Assay results confirm the existence of strong nickel, copper and cobalt mineralization in addition to discovering low grade platinum and palladium.

 

Coquitlam, BC - TheNewswire - March 3, 2022 - Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce it has received positive assay results including intercepts up to 2.08% nickel and 3.75% copper from the first three diamond drill holes that intercepted massive sulphides at its Graal property in the Lac St-Jean region of Quebec.

Highlights:

• The assay results (see table below) verify the existence of nickel and copper that was identified using a handheld XRF device during the core logging process (See November 24, 2021 news release). 

• The elemental data suggests the pyrrhotite is nickel bearing and shows the existence of PGM elements including platinum and palladium.  

• There are assays pending from another 18 drill holes.  

• Massive sulphides were intercepted in 20 of 21 drill holes with 7,772.3 meters drilled to date. 

• Another 1,700 meters of drilling is planned at Graal along with borehole EM geophysics to quantify potential thickness around the sulphide intersections and a ground EM survey (SQUID) to identify conductive zones to create high-value targets at depth (See news release January 31, 2022). 

Matt Halliday, P.Geo., President, COO and VP Exploration stated: “Graal has been an exciting property for our geological team from the time we hit massive sulphides in the first few holes. As we drilled more holes, we discovered even wider intervals of sulphides. We're very much looking forward to the assays from the remaining 18 holes that are still not reported and continuing with exploration at this deposit.  With Graal and the other prospective properties we have in Quebec and Ontario, the Company is well positioned for the continued discovery of battery metals, and when combined with our 'green' Re-2Ox extraction process, to be a fully integrated, environmentally compliant supplier of critical metals and value-added battery metals to the North American market.”

Table 1: Drill core assay results

DDH	From	To	Length (m)	Ni (%)	Cu (%)	Co (%)	Pt (g/t)	Pd (g/t)
NRC-21-02	155.00	171.00	16.00	0.10	0.70	0.01	0.01	0.01
Including	155.70	160.70	5.00	0.29	0.18	0.03	0.01	0.01
NRC-21-03	138.30	144.00	5.70	0.84	0.59	0.09	0.03	0.03
Including	138.30	142.40	4.10	1.15	0.27	0.12	0.04	0.04
Including	143.40	144.00	0.60	0.10	3.75	0.02	0.00	0.00
NRC-21-04	136.40	136.90	0.50	2.08	0.88	0.03	0.41	0.22

Please note: Intervals represent single assays and are core length with no capping applied.

The 6,113-hectare Graal property is one of 14 properties recently acquired in northern Quebec covering 31,201 hectares that are prospective for EV battery metals such as nickel, copper, and cobalt. (See February 16, April 21, July 22, November 15, 2021 and January 31, 2022 news releases). The drill program is currently being managed by Laurentia Exploration in association with GoldMinds Geoservices Inc.

 

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Figure 1: Map of Property, Claims, Drill Holes, and Sulphide Intercept Locations.

QA/QC

The core samples were sent to ALS labs located in Val d’Or for sample preparation and will be forwarded to a separate lab for a four-acid digest multi-element suite including nickel and copper as well as a fire assay for platinum and palladium. Blank and standards were included in the sample batch and their values allows the public disclosure of the assay results.

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. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.

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 14 battery metals properties in Northern Quebec where it is currently drilling and 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 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

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 the Offering and comments that involve other future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the Offering, 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. No assurance can be given that the Offering will close on the terms and conditions set out in this news release or at all. 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.