.
St. Denis and Sangster – Lithium and Pegmatite Discoveries
Throughout the year, Canada Silver Cobalt made significant strides at St. Denis and Sangster in
northern Ontario, expanding its lithium and pegmatite exploration efforts.
July 10th: An ALS Goldspot MPASS technology airborne survey covered the entire Sangster claims
and select areas of St. Denis, contributing to the ongoing exploration initiatives.
October 17th: Geologists confirmed numerous pegmatites while on the ground at Sangster with a
notable 20m wide and 70m long pegmatite discovery.
October 25th: Discover y of 12 new promising pegmatite areas and samples taken at St . Denis,
emphasizing the fruitful exploration program and the ongoing goal of mapping and sampling multiple
pegmatites.
Lac Edouard – A New Frontier for Exploration
November 28th: Canada Silver Cobalt acquired the 2,335-hectare Lac G uay property near Lac
Edouard in central Quebec with geologically favorable conditions for base metal and gold
exploration.
December 18th: Drilling commenced at the Company’s Lowney-Lac Edouard property, focusing on
nickel-copper exploration, opening up new possibilities for resource discovery.
As Canada Silver Cobalt reflects on the accomplishments of the past year, the Company remains
committed to responsible and innovative resource development, positioning itself for continued
success in the mining industry.
Investors, media, and stakeholders are invited to stay updated on the latest developments by visiting
the Company's website at www.canadasilvercobaltworks.com.
Qualified person
The technical information in this news release was approved by and prepared under the supervision
of Matthew Halliday, P.Geo., (PGO), President and COO 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 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 prolific
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 first 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; (2) the prospective 1,000 -
hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake,
Ontario; and (3) the St. Denis -Sangster lithium pro ject – 260 square kilometers of greenfield
exploration ground with numerous pegmatites focussed along a significant volcanic sedimentary
rock – Archean granite contact nea r Cochrane, Ontario contiguous to Power Metals’ Case Lake
Lithium properties.
Canada Silver Cobalt’s flagship 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 Officer
For further information, contact:
Frank J. Basa, P .Eng.
Chief Executive Officer
416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
Caution Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services 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 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 ti tles, 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. Canada
Silver Cobalt Works Inc. does not undertake, and assumes no obligation, to update or revise, any such
forward-looking statements or forward -looking information contained herein or in other
communications to reflect new events or circumstances, except as may be required by law.