COQUITLAM, BC, Jan. 27, 2020 /CNW/ - Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada Cobalt") is pleased to announce that ongoing drilling from surface has greatly expanded the potential scale of the Castle East Robinson Zone high-grade silver discovery immediately adjacent to three robust past producers in Northern Ontario's Gowganda Camp, 75 km southwest of Kirkland Lake.
Significantly, native silver has been observed in drill core at shallower levels near the contact of the Nipissing diabase with the Archean volcanics, as much as 100 meters above and northwest of wedge holes/first vein shoot CA-11-08-W01 through CA-11-08-W04, while drilling has also just intersected another native silver vein 95 meters below and northeast of the first vein shoot. This gives the discovery, at this early stage, a minimum potential 200-meter vein zone vertical extent. It remains open in all directions as drilling continues.
Halliday on "Textbook Signatures"
Matt Halliday, Canada Cobalt VP-Exploration, stated: "It is now apparent from surface drilling that the initial discovery falls within a much broader and productive horizon associated with a 300-meter thick sill. This drill core is displaying textbook signatures of a Gowganda-style high-grade silver system with extensive veining and alteration, native silver-filled fractures as well as multiple structures interpreted to be spatially related to high-grade mineralization. The native silver vein shoot clipped near the lower diabase-Archean contact may lead to new interpretations and geological models for the broader camp.
"The Robinson zone is on strike from the old Capitol mine workings 650 meters to the west, so there is plenty of room to grow this discovery both laterally and vertically which we are in the process of doing," Halliday continued. "It's important to note that mostly only the shallow western margin of the diabase was mined historically in the rich Gowganda Camp from networks of veins that extended for hundreds of meters. At modestly deeper levels Canada Cobalt's Castle Property features kilometers of unexplored or under-explored diabase from the upper contact to the lower contact as we are discovering at Castle East."
More Assays Pending
The first vein shoot at Castle East included very high silver grades, in addition to cobalt, nickel and copper, from the first two wedge holes with many more assays pending (refer to Dec. 23, 2019 and Jan. 10, 2020 news releases) from all four wedge holes as well as new holes from surface. Fresh images related to the discovery will be added to the Company's web site over the coming days.
Castle East Discovery in Historical Context
Based on reliable historical reports and internal data, management believes Castle East may represent the most significant new grassroots high-grade silver discovery in the Gowganda Camp, and the broader Northern Ontario Silver-Cobalt District, in at least 40 years since Agnico Eagle put the Castle mine back into production in 1979 for a decade through a new vein discovery at what is currently Shaft #3 owned 100% by Canada Cobalt.
Regional Property Map
Please visit the Canada Cobalt web site at CanadaCobaltWorks.com for an updated location/geological map for the Castle Property, also included in this news release.
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (PGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada Cobalt has 100% ownership of the Castle mine and the 78 sq. km Castle Property with strong exploration upside in the prolific past producing Gowganda high-grade Silver Camp of Northern Ontario. The Company's recent acquisition of the only facility in the Northern Ontario Silver-Cobalt District that combines bullion pouring, bulk sampling, commercial assaying and e-waste processing makes Canada Cobalt a vertically integrated leader in Canada's Silver-Cobalt heartland as the precious metals bull market intensifies. This facility will also become the new home of Canada Cobalt's 100%-owned Re-2OX Process, an environmentally friendly solution for producing technical grade cobalt sulphate (achieved in 2018) as well as nickel-manganese-cobalt (NMC) formulations.
"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, 1-416-625-2342; Marc Bamber, Director, [email protected], +44-7725-960939