CCW Intersects Cobalt-Enriched Vein Structures, Second Drill Program Starts at Castle
CCW Intersects Cobalt-Enriched Vein
Structures, Second Drill Program Starts at
Castle
COQUITLAM, BC
,
Aug. 24, 2018
/CNW/ - Canada Cobalt Works Inc. (TSXV: CCW) (OTC:
CCWOF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Cobalt") is pleased to announce that
ongoing underground drilling has intersected visual cobalt mineralization in most of the 40 drill holes
completed to date, covering a distance of 200 meters, while surface drilling of high value targets has
commenced approximately 1.5 km east of the Castle mine near
Gowganda
in the Northern Ontario
Cobalt Camp.
Highlights:
Underground drilling supports Canada Cobalt's geological model that vein structures untouched
by first level mining in the 1980's are enriched with cobalt-nickel arsenides and cobalt arsenides,
two favoured assemblages for the targeted cobalt mineralized system (assay results will be
reported as they become available);
Surface drilling will test multiple targets in a broad potential new discovery area east of the
Castle mine and two other significant past producers - Phase 1 drilling will consist of a minimum
of 2,000 meters;
Results from stripping of outcrop, trenching and MMI soil sampling within a large circular
Nipissing
diabase basin east and east-southeast of the mine are supported by strong induced
polarization (IP) conductivity and chargeability anomalies including a 725-meter-long IP anomaly
with an associated chargeability halo;
High-grade cobalt and silver are primary targets of surface drill program, but potential
nickel/PGE's in ultramafic gabbro and high-grade gold potential in Archean volcanics underscore
the robust and diverse nature of the
Gowganda
system.
Jacques Monette
, mine supervisor and Canada Cobalt director, commented: "Activity remains
intense. In addition to continuing to intersect promising vein structures underground, with the latest
drilling occurring near the #3 Shaft where there is an impressive network of veins, the pilot plant is
operating smoothly while we've also launched a cost-effective program to dewater the second level
of the mine. Surface drilling more than a kilometer east of the mine has crews excited about the
prospect of a potential new discovery.
"Canada Cobalt has also been approached by various stakeholders in the district and elsewhere
with respect to our Re-2OX process that has produced a premium grade cobalt sulphate product
sourced from mineralized material from the Castle mine. Our plan, as the battery sector continues
to grow, is to leverage Re-2OX to capture the greatest value possible for shareholders," Monette
concluded.
Qualified Person
The technical information in this news release was prepared under the supervision of
Frank J. Basa
,
P.Eng., Canada Cobalt's President and Chief Executive Officer, who is a member of Professional
Engineers Ontario and a qualified person in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada Cobalt is a pure play cobalt company focused on its past producing Castle mine in the
Northern Ontario Cobalt Camp,
Canada's
most prolific cobalt district. With underground access at
Castle, a recently installed pilot plant to produce cobalt-rich gravity concentrates on site, 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 Cobalt is strategically
positioned to become a vertically integrated North American leader in cobalt extraction and recovery.
"Frank J. Basa"
Frank J. Basa
, P. Eng.
President and 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 Cobalt Works Inc.
View original content: http://www.newswire.ca/en/releases/archive/August2018/24/c2626.html
%SEDAR: 00022378E
For further information:
Frank J. Basa, P.Eng., President and CEO at 1-819-797-4144, or Wayne
Cheveldayoff, Corporate Communications, [email protected], 416-710-2410
CO: Canada Cobalt Works Inc.
CNW 09:45e 24-AUG-18