COQUITLAM, BC, April 26, 2021 /CNW/ - Canada Silver Cobalt
Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to announce the additional wedge
intercept of the second high-grade silver vein (Vein 2) within 60
metres of the Robinson Zone Discovery hole CA-1108. The Robinson
Zone Project is 100-percent owned by the Company, in the
78-square-kilometre Castle Silver Mine property, in Gowganda, Ontario, Canada.
Highlights and updates:
- New intersection of Vein 2 assays 51,612 grams per tonne
(1,506 ounces per ton) over 0.41m
from 561.73 – 562.44m with a true
width of 4-6cm and included in a wider interval of 30,931 grams
per tonne (902 ounces per ton) over 0.71m in CS-20-39W2
- Follow up from CS-20-39 – the highest-grade silver to date at
Robinson Zone at 89,853 grams per ton silver (2,621 ounces
per ton) over a true width of 5-7cm (January
29th, 2021). Wedge 2 intercept about 6 metres
from original hole
- Visually highly mineralized core interval approximately
13m from Wedge 2 in hole CS-20-39W4.
Interval is over 0.95 metres including wallrock silver at a
downhole depth of 550 metres. Vein has an approximate true width
2-3 cm.
- Core from CS-20-39 wedge 4 intersections and bordering core is
split and samples have been sent to Lab for assaying. Assays are
pending.
High-grade silver mineralization over 4 – 6 cm true width
in hole CS-20-39W2 at 51,612 gpt (1,506 opt) Ag over
0.41m
Table 1: CS-20-39W2 Sample Details
|
|
|
|
|
Ag
|
Hole
Id
|
Sample
|
From
(m)
|
To
(m)
|
Length
(m)
|
gpt
|
opt
|
CS-20-39W2
|
|
561.73
|
562.44
|
0.71
|
30,931
|
902
|
including
|
13247
|
561.73
|
562.14
|
0.41
|
51,612
|
1,506
|
|
13248
|
562.14
|
562.44
|
0.30
|
2,668
|
78
|
* true width is 4-6cm
Visually High-grade silver mineralization over 2-3 cm true
width in hole CS-20-39W4 at 551.1m
depth – assays pending
This new high-grade vein panel is being expanded using wedge
drilling. Additional assays and expanded panel size will be
updated as results become available. The potential of the
Robinson Zone has significantly increased with the development of
this second, distinct, high-grade silver vein. With follow-up
drilling, the existing resource panels reported in a Press Release
May 28, 2020 will be expanded.
In that release, a maiden resource estimate identified zones 1A and
1B of the Robinson Zone had an
average silver grade of 8,582 g/t (250 oz/ton)
in a combined 27,400 tonnes of material for a total of 7.56
million Inferred ounces of silver using a cut-off grade
of 258 g/t AgEq (mineral resources that are not mineral reserves do
not have demonstrated economic viability).
Notably, Hole CS-20-39 also intersected a 17-metre zone
(downhole from 502 to 519 m) with
several narrow veins mineralized with both silver and
cobalt-arsenides. With the additional data from the current wedges
these veins look to be a group of en-echelon veins. Assays are
pending for this zone intersected in several holes.
Matt Halliday, P.Geo., President,
commented: "Vein 2, or 'Big Silver', is evolving significantly with
the ongoing wedge drilling and is shaping up to be even nicer than
Vein 1, or 'Robinson Vein'. Further drilling is expected to
continue to enlarge this zone".
Location
The Castle Property is 15 km east of Aris Gold Corp's Juby gold
deposit, 30 km due south of Alamos Gold's Young-Davidson mine, 75 km southwest of Kirkland Lake Gold's Macassa Complex, and 100 km
southeast of new gold discoveries in the Timmins West
area.
Qualified Person
The technical information in this news release was prepared
under the supervision of Mr. Matthew
Halliday, P.Geo., (APGO) VP Exploration 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 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).
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. More information at
www.canadasilvercobaltworks.com
"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. 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 Silver Cobalt Works Inc.