CCW Outlines Large Target Horizon at Castle East Discovery with New Native Silver Hits
CCW Outlines Large Target Horizon at Castle
East Discovery with New Native Silver Hits
COQUITLAM, BC
,
Jan. 27, 2020
/CNW/ - Canada Cobalt Works Inc. (TSXV: CCW) (OTC:
CCWOF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Cobalt") is pleased to announce that
ongoing drilling from surface has greatly expanded the potential scale of the Castle East Robinson
Zone high-grade silver discovery immediately adjacent to three robust past producers in
Northern
Ontario's
Gowganda Camp, 75 km southwest of
Kirkland Lake
.
Significantly, native silver has been observed in drill core at shallower levels near the contact of the
Nipissing
diabase with the Archean volcanics, as much as
100 meters above and northwest
of
wedge holes/first vein shoot CA-11-08-W01 through CA-11-08-W04, while drilling has also just
intersected another native silver vein
95 meters below and northeast
of the first vein shoot.
This
gives the discovery, at this early stage, a minimum potential 200-meter vein zone vertical
extent.
It remains open in all directions as drilling continues.
Halliday on "Textbook Signatures"
Matt Halliday
, Canada Cobalt VP-Exploration, stated: "It is now apparent from surface drilling that
the initial discovery falls within a much broader and productive horizon associated with a 300-meter
thick sill. This drill core is displaying textbook signatures of a Gowganda-style high-grade silver
system with extensive veining and alteration, native silver-filled fractures as well as multiple
structures interpreted to be spatially related to high-grade mineralization. The native silver vein
shoot clipped near the lower diabase-Archean contact may lead to new interpretations and
geological models for the broader camp.
"The Robinson zone is on strike from the old Capitol mine workings 650 meters to the west, so there
is plenty of room to grow this discovery both laterally and vertically which we are in the process of
doing," Halliday continued. "It's important to note that mostly only the shallow western margin of the
diabase was mined historically in the rich Gowganda Camp from networks of veins that extended for
hundreds of meters. At modestly deeper levels Canada Cobalt's Castle Property features kilometers
of unexplored or under-explored diabase from the upper contact to the lower contact as we are
discovering at Castle East."
More Assays Pending
The first vein shoot at Castle East included very high silver grades, in addition to cobalt, nickel and
copper, from the first two wedge holes with many more assays pending (refer to
Dec. 23, 2019
and
Jan. 10, 2020
news releases) from all four wedge holes as well as new holes from surface. Fresh
images related to the discovery will be added to the Company's web site over the coming days.
Castle East Discovery in Historical Context
Based on reliable historical reports and internal data, management believes Castle East may
represent the most significant new grassroots high-grade silver discovery in the Gowganda Camp,
and the broader Northern Ontario Silver-Cobalt District, in at least 40 years since Agnico Eagle put
the Castle mine back into production in 1979 for a decade through a new vein discovery at what is
currently Shaft #3 owned 100% by Canada Cobalt.
Regional Property Map
Please visit the Canada Cobalt web site at
CanadaCobaltWorks.com
for an updated
location/geological map for the Castle Property, also included in this news release.
CCW Outlines Large Target Horizon at Castle East Discovery with New Native Silver Hits (CNW
Group/Canada Cobalt Works Inc.)
Qualified Person
The technical information in this news release was prepared under the supervision of Mr.
Merouane
Rachidi
, Ph.D., P.Geo., (PGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person
in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada Cobalt has 100% ownership of the Castle mine and the 78 sq. km Castle Property with
strong exploration upside in the prolific past producing
Gowganda
high-grade Silver Camp of
Northern Ontario. The Company's recent acquisition of the only facility in the Northern Ontario
Silver-Cobalt District that combines bullion pouring, bulk sampling, commercial assaying and e-waste
processing makes Canada Cobalt a vertically integrated leader in
Canada's
Silver-Cobalt heartland
as the precious metals bull market intensifies. This facility will also become the new home of
Canada Cobalt's 100%-owned
Re-2OX Process
, an environmentally friendly solution for producing
technical grade cobalt sulphate (achieved in 2018) as well as nickel-manganese-cobalt (NMC)
formulations.
"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.
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For further information:
Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc
Bamber, Director, [email protected], +44-7725-960939
CO: Canada Cobalt Works Inc.
CNW 07:30e 27-JAN-20