Canada Silver Cobalt Expands Lithium Exploration with New Option Agreement
Coquitlam, BC -- February 6, 2023 -- NewsGenie -- Canada Silver Cobalt Works Inc. (TSXV:CCW) has finalized an Option Agreement to acquire a large Lithium-Cesium-Tantalum (LCT) pegmatite land package near Power Metals' Case Lake Project. The strategic acquisition, combined with staked claims, gives the Company a total holding of approximately 240 square kilometers focused on exploring the LCT potential in the area.
Gerhard Kiessling, VP Exploration, expressed enthusiasm about the location, size, and proximity to lithium discoveries, noting the team's eagerness to commence work and plan a substantial exploration program for 2023.
The claim package adjoins Power Metal’s Case Lake Lithium Property, where significant lithium grades have been identified, including 1.86% Li2O over 19.00m and 1.58 % Li2O over 15.00m.
The acquisition targeted land near known mineralization with identified pegmatites and the contact between Archean sedimentary rock and granodiorite, covering approximately 52 kilometers of this contact. The property holds significant potential for new pegmatite dyke discoveries, the primary source of lithium in this geological environment.
The agreement involves cash payments, share issuances, and exploration expenditure commitments. Upon Exchange approval, $20,000 and 200,000 shares will be paid to the Optionor. The Company will invest $40,000 in exploration within a year to earn 50% interest, followed by further payments and share issuances. A 2% NSR is granted to the Optionor, with buyback options for the Company.
Matthew Halliday, P.Geo., President and COO of Canada Silver Cobalt Works Inc., a qualified person under National Instrument 43-101, has approved the technical information in this release.
Canada Silver Cobalt is known for its high-grade silver vein system at Castle East and holds battery metals properties in Northern Quebec and the Eby-Otto gold property near Kirkland Lake, Ontario. The Company is strategically positioned in the silver-cobalt space with its Castle mine, pilot plant, processing facility, and Re-2Ox process.