The VTEM Plus survey will be flown via helicopter later in June, and aims to identify discrete conductive anomalies near surface.
Coquitlam, British Columbia--(Newsfile Corp. - May 24, 2022) - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce it is planning an airborne VTEM Plus geophysical survey at its Lowney-Lac Edouard property south of the historical Lac Edouard Ni-Cu-Co mine in Central Quebec.
The property is of particular interest to the technical team due to several important factors:
1) The significant regional gravity anomaly that was identified by a previous airborne SGL survey (please see Figure 2).
2) The positive geological context, including a favorable lithological unit that appears to correlate with the gravity anomaly.
3) The sediment lake samples that returned elevated nickel and copper, which appears to also correlate with the gravity anomaly (please see Figure 3).
4) The proximity to the old Lac Edouard Ni-Cu-Co past producing mine.
The VTEM survey will be completed via helicopter by Geotech, is a global leader in technological innovation for airborne geophysical survey mapping, interpretation and analysis. The Company intends to identify near surface conductors which will help guide the field work this summer. The VTEM survey and field work will help provide a better understanding of the area and hopefully lead to a drill program. In addition, the property is bordered by several other large companies such as Rio Tinto Exploration Canada and Brunswick Exploration Inc. (please see Figure 1).
"We believe that a VTEM survey will provide the necessary information to better understand the property. Based on what we have so far, this property has great potential and fits within our objective to become an important supplier of battery metals material to the EV market. The fact that we have big players surrounding us shows that we're in the right location," states Matt Halliday, P.Geo., President, COO and VP Exploration.
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a member of the Québec Order of Engineers, and is a qualified person in accordance with the National Instrument 43-101 standards.
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 10,000-metre drill program on the Graal property; and (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle's high-grade Macassa Mine near Kirkland Lake, Ontario where it will be exploring in 2022.
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
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 which include, but are not limited to, comments regarding future financings, if any, pursuant to the short form base shelf prospectus referred to above, and 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 titles, future financings, 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. A detailed discussion of the risk factors encountered by Canada Silver Cobalt is available in the Company's Annual Information Form dated July 19, 2021 for the fiscal year ended December 31, 2020 available under the Company's profile on SEDAR at www.sedar.com.
Figure 1: Property location map showing the Company claim package and the surrounding companies.
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Figure 2: Property location and location of gravity anomaly.
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Figure 3: Property location and heat map showing elevated Copper and Nickel values from the sediment samples.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125137
