COQUITLAM, BC, April 30, 2019 /CNW/ - Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada Cobalt"), a technology leader in the Northern Ontario Cobalt-Silver Camp, is pleased to announce that the Company has made important breakthroughs in its proprietary and environmentally green Re-2OX process for the recovery of cobalt, precious metals and base metals.
New Testing Highlights:
- Further optimization of Re-2OX has enabled SGS Lakefield in Peterborough, Ontario, to recover silver and copper for the first time while also increasing recovery rates for cobalt and nickel (refer to May 31, 2018, news release);
- In refining the Re-2OX process through a one-step leach extraction, overseen by Canada Cobalt adviser Dr. Ron Molnar, SGS has recovered >99% cobalt, >99% silver, 99% nickel and 99% copper while removing 99% of arsenic from a composite of gravity concentrates;
- The gravity concentrates were from Castle mine waste material and graded 10.2% cobalt, 11,000 g/t silver, 0.26% copper, 1.49% nickel and 45.1% arsenic.
Canada Cobalt Initiates Re-2OX Patent Process
As the electric vehicle supercycle intensifies, Canada Cobalt is the only company in Canada's cobalt heartland to produce a technical grade cobalt sulphate test product from its own feed (refer to August 15, 2018, news release). Significantly, Re-2OX skips the normal smelting process to create battery grade cobalt sulphate while nickel-manganese-cobalt (NMC) battery grade formulations are also in the pipeline.
In addition, the ability of Re-2OX to achieve exceptionally high recovery rates for both cobalt and silver, plus nickel and copper, while also removing 99% of arsenic, expands the potential of the Castle mine given Phase 1 underground results released February 19, 2019, and a second phase starting soon. Furthermore, Re-2OX is a value-driver for the company's planned tailings programs at Castle and elsewhere in the district, and will also be used by Canada Cobalt to immediately build a new model of "streaming" opportunities for the Company with respect to other battery metal projects while protecting the process.
Given the current optimization level of Re-2OX, and the growing importance of this hydrometallurgical process to Canada Cobalt and its shareholders, the Company has initiated the process of submitting a patent application for this proprietary metal extraction method.
Frank J. Basa, Canada Cobalt President and CEO, commented: "The fact that SGS has demonstrated that Re-2OX can very efficiently recover a broad set of metals from arsenic-rich material, ranging from low grade to high-grade, further de-risks the Castle mine project and expands opportunities to build shareholder value. Further Re-2OX optimization will target the recovery of gold."
Quality Assurance/Quality Control
A hand-cobbed, 73-kilogram sample of waste material was taken from the Castle mine and crushed to negative-10 mesh and then blended by SGS Laboratories in Lakefield, Ontario. From this, a representative sample was submitted for analysis by lead fusion fire assay for silver and gold. Other metals were assayed by ICP after multi-acid digestion. The material was subsequently used for testing the proprietary Re-2OX process. Canada Cobalt relies on internal SGS laboratory independent QA/QC, which allows the disclosure of the results provided.
The technical information in this news release was prepared under the supervision of Frank J. Basa, P.Eng., Canada Cobalt's President and Chief Executive Officer, who is a member of Professional Engineers Ontario and a qualified person in accordance with National Instrument 43-101
About Canada Cobalt Works Inc.
Canada Cobalt is focused on immediate and longer-term value drivers at its past producing Castle mine and adjoining land package in the historic Northern Ontario Silver-Cobalt district, Canada's cobalt heartland since the start of the electric vehicle revolution. With underground access at Castle, an innovative tailings program with a plan to recover silver, gold and cobalt, a recently installed pilot plant to produce gravity concentrates on site, and a proprietary hydrometallurgical process known as Re-2OX, Canada Cobalt is strategically positioned to become a vertically integrated North American mining company.
"Frank J. Basa"
Frank J. Basa, P. Eng.
President and 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 Cobalt Works Inc.
For further information: Frank J. Basa, P.Eng., President and CEO, 1-819-797-4144, or Wayne Cheveldayoff, Corporate Communications, [email protected], 1-416-710-2410