Canada Silver Cobalt Completes Geophysical Airborne Survey, Plans Drill Program on Quebec EV Properties
Coquitlam, BC, April 20, 2021 - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to provide an update on its activities in the Province of Québec. The Company has now secured 689 claims covering 38,129.4 hectares of prosperous ground with Figure 1 showing the location of the main properties. The Company has budgeted 2.2 million dollars of exploration for these properties this year. Geophysical airborne surveys completed, and drill program has been scheduled on the B2 property for the second quarter this year.
Highlights:
1) The Geophysical Airborne Survey
2) The CCW approach for nickel and copper properties
3) Historical highlights on the key properties for 2021
Canada Silver Cobalt contracted Sander Geophysics Limited to carry out geophysical airborne surveys on 5 properties in Quebec. The airborne surveys were aimed at measuring the Gravity and Magnetic field. The Company is seeking to identify the magmatic reservoir potentially hosting significant amounts of Nickel- and Copper-Sulphide masses at the base of the magmatic chamber. The priority target areas of these first airborne surveys are the following properties:
- Graal – Nourricier Lac Suzanne
- Lowney, Lac Edouard South-East
- Forgues East Manic Crater
- Fuchsia-Massif du Nord
- B15 Bouguer anomaly
The final reports are pending, and details will be disclosed once received and evaluated. This information will be used to prepare subsequent drill programs. Technical datasheets are being prepared for each of the properties and will be posted on the website once completed.
The Company has started preliminary geological sampling on the B2 & Grand Portage properties. The B2 property option has shown high-grade Copper in the discovery showing and a maiden drill program is expected to start by the second quarter to test the mineralized structure identified. Mineralization appears to be associated with a structural shear (Figure 2 shows sulphide mineralization from channel sample). The observations from the channel sampling indicated the property deserved additional work and a ground magnetic orientation survey was completed (Figure 3 shows the first vertical derivative ground magnetic survey with channel sample and high-grade sample (starred) locations identified). A total of 41 channel samples with 3 blanks and standards were sent to SGS Laboratory in Québec. The highest grade came from the gossan sample with 17.53% Copper, 0.245 % Nickel and 0.026 % Cobalt, while channel sample results range from 25 to 2887 ppm Copper, 11 to 3452 ppm Nickel, and 11 to 385ppm Cobalt.
At Grand Portage, geological sampling with a portable drill with 30-centimetre depth capability using (AQ) drill core has confirmed the presence of mineralization of interest at surface. Figure 4 shows sulphide mineralization in the 3.2-cm diameter core. The mineralization associated with mafic-ultramafic blobs deserves additional work. Five core samples with 1 standard were sent to AGAT laboratory in Ontario. The highest grade came from sample #10404 with 1.63% Nickel, 0.61% Copper and 0.068% Cobalt. Samples range from 0.02 to 0.61% Copper, from 0.05 to 1.63 % Nickel, from 0.011 to 0.06% Cobalt, from 1 to 7 g/t Silver, from 0.001 to 0.04 g/t Gold and from trace Palladium 0.002 to 0.007 g/t.
CEO Frank J. Basa, P.Eng. notes, “It is Canada Silver Cobalt’s intention to transfer its non-silver assets, in exchange for shares, to another public company to be identified by the Company, and to do a proportional distribution of shares by way of dividends to Canada Silver Cobalt’s shareholders.” Frank J. Basa, P.Eng., further comments, “This transaction will enhance shareholder value by offering exposure to two strong developing market forces with increased investor focus to the potential that the company sees with a pure precious metal play with the Robinson Zone from the former high-grade Castle Silver Mine area in Gowganda, Ontario and with the EV properties that have been recently acquired in Quebec and Ontario.”
The CCW approach in Québec for Nickel & Copper deposits
In 2020 the Company staked known showings and made option agreements to secure, as of today, a total of 689 claims covering 38,129.4 hectares of prospective Nickel and Copper mineralization. Of these, 27,738.6 hectares in 501 claims is 100%-owned by Canada Silver Cobalt and 36 Claims over 1981 hectares are under option with Globex Mining Enterprises (Lac Suzanne & Massif du Nord ) and another 152 Claims covering 8409.8 hectares with Frederic Bergeron (B2 property) .
The main drivers for determining primary targets in Québec, largely in the Grenville geological province, are the Bouguer Gravity anomalies combined with the presence of mineral showings, positive drilling results and positive geology. The secondary targets show associations with structural shear zones.
The mineralization model is the classic Martini Glass – Saint Graal shape (Figure 5). In the Magmatic Mineral Deposits image where disseminated and net-textured sulphides are on the sides of the magmatic reservoir and massive sulphides at the bottom of the glass as in the figure below (source: Earth Science Australia, earthsci.org).
Figure 5
GoldMinds was mandated to identify properties for CCW with the potential of having such a reservoir with a significant amount of hidden massive sulphides. The selected magmatic intrusions differ in size, however the largest and most extensive have a much higher chance to hide a significant massive sulphide deposit. In some places, an interesting relationship between the identified reservoir and high potential Nickel-Copper magmatic deposit and the presence of Biodiversity preserves was identified. As the selection of biodiversity preserves by Natural Resources Fauna & Parks, and the Ministry of Environment are independent of the Natural Resources development, Goldminds surmises the gravity, as well as mineral-rich basement, has enabled plant, insect, and mammal species biodiversity to develop better in these specific areas independently. As such, the Company’s Forgues East Manic Crater property in Mont-Groulx is outside of the ecologic preserves where the sweet spot with the most significant showing and Bouguer Gravity anomaly occurs. Our conceptual model suggests that the meteorite impact was north-northeast and has created the Mont-Groulx platform, substantiated by the presence of the Gravity anomaly combined with the Nickel-Copper showing. This is also observed in the Fushia/Massif du Nord where the center of the reservoir is covered by a restricted area. It is also important to consider the Bouguer anomaly geophysical survey. The Bouguer anomaly is a precise drill target method as the anomaly locates directly above the body of higher density.
The case study of the massive Kidd Creek mine deposit is a clear indication of this. Figure 6 (source: Abitibi Geophysics) shows the Vertical Bouguer VMS signature versus other techniques which offset the location of the body. The bigger the Bouger anomaly is, the bigger the deposit can be.
Figure 6
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QA/QC samples were sent to SGS for B2 and to AGAT laboratory for Grand Portage with blanks and standards. The control samples of the laboratory are also in line with the expected results and enable public disclosure of the preliminary results in this release.
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc. member of Québec Order of Engineers and a qualified person in accordance with National Instrument 43-101 standards.
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, was identified. The discovery remains open in all directions (1A and 1B are approximately 800 meters from the 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. 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.
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property feature 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.
“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
Canada Silver Cobalt Works Inc.
3028 Quadra Court
Coquitlam, B.C., V3B 5X6
CanadaSilverCobaltWorks.Com
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.
Figure 1 – Nickel - Copper Property Location
Figure 2. Sulphide mineralization from channel sample on B2 property
Figure 3. B2 Showing and channel location with ground geophysical survey
Figure 4 (3.2cm-diameter Core) Sulphide mineralization in Verification Core of Grand Portage showing
